The United Arab Emirates (UAE) has continued to take the world by surprise with its acceleration in using blockchain technology. It has translated to more than a passing trend within its territory – it is now a means through which industries are reshaped, and new opportunities are unlocked. Indeed, the country has proven countless times through its actions that it is committed to harnessing blockchain technology to promote innovation and progress. Below, we take a cursory look at the activities of the United Arab Emirates (UAE) in gleaning from blockchain technology and the future of the country through the mechanism of the technology.
What is the State of Blockchain Technology in the UAE
The UAE has intentionally used blockchain technology in the country, providing financial investment and strategic policies for accelerating and encouraging the use of the technology. The government has used technology to boost human capital employment, reduce costs, and improve security. Additionally, many financial institutions are jumping on the train to harness the full potential of decentralized systems and blockchain to provide efficient services and address customer concerns. The UAE has also prioritized startups and made them the focal plane of its economic development. Blockchain technology allows those startups to develop innovative, cutting-edge applications to meet customers’ needs.
Besides finance, the UAE government has also explored blockchain in healthcare, logistics, construction of smart cities, real estate, and arts. The country’s efforts to become a hub for blockchain technology applications did not begin today. It had previously initiated the Dubai Blockchain Strategy to make the country the first blockchain-powered government globally.
What are the Current and Future Potentials of Blockchain Technology in the UAE
Over time, the United Arab Emirates (UAE) has employed blockchain technology to improve transparency in its services, improve efficiency, and embark on several successful blockchain-oriented projects. Interestingly, the private sector has recently become mainly vested in blockchain technology use in the UAE. Projects such as the blockchain system for validating the authenticity of cheques and the blockchain platform for smart contracts and decentralized applications initiated by the Emirates NBD bank and the ArabianChain startup have witnessed precedented success.
This success is further complemented by the UAE’s government’s highly supportive regulatory climate and solid investment. The government also hopes to increase partnerships with the private section to fully explore the power of blockchain technology and ensure that the country is a top destination for startups and businesses looking to leverage the technology.
Conclusion
The United Arab Emirates (UAE) has strategically positioned itself as a front-runner in the global race to achieve a decentralized, immutable, and transparent future. Over time, it has made known its vision to see to the development of an innovative, sustainable, and connected society – its numerous creative projects are a testament to this fact. The plans for a transformative UAE through the blockchain mechanism have been set to play; one will only have to watch every pan out.
