Blockchain could help UAE save over $3b a year: Report

Dubai: The UAE could save over $3 billion (Dh11 billion) through implementing advanced blockchain technology, according to a report.

A paper by the Centre for the Fourth Industrial Revolution, Dubai Future Foundation, and the World Economic Forum said that the UAE government can eliminate 398 million printed documents and 77 million work hours a year through leveraging blockchain technology for routine transactions.

Currently, 80 per cent of public and private sector entities are already using this technology. This comes as the UAE’s government takes measures to advance technology in the country by driving adoption of blockchain technology and launching specific blockchain strategies.

Khalfan Belhoul, chief executive officer of Dubai Future Foundation, said the findings from the report will help develop correct governance for blockchain, and provide insight into the major challenges facing organisations when deploying this technology.

Among the major entities already deploying blockchain are Emirates NBD, DP World, Emirates Airline, Etisalat, Abu Dhabi Digital Authority, the Ministry of Health, and Smart Dubai. Their experiences with deploying blockchain were highlighted in the whitepaper and will be used to better understand the deployment.

In addition to research for the paper, the UAE’s Centre for the Fourth Industrial Revolution surveyed organisations that are exploring blockchain. Findings from both the paper and the survey show that the main challenges to blockchain deployment remains tied to the operational and regulatory environment, as opposed to technical factors.

Challenges with the technology have primarily revolved around identifying the right applications for it, ensuring proper education for those involved, and providing the right governance models.

The Centre for the Fourth Industrial Revolution said it plans to continue working with the government to provide the right governance frameworks and policies around the use of blockchain.