UAE And Blockchain: Expert’s View
Experts have said, that reducing paper transactions should be the focus of Dubai banks before adopting Blockchain and Cryptocurrencies.
The emerging technology was discussed along with the predicted impact of cryptocurrencies by a Smart Dubai panel hosted by Xische & Co, a collective examining change in future innovation and culture.
While the private sector has fears towards Blockchain and cryptocurrencies, there are more and more transactions being completed with the technology in the financial sector.
The CEO of government backed initiative called Smart Dubai Wesam Lootah said that the technology will help to make huge profits and save time and resources. He said:
“Many transactions still require paper in Dubai, so bringing in this kind of technology has huge potential.”
Smart Dubai officials said, that the new paperless system should be the primary focus of the banking sector.
Although many businesses still accept cheques, other countries have phased out the payment form by making it an expensive process and charging as much as 25 Euros to cash a cheque.
The undergirding technology on which the Bitcoin system operates is Blockchain. It adds a layer of security across a wide network of connected machines.
The secure technology enhances trust among participants on the network, which is an attractive option for banking institutions and customers.
Ali Sajwani, the founder and CEO of Grape Technology said:
“Whether we like it or not, and whether the banks like it or not, Blockchain technology and cryptocurrencies are here, and they are here to stay.”
He also mentioned, that Dubai will be ahead in developing and regulating this area.
