Blockchain will transform experiences
dubai — Blockchain will not only be responsible for transforming the finance and investment sectors, but it will also be responsible for transforming human experiences, experts at the inaugural Future Blockchain Summit noted.
“Dubai has successfully established itself as a cosmopolitan economic hub. What we are doing today is taking Dubai to the next level. This involves looking at experiences and various touch points for the future. Technology has the potential for us to achieve our goal. We will all benefit from blockchain technology being used to enhance and transform experiences,” said Zeina El Kaissi, head of Emerging Technology and Global Partnerships at Smart Dubai Office.
“Today, Artificial Intelligence (AI) and blockchain are two of the most powerful technologies that are revolutionising the pace of innovation in the UAE,” Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence.
He further explained that AI will be a strong ally for blockchain, and will play a pivotal role in the UAE Blockchain Strategy 2021. “It will help in the formation of the blockchain government, identify business process re-engineering within organisations, enhance federal regulations and enable efficient monitoring of processes and systems. With the combined power of AI and blockchain, the UAE government stands to save Dh11 billion in economic return and Dh389 million in government documents alone per year.” With the aim of improving the quality of life in the country and enhancing happiness for citizens, residents and visitors alike, over 50 per cent of the UAE’s federal transactions will be powered by blockchain technology by 2021 under the UAE Blockchain Strategy 2021 strategy.
Blockchain adoption continues to grow across industries worldwide with total spending on blockchain solutions set to grow to $9.7 billion in 2021 according to IDC. Spending on blockchain solutions in the Middle East and Africa region alone is predicted to grow from $38.9 million spent in 2017 to $80.8 million by the close of 2018. The global blockchain industry is expected to grow to $20 billion by 2024. Startups in the nascent blockchain industry are driving this growth and new innovations have attracted high-growth capital with investments reaching $3 billion at the end of 2017.
Jihad Tayara, vice president, Commercial ICT at du, noted that it was important to encourage startups and SMEs to “play around” with new technologies such as blockchain, since they are normally at the forefront of innovation. “It is our responsibility to support them so that they can go from proof of concept to viable business models that add value to the industry and the overall ecosystem.”
“Investments in blockchain have captured the interest of business leaders and governments, as it has the potential to significantly transform markets and industries – from banking to government to healthcare and more,” said Necip Ozyucel, Cloud and Enterprise Business Group Lead, Microsoft Gulf. “At Microsoft, we are on the forefront of this transformation, as we continue lead the way in this next era of computing and advancing the enterprise readiness of blockchain. Our ambition is to provide open blockchain platforms and services that speed adoption, and drive real business, economic and social value to the world.”