As most of the businesses around the world went online with altered consumer behaviors, pandemic has played a major role in adoption of digital technologies. Experts at the Gulf Blockchain Summit reported that in context of new digital era, various disruptive technologies have emerged and consumers and businesses are looking forward to adopt them as much to make things convenient and accessible.
The UAE’s economy has witnessed a major hike due to massive adoption of digital technologies. Gulf states are making diligent efforts to develop advanced technological infrastructure through extensive research. UAE, Bahrain, and Saudi Arabia are at the top in adopting Blockchain technology and its implementation across banking and other major financial services. The supply chain management and education sector have also switched towards adopting digital technologies to overcome some possible issues that were caused due to the pandemic situation. The initiatives have fueled up since UAE’s government has launched Emirates Blockchain strategy 2021 in April 2018. The initiative aims to capitalize blockchain technology to transform maximum government transactions into the blockchain platform.
The technology will help both businesses and government to save on time, efforts, and costs to process their transactions to suit emerging requirements of people according to the current market situations. The UAE government is expecting to save Dh 11 billion in transactions and documents processing.
Technology is surely directing us towards another digital dimension of life where things will be made much more easily accessible and businesses, consumers, and governments will get immense flexibility in dealing their finance.