The UAE public sector is driving the country’s $300mn blockchain market to deliver fast and secure customer and citizen transactions, global blockchain enabler SAP announced.
Compared to business transactions with third parties like banks, blockchain is essentially a decentralised database, accessible by all viewers. This ensures transparency. The data is arranged in blocks, hence the name blockchain, and while no one can tamper with these records, everybody can view them. New transactions are added as a block on all computers or systems automatically.
UAE organisations are increasingly using it to process loans, land titles, and intellectual property. The market in UAE is set to reach $300mn by 2022. Worldwide, 10% of the global GDP will be stored in blockchain by 2027.
Tayfun Topkoc, managing director for the UAE and Oman at SAP, said: “It is best way for UAE organisations 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 and is set to transform the supply chain.”
The UAE government recently launched the Dubai Blockchain Strategy to make the government process 100 million documents per year without paper, a digital platform for the private sector, and exchanging global best practices with smart cities.