Building block
Although blockchain is a fairly new technology, experts say that it has been instrumental in closing several gaps that have existed across various industries. There are hundreds of use cases for it today, there are thousands more poised to follow in every industry in the future.
dubai — Although blockchain is a fairly new technology, experts at the Future Blockchain Summit 2018 said that it has been instrumental in closing several gaps that have existed across various industries.
“Major innovations have been known to close existing gaps, and blockchain today is playing an important role in the digital journey,” said Salavador Anglada, chief business officer at Etisalat. “There are hundreds of use cases of this technology today, and I will say that there are thousands more that will be coming in every single industry in the future. We are able to use blockchain to transform and to streamline our processes. Several companies today face the challenge of evolving in response to the push towards digitalisation; many brick and mortar companies have to transform as soon as possible or risk being disrupted.”
Hosted by Smart Dubai and or- ganised by the Dubai World Trade Centre (DWTC), the Future Blockchain Summit opened on Wednesday, and brings together top blockchain leaders across the UAE, as well as several cutting edge global and startup tech leaders. The event seeks to highlight relevant ways in which companies can use blockchain solutions across their businesses. The event also falls in line with the recently launched 2021 UAE Blockchain Strategy, as well as the Dubai Blockchain Strategy 2020. The 2021 UAE Blockchain Strategy was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and lays out a plan for the UAE to become a world leader in the adoption of blockchain technology. The strategy was outlined with the aim for 50 per cent of government transactions on the federal level to be conducted using blockchain technology by 2021.
Dr Aisha Bint Butti Bin Bishr, director general of the Smart Dubai Office, explained that the Dubai Blockchain Strategy was launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and is built on three key pillars — government efficiency, industry creation, and global leadership.
“In the next two years, 100 per cent of all applicable government service transactions will be executed via blockchain,” she said in her keynote session.
“The potential of this technology is going to cut across all sectors,” added Wesam Lootah, CEO of the Smart Dubai Office. “We are not just talking about simple improvements; we are talking about leaps and bounds when it comes to transformation. There is quite a big spread of where this technology can be applied, ranging from food safety to electric vehicles. We are trying to push this technology forward and we believe that Dubai is the perfect destination. If there is something regarding new technologies that you want to test, then there is no better place than Dubai to do so. We are blessed in Dubai to have very forward thinking leaders that are open to exploring new ideas.”
He also advised businesses to start from the customer experience. “It is very easy to focus your ideas on what technology can do for you, but you have to really start from how you are improving the customer experience,” he elaborated. “Understand where are the problems, and then how you can create the solutions. This has to be your starting point.”