News Detail

Connecting ideas and people

1 August, 2020

Blockchain Technology to Play Pivotal Role in UAE Digital Future

Dubai Blockchain Center believes that the technology will play an important role in shaping the future of UAE across many sectors.

 

Blockchain is a technology that implements a public distributed ledger system for data and process flow. The technology implements data in the form of blocks that are used by various users, at different stages of a single process workflow. In each stage, the data may be accessed, or hidden by users of the next stage, which also implements encryption to handle the flow of blocks, but not necessarily flow of data. In short, the public distribution of a ledger system also covers multiple user profiles, with varied levels of access to the data block.

 

Currently, Blockchain technology is used in the fields of smart contract management and supply chain, in addition to healthcare, FinTech and education technology. In supply chain, the technology helps track items from source to destination in a trusted electronic documentation process. In finance, every transaction is tracked for auditing and instant settlement purposes. Education sector implements the technology for record keeping and digitization, while in healthcare it provides an additional layer of protection for patient records.

 

Blockchain also offers significant cost reduction in digitization of processes in specific sectors, such as insurance, investment financing and deal-making. With business transactions pivoting across diferrent applications, the technology will be shaping the future of UAE, according to Dr. Marwan Alzarouni, CEO, Dubai Blockchain Center.

Share This Post
Open chat
1
Hi,
How can we help you?