The United Arab Emirates (UAE) can conserve more than Dh11 billion through the use of blockchain technology, according to a recent report.
The whitepaper that was published on Wednesday by the Centre for the Fourth Industrial Revolution UAE (C4IR UAE), the Dubai Future Foundation (DFF) and the World Economic Forum, stated that the government of UAE can reduce on 398 million printed papers and up to 77 million hours of working duration annually through incorporating blockchain technology in its daily activities, apart from the savings on its expenditure.
Khalfan Belhoul, CEO of the foundation said that the UAE has been a pioneer since a long time in the initial adoption of upcoming technologies, also featuring blockchain. He added that the country plays a significant role in terms of enhancing administration with a holistic attitude towards the latest innovations.
The UAE government, since the unveiling of the Dubai Blockchain Strategy in 2016 and the Emirates Blockchain Strategy in 2018, has taken major initiatives to aggressively promote the technology across the country, ensuring government adoption and accelerating global partnerships with like-minded entities.
As a segment of its digital revolution endeavours, the UAE government looks to leverage blockchain prowess to carry out government exchanges on the federal stage, half of which are expected to be implemented through blockchain by next year.
The report observed that as far as the implementation of blockchain technology is concerned, the UAE government faced a severe barrier in the logistical aspects rather than on the technology front.
In order to analyse the basic roadblocks and effective strategies for the adoption of blockchain, the UAE has created seven case studies.