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DUBAI / Emirates Business
The UAE public sector is driving the country’s blockchain’s $300 million market to deliver fast and secure customer and citizen transactions, global blockchain enabler SAP
announced.
In contrast to business transactions with third parties like banks, blockchain sends records over a peer-to-peer network. With the inter-connected Internet of Things era advancing, UAE organizations are increasingly using blockchain to process loans, land titles, and intellectual property. There is strong interest in adopting Blockchain as a Service, with private networks running on the cloud.
As a result, blockchain is
taking off in the UAE, with
the market set to reach USD 300 million by 2022, according to a recent report by Aseel Consultancy.
Worldwide, 10 percent of the global GDP will be stored in blockchain by 2027, according to a recent survey by the World Economic Forum.
“Blockchain is best way for UAE organizations to deliver fast transactions in a transparent and secure manner, while generating leaner, more efficient, and more profitable return on investment. The UAE government is already a global leader in blockchain, and is set to transform the supply chain,†said Tayfun Topkoc, Managing Director for the UAE and Oman at blockchain enabler SAP.
The UAE government recently launched the Dubai Blockchain Strategy to make the government process 100 million documents per year without paper, a digital blockchain platform for the private sector, and exchanging global best practices with
Future Cities.