In recent years, the United Arab Emirates has been aggressively pursuing emerging technologies like blockchain as it works to become a hub for tech innovation. A new whitepaper suggests that the UAE’s efforts to adopt blockchain technology could net as much as $3 billion in savings each year.
The paper, Inclusive Deployment of Blockchain: Case Studies and Learning from the United Arab Emirates, was created by the Centre for the Fourth Industrial Revolution UAE, Dubai Future Foundation, C4IR, and the World Economic Forum. Its creators examined seven case studies on blockchain deployment in both the public and private space, to better understand and share those lessons. They also surveyed more than 100 government and private stakeholders currently exploring blockchain.
As Emirates News Agency reports,
The report cites both Dubai Blockchain Strategy in 2016, and the Emirates Blockchain Strategy in 2018. Statistically, in addition to the cost savings, the UAE government can eliminate 398 million printed documents and 77 million work hours per year through leveraging blockchain to process routine transactions. Currently, 80 percent of public and private sector entities are already using the technology.
In the survey, 80 percent of government officials suggested that early identification of the right blockchain solutions is key to any successful implementation of the technology. Meanwhile, the main challenges to adoption and implementation are not technical factors, but operational and regulatory concerns.