Public sector key to $300m Blockchain opportunity
Dubai Government working to enable a paperless digital service for all city transactions through the Dubai Blockchain Strategy
The Dubai government aims to process 100 million documents without paper each year, as part of the recently launched Dubai Blockchain Strategy.
This initiative is helping drive a booming Blockchain market in the UAE, that is expected to reach $300m by 2022, according to according to a recent report by Aseel Consultancy. Worldwide, 10% of the global GDP will be stored in Blockchain by 2027, according to a recent survey by the World Economic Forum.
Blockchain is a distributed ledger platform that holds information as a shared and continually reconciled database. The Blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and extremely secure.
“Blockchain is the 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 in blockchain, and is set to transform the supply chain,” said Tayfun Topkoc, managing director for the UAE and Oman for SAP.
SAP now offers the SAP Leonardo “digital innovation system”, which includes ready-to-use Blockchain technology and the SAP Cloud Platform blockchain service, which supports the easy-to-use and low-risk Blockchain as a Service.
Industry verticals set to be transformed byBblockchain include logistics and supply chain to track and trace materials back to the source, public sector to provide official registries, utilities for energy sales between neighbours and utilities, and banking and financial services for cross-border transactions.
“UAE organisations are especially interested in Blockchain as a Service, for an easy and low-risk gateway to prototype, test, and build customised Blockchain applications and smart contracts. SAP Leonardo supports UAE organisations to adopt Blockchain without large upfront capital investment,” added Topkoc.