{"id":196727,"date":"2021-03-08T13:47:00","date_gmt":"2021-03-08T10:47:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sands-of-change-uae-enables-private-sector-to-adopt-blockchain-tech\/"},"modified":"2021-03-08T13:47:00","modified_gmt":"2021-03-08T10:47:00","slug":"sands-of-change-uae-enables-private-sector-to-adopt-blockchain-tech","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sands-of-change-uae-enables-private-sector-to-adopt-blockchain-tech\/","title":{"rendered":"# Sands of change: UAE enables private sector to adopt blockchain tech"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b0dc87b615\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b0dc87b615\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sands-of-change-uae-enables-private-sector-to-adopt-blockchain-tech\/#Where_does_the_UAE_stand\" >Where does the UAE stand?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/sands-of-change-uae-enables-private-sector-to-adopt-blockchain-tech\/#Business_adoption_is_growing\" >Business adoption is growing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/sands-of-change-uae-enables-private-sector-to-adopt-blockchain-tech\/#Notable_use_cases\" >Notable use cases<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/sands-of-change-uae-enables-private-sector-to-adopt-blockchain-tech\/#Unprecedented_interest_across_the_UAE\" >Unprecedented interest across the UAE<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Sands of change: UAE enables private sector to adopt blockchain tech <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvZDM2ZDU2MzMtOWE4MS00NDU1LWE1OGYtMDM0MWU2ZDYyNzI3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>It is no secret that the United Arab Emirates, along with Switzerland, Singapore and several other countries, is one of the most forward-looking tech nations in the world, with the Middle Eastern powerhouse promoting the use of blockchain in almost every sector imaginable, from energy to shipping to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>.<\/p>\n<p>To help the country with its adoption efforts, the UAE government has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/u.ae\/en\/about-the-uae\/digital-uae\/blockchain-in-the-uae-government#:~:text=The%20UAE%20Government%20adopted%20blockchain%20technology%20in%20conducting%20its%20transactions.&amp;text=The%20Emirates%20Blockchain%20Strategy%202021%20aims%20to%20capitalise%20on%20the,the%20blockchain%20platform%20by%202021.\">launched<\/a> two extensive, well-crafted initiatives \u2014 i.e., the Emirates Blockchain Strategy 2021 and Dubai Blockchain Strategy. While the former seeks to spread the use of blockchain tech for facilitating over 50% of all government transactions by 2021, the latter will help Dubai transform itself into the first city in the world to be fully powered by blockchain. <\/p>\n<p>Furthermore, the Dubai Future Foundation, which is backed by Sheikh Mohammed bin Rashid Al Maktoum, prime minister of the UAE and ruler of Dubai, recently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.dubaifuture.ae\/initiatives\/future-foresight-and-imagination\/dubai-future-councils\/\">established<\/a> the Global Blockchain Council in order to help spur the exploration and real-world <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications of blockchain tech across a host of financial and non-financial sectors within the country. <\/p>\n<p>As things stand, the council currently comprises 46 members, including government entities, international players, leading local banks, as well as tech firms from across the globe. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Where_does_the_UAE_stand\"><\/span>Where does the UAE stand?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On the subject of the UAE\u2019s holistic crypto outlook, Hadi Malaeb, CEO of AgoraGroup \u2014 a firm that seeks to facilitate international trade \u2014 told Cointelegraph that in his view, the UAE administrative regime is by far the most responsive to the crypto industry in the MENA region and one of the most progressive in the world.<\/p>\n<p>To drive home his point, he highlighted that the UAE\u2019s Securities and Commodities Authority recently published \u201cThe Authority\u2019s Chairman of the Board of Directors Decision No. (21\/R.M) of 2020,\u201d which provides local businesses and digital asset owners with an additional detailed outlook regarding the regulation of crypto assets. Malaeb added:<\/p>\n<blockquote><p>\u201cI can tell you from first-hand experience that the industry has developed tremendously within a very short period of time from an investment, adoption and regulatory standpoints.\u201d<\/p><\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"Business_adoption_is_growing\"><\/span>Business adoption is growing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>While most countries across the globe are just starting to recognize the monetary and technological proposition put forth by blockchain and crypto tech, the UAE has already set in motion a number of projects that can potentially transform the country\u2019s landscape in the coming decade or so.<\/p>\n<p>For example, UAE\u2019s Roads and Transport Authority is currently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.rta.ae\/wps\/portal\/rta\/ae\/home\">working<\/a> on a project that seeks to help <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.futureblockchainsummit.com\/news\/dubais-rta-reveals-plan-for-vehicle-history-blockchain-project\">establish<\/a> a fully automated vehicle lifecycle management system using an advanced blockchain framework. In brief, the final platform will create a mesh of manufacturers, dealers, regulators, insurance companies, buyers, sellers and garages, thereby creating a detailed record of each vehicle through the entirety of its life cycle.<\/p>\n<p>On the subject, Khaled Alkalbani, CEO of Ideaology \u2014 an open-source project built atop the Ethereum ecosystem \u2014 told Cointelegraph that while use cases related solely to cryptocurrencies are low at the moment, the UAE is without a doubt one of the most advanced in terms of blockchain use cases and applications, adding: <\/p>\n<blockquote><p>\u201cThe UAE, as always, is bustling with blockchain, digital assets, crypto-related <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> \u2014 to mention, our central bank is using DLT for SME funding and trade finance. The Abu Dhabi Global Market (ADGM) is building an excellent foundation to use\/trade crypto, as they believe that this <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> will help the economy, businesses and investors.\u201d<\/p><\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"Notable_use_cases\"><\/span>Notable use cases<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In this vein, researchers affiliated with the UAE\u2019s Khalifa University recently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ku.ac.ae\/ku-researchers-use-blockchain-to-develop-digital-immunity-passports-for-covid-19\">developed<\/a> digital immunity passports, using blockchain tech. The passport, which will come in the form of a smartphone app, will serve as a digital document detailing a person\u2019s innate risk of spreading COVID-19. Furthermore, the passport will also contain details such as prior negative test reports, vaccination info, etc.<\/p>\n<p>The offering could potentially prove its value in settings where there is a high risk of transmission, like sporting events, live concerts, movie theatres or shopping malls. Not only that, but it could also help the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a> industry immensely because it could streamline the screening process of high-risk individuals.<\/p>\n<p>Etisalat, an Emirati-based telecommunications services provider, recently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ledgerinsights.com\/etisalat-launches-hr-credentials-on-blockchain\/\">announced<\/a> the launch of a new blockchain platform that will enable the company to conduct all of its human resource-related activities in a decentralized, transparent fashion. What\u2019s more, Etisalat\u2019s customer engagement program, Smiles, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.thefastmode.com\/technology-solutions\/18671-etisalat-launches-blockchain-powered-rewards-exchange\">launched<\/a> the UAE\u2019s first-ever Rewards Exchange powered by blockchain tech.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>The United Arab Emirates chase crypto and blockchain adoption<\/em><\/strong><\/p>\n<p>The company also has its hands in a number of other notable blockchain projects, most notably, a platform called <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.albawaba.com\/business\/pr\/etisalat-digital-teams-smartworld-%E2%80%98shahada%E2%80%98-blockchain-platform-1381689\">Shahada<\/a>, a tamper-proof digital certificate ecosystem that can be used by any educational institution operating in the region, as well as UAE\u2019s trade finance platform <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ledgerinsights.com\/first-abu-dhabi-bank-etisalat-launch-uae-trade-finance-blockchain\/\">UAE Trade Connect<\/a>.<\/p>\n<p>Lastly, the UAE\u2019s national carrier Etihad Airways <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/us-blockchain-airlines-etihad-idUSKCN1UY2A9\">joined<\/a> forces with open-source travel platform Winding Tree to explore the use of blockchain tech, primarily as a means of distributing its various products and services directly to its customers, thereby cutting out the need for any intermediaries.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Unprecedented_interest_across_the_UAE\"><\/span>Unprecedented interest across the UAE<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>With each passing year, the UAE seems to be garnering more business interest from blockchain enthusiasts globally, especially as the country continues to help spur the widespread adoption of the technology by providing startups as well as big-name firms with a highly conducive atmosphere to develop their envisioned platforms with the least amount of regulatory pullback. <\/p>\n<p>In this regard, Malaeb pointed out: \u201cWe have hosted more than six events in that space within a period of three years,\u201d adding that AgoraGroup\u2019s conferences \u201chave helped startups and well-established companies in this industry to meet, one on one, with pre-qualified investors, and we have witnessed many deals taking place.\u201d Overall, he believes that: <\/p>\n<blockquote><p>\u201cThere is a palpable increase in appetite of institutional investors to explore investment opportunities in digital assets.\u201d <\/p><\/blockquote>\n<p>Lastly, Mohanned Halawani, a communications expert and blockchain technology specialist, believes that the country\u2019s tolerance toward practicing new technologies has had a direct impact on the number of crypto entrepreneurs moving to the country. He believes that UAE\u2019s fiscal foundation makes it easier for local firms to adopt blockchain solutions with relative ease, adding:<\/p>\n<blockquote><p>\u201cIt is a tax haven compared to countries with similar economic growth. [&#8230;] But yet, there is still lots of room for blockchain adoption here. We hope to see crypto being accepted in retail businesses very soon.\u201d<\/p><\/blockquote>\n<p><em>Some of the interviewees have participated in the <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/agoragroup.ae\/events\/global_blockchain_congress_6th_edition\"><em>Global Blockchain Congress<\/em><\/a><em> in Dubai on Feb. 9, hosted by the Agora Group.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sands-of-change-uae-enables-private-sector-to-adopt-blockchain-tech\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Sands of change: UAE enables private sector to adopt blockchain tech &#8221; It is no secret that the United Arab Emirates, along with Switzerland, Singapore and several other countries, is one of the most forward-looking tech nations in the world, with the Middle Eastern powerhouse promoting the use of blockchain in almost every sector&#8230;<\/p>\n","protected":false},"author":1,"featured_media":196728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvZDM2ZDU2MzMtOWE4MS00NDU1LWE1OGYtMDM0MWU2ZDYyNzI3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,77146,74355,117,4965],"class_list":["post-196727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-uae","tag-adoption","tag-business","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/196727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=196727"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/196727\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/196728"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=196727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=196727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=196727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}