Blockchain technologies have the potential to revolutionise the rapidly growing financial services sector in the UAE and broader GCC region, according to a new report.
The report titled Blockchain: Application to Financial Services in the GCC Region, has been published by financial report specialists Booz Allen Hamilton. It highlights that the UAE government is working to establish the country as a major financial technology (fintech) player and has already started to experiment with the potential uses of blockchain in the public and private sectors.
At the Dubai International Financial Centre, for example, the report states that blockchain will be used to preserve and record wills and trusts, while the Abu Dhabi Global Market free zone has expressed its ambition to become the financial technology capital of the Gulf.
“The digital economy is moving so rapidly that adopting a ‘wait and see’ approach is not advisable,” said Lutfi Zakhour, senior vice president at Booz Allen Hamilton. “Our report shows that there are a number of very real opportunities that will provide genuine long-term benefits.
“We are seeing significant momentum now at the global level which means that GCC institutions need to start planning the most effective ways to engage and implement blockchain solutions into their future business operating models,” he added.
The report adds that adoption of blockchain was also given a boost in February when Dubai’s Museum of the Future announced the formation of a research council focused on blockchain technology, that will comprise 32 members including government entities, international companies and blockchain start-ups.