Last Updated on February 16, 2023 by newseditor
Use of Blockchain by Middle East Government Institutions :
There is wide use of blockchain by the Middle East Government Institutions to improve financial services and business even though blockchain technology is still in its infancy in the Middle East. Below we will look at the use of blockchain by the middle east government
United Arab Emirates
Dubai introduced the first blockchain platform approved by the government of the UAE in 2018. The Dubai Blockchain Platform, created by Smart Dubai, was referred to by the municipality as a “stepping stone” allowing organizations in the UAE and throughout the world to go from testing and development into full production of their blockchain projects. Also, the UAE government embraced blockchain technology to perform its transactions. The Dubai Blockchain Strategy and Emirates Blockchain Strategy 2021 were both created to support this development.
Using a network with blockchain support, the Dubai Police Department provided 3,991 certifications for lost passports in 2021. The system connected Dubai Courts, the Public Prosecution, and the General Directorate of Residency and Foreigners Affairs with the police.
The UAE’s Ministry of Health and Prevention (MoHAP) launched the first cutting-edge digital data storage platform, according to the official news agency WAM. The initiative, in partnership with the Ministry of Presidential Affairs, Dubai Healthcare City, and other important health authorities, would make saving data about drugs, pharmaceutical government, commercial institutions, and healthcare professionals easier.
Iran has shown more interest in blockchain than many other MENA nations. According to some reports, the Islamic Republic seems to be becoming more interested in cryptocurrencies, which would allow it to evade U.S. economic sanctions. A national blockchain initiative for the banking sector was launched in May 2019 by the Central Bank of Iran (CBI) in collaboration with Areatak, a regional blockchain business.
Bahrain uses blockchain for the shipping supply chain. Early in 2020, Bahrain said that its ports would work with TradeLens, a blockchain-based shipping network. Susan Hunter, chief executive and managing director of APM Terminals Bahrain, claims that the Khalifa Bin Salman Port, Bahrain’s only commercial port, has already embraced TradeLens and is transferring data on a “trial basis.
New Egyptian law made it possible for the Central Bank of Egypt (CBE) to implement regulations governing the trading of cryptocurrencies in 2019. This was a reversal from the Grand Mufti’s “fatwa” from 2018, which prohibited bitcoin commerce per Islamic law. The legislation made it possible to utilize blockchain in financial services, even though platforms for creating or trading cryptocurrencies still need licenses. The National Bank of Egypt announced the signing of a collaboration deal with Ripple in February 2020 to use blockchain technology to create new routes for remittances from abroad.
To help the government’s overall efforts in digital transformation, the Sultanate of Oman announced in July 2020 its collaboration with Oracle. 120 governmental and semi-governmental organizations will be involved in researching the possibilities of cutting-edge technologies like blockchain.
Early in 2019, Ruhsar Pekcan, Turkey’s minister of commerce, said that her department “is working on a new system that would accelerate both export and import transactions using blockchain.” Pekcan noted that the Turkish Informatics Foundation’s new “Turkish Blockchain Platform,” which was created via this effort, would include the Ministry of Commerce as its first public participant.
In the past few years, governments of the countries in the middle east have adopted blockchain. We expect to see more adoption and use of blockchain by the middle east government in the next couple of years.