• A new study finds that the UAE can save USD 3 billion by implementing blockchain-based solutions.

The United Arab Emirates (UAE) can save over USD 3 billion by deploying blockchain technology, revealed a whitepaper by the Center for the Fourth Industrial Revolution UAE, C4IR UAE, Dubai Future Foundation and the World Economic Forum. The paper elaborates on how the strategies implemented by UAE can provide other nations and companies with insight which they can utilize while deploying the same.

The paper discerns various factors that affect the successful implementation of blockchain. Moreover, it aims to understand the current real-world challenges faced while implementing the technology. More than 100 organizations including 60 governmental and non-governmental entities using blockchain took part in the study. The majority of the organizations surveyed believe that early identification of potential blockchain application jobs is the most important factor in implementing blockchain. For larger entities, it is the identification of the scope of jobs, roles and responsibilities in projects.

By integrating blockchain-based solutions, UAE can significantly reduce paperwork by eliminating 77 million work hours and 398 million documents. The Emirates has about 80% of its enterprises already delved into the usage of blockchain. In fact, as previously reported by BitcoinNews.com, the UAE has a relatively strong and positive crypto and blockchain regulatory framework.

 

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