The United Arab Emirates is saving through the use of the blockchain around three billion US dollars in administrative costs. This is shown in a report published by the World Economic Forum. The World Economic Forum had the target concrete application example of the technology to analyze and to concrete.
Regulatory Hurdles Are Problematic In This Case Too
The survey at the forum found that it was difficult to bring different stakeholders together. Both companies and blockchain service providers have also pointed out regulatory hurdles. Despite these identified regulatory difficulties, the blockchain technology forum has recognized great potential in all processes. Mainly processes that are dominated by paper and are therefore susceptible.65 percent of the participants see a challenge in bringing the various stakeholders together. As a result, established companies and blockchain service providers have shown that there are still regulatory hurdles that hinder the use and thus the adaptation of cyber blockchain technology. The forum also shows that a lack of knowledge and skills on the part of the employees contribute to the fact that the adaptation of key cyber technology is progressing slowly. The aim is to identify challenges for the commercial introduction of blockchain solutions. On a positive note, around 80 percent of respondents said they were ready to introduce blockchain technology.
In addition to the lack of specialist staff, the requirements of numerous stakeholders would also have to be consolidated. The regulatory hurdles continue to play a major role. It is clear that the blockchain certainly has the potential to transform entire industries. In the meantime, more and more companies are jumping on the train and experimenting with this technology. It is expected that over the next two years more business models will appear for the masses based on distributed ledger technologies.
The principles developed will not only strengthen the businesses and governmental entities of the United Arab Emirates and the region, but will also encourage meaningful cooperation with other countries that are part of the cyber security network for the fourth industrial revolution of the World Economic Forum for larger economic and social security achieve impact.