Last Updated on February 22, 2023 by newseditor
Why is There Hype About Blockchain in the Middle East:
The Middle East comprises a diverse group of countries that all stand at different stages of economic and political development, so the region has been slow to embrace integration. However, the revolutionary applications of blockchain technology have prompted more Middle Eastern nations to adopt the technology in various forms. Although blockchain is still in its infancy as a technology, it is rapidly gaining traction and already having a significant impact in many areas of our economic, political, and social lives. A lot of people, governments, and countries are interested in blockchain because it’s such an intriguing data structure with potentially revolutionary implications across many fields.
Blockchain Technology In The Middle East
With the help of private companies and global vendors, governments in the Middle Eastern region are increasingly exploring blockchain technology to address issues ranging from financial services to public administration record keeping. Saudi Arabia is trying to reinvent itself as a blockchain-powered nation because it recognizes the need to diversify its economy away from oil. Strategic guidance for this change is provided by the Saudi Arabia 2030 initiative. The Kingdom as a whole is seeing the emergence of fresh crypto-related alliances. The adoption of Web3 is widespread throughout the Kingdom; for instance, the country recently held its first-ever National Day celebration in the metaverse. The Saudis have also been working on implementing blockchain technology in the healthcare industry and the supply chain and tokenizing real estate. The Saudi British Bank also recently implemented blockchain to improve the digitalization of letters of credit.
There are many examples of blockchain technology being used for purposes other than financial transactions in these Middle Eastern nations. In Dubai, for instance, the adoption is due to both an internal push by the city’s leadership and private sector and a regional push by the UAE to migrate its government services to a blockchain platform. The United Arab Emirates is working hard to achieve its lofty goal of putting at least half of its government services on the blockchain. However, Dubai’s meteoric rise to prominence as a blockchain hub did not happen in a single night. The city has been working on blockchain integration for over six years, despite its reputation as a luxury shopping and lively nightlife mecca rather than a technological pioneer. For the first time, in 2016, the Digital Dubai Office and the Dubai Future Foundation collaborated to launch the Dubai Blockchain Strategy. The plan’s stated objective was to make Dubai the world’s happiest and the first city to run entirely on blockchain. It was based on the three pillars of industry development, government effectiveness, and global pre-eminence. The city’s leadership is the single most important factor in its meteoric rise to blockchain hub status.
Blockchain is surrounded by a great deal of hype, and the Middle Eastern region has varying blockchain standards and approaches. These factors and use cases are just a few of the numerous reasons for the hype about blockchain technology in the Middle East. These regions recognize the potential of the technology, and they are determined to get the best out of it. Israel, Bahrain, and some other Middle Eastern nations are also adopting blockchain technology.