Using EAU blockchain technology could save more than USD$ 3 billion in the future, according to the report.
Over the years, blockchain technology has become an increasingly reliable technology for performing certain administration tasks, records, among others.
The application of the innovative blockchain technology is not only improving private companies and public institutions but also helps them reduce costs and invest less money in necessary processes. This is one of the cases in which blockchain technology saves millions of dollars in costs to the United Arab Emirates.
In a more precise context, the United Arab Emirates (UAE) has not achieved extensive development of blockchain applications for its uses, as countries such as China have explored.
However, it is not known that this country turns out to be one of the countries that have used and empowered technology the most. The UAE is not a great researcher or creator of blockchain-based solutions, but it does rely on its use and it is for this reason that it hires startup services for the implementation in its territory.
One of the main reasons for this country to be among the innovative economies in the commercial competition that it can have with cities like New York. It is for this reason that the luxurious city of Dubai seeks to lead this sector in technological terms in the Middle East, and it also implements blockchain technology to be at the global technological forefront and to reduce, as an effect of the crypto industry, investment costs.
The Impact of Blockchain in the United Arab Emirates
A few days ago, a special report was published, detailing the importance of blockchain technology in the UAE economy. The report was developed by the country’s organizations, such as the Center for the Fourth Industrial Revolution UAE, and the Dubai Future Foundation, in conjunction with the World Economic Forum.
The whole group of organizations allied to carry out surveys and studies within the territory resulted in the report known as: “Inclusive Deployment of Blockchain: Case Studies and Learnings from the United Arab Emirates”.
According to their studies, it was possible to determine that of the 100 organizations that were surveyed, 60% of them use blockchain technology. The entities constitute between governmental and non-governmental organizations.
Besides, 80% of the entities surveyed concluded that identification in the first instance for the use of blockchain-based applications could be a determining factor in the development of their processes. It also separated by nature the effect that this technology can have on institutions: private and public.
Large organizations mentioned that implementing blockchain technology was determined by levels of scope, responsibilities and specific tasks since they stressed that the lack of regulatory laws could be a factor of great concern.
In another sense, it was commented that among the most complex and critical areas could be sectors such as education and public entities. All of this since the implementation of blockchain technology could delay and cause difficult challenges to overcome.
The report manages to find the main point of interest in the country. It determined that implementing blockchain technology in the state sector could generate a huge decrease in the paperwork used in political administration. According to his data, the use of 398 million printed documents and more than 77 million hours of work per year would be eliminated.
This would help the UAE reduce bureaucracy and solve many administrative problems. According to the report, if all these corrective measures are implemented, the state could save more than 3 billion dollars in the future.
By María Rodríguez