Marmore Report 1566 0 Kommentare GCC Banks Should Move Quickly to Adapt Disruptive Technologies - Seite 2

Dubai, through its Dubai Future Foundation (DFF) of emerging technologies, has been hitting the top of the list by nurturing and developing latest technologies. The objective of the DFF is to ring in new technologies for the government and bureaucratic services. Dubai's approach is new in that it dares to defy its traditional nature of simply serving as a hub and is actually bent on leveraging on new technologies for catering to the needs of the state. The DFF's Dubai Future Accelerators program, for instance, has singled out 30 companies and has given them 3 months' development time and access to millions of dollars of venture capital to put their technologies to a test with local government authorities. Two key projects-Hyperloop, a high-speed transportation system, and a Blockchain project developed by Consensys-were economically buttressed by the program.

Dubai recently steered a series of pilots, through its Global Blockchain Council, on using Blockchain in the following areas-health records, managing conflict diamonds, land title transfer, business registration, digital wills, tourism engagement, and shipping. Dubai has lofty ambitions of creating smart cities, and these are likely to deliver stacks of data daily. Tracing the progress of the Blockchain technology, it is not easy for anyone to question its capability of handling the pool of data.

Blockchains can be put to use in almost any form of record keeping, agreement, contract, or register. Recently, the UK government has started probing the use the Blockchain for public services lending credibility to the fact that Blockchain is primed to move into mainstream. The below table outlines, without baring their potential applicability for the GCC region, just a few ways the Blockchains are being used or could be put to use in the times ahead.

Blockchain and its potential applicability in the GCC region


   
                        Applications               Applicability in the GCC region
               Tracking tax payments                                           Low
                       Online voting                                           Low
                        Stock trades                                       Neutral
                     Land registries                                          High
                         Remittances                                          High
                       Cloud storage                                       Neutral
                       Cybersecurity                                          High

Source: Marmore Research

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