New Kid On The Block

Nine out of ten government organisations across the world are tipped to invest in blockchain technology by 2018, and Dubai’s government has set out its stall to be a leader in the adoption wave. When can we expect to see blockchain become a mainstream technology in enterprises across the region?

So much of our day-to-day life now revolves around the Internet. We shop online; we communicate online; we bank online – but can any of us completely and collectively trust what actually happens behind this increasingly universal presentation layer?

However, the hype surrounding the adoption of blockchain technology looks as if it may finally materialise, and begin to transform how we conduct and record these digital transactions. Based on distributed ledger technology, blockchain is essentially a reliable, hard-to-hack record of transactions and information, and has the potential to create new foundations across economic and social systems globally.

IBM’s Institute for Business Value study found that government organisations worldwide are prioritising blockchain to help reduce innovation roadblocks and inaccurate or incomplete information across their organisation. Trust is of the utmost importance for governments, and this need to eliminate a lack of transparency, find ways to expand the economy and improve accountability is only going to increase, believes Victor Usobiaga, blockchain business development, IBM Middle East and Pakistan. “Integrating blockchain technology into government activities can help overcome this lack of trust, and presents a range of uses for both central and local governments,” he says.

Blockchain is no longer a buzzword, either – particularly in this region. Dubai has made significant progress in this field over the last 12 months, following the announcement of various ambitious public sector targets, as well as the establishment of The Global Blockchain Council last year. This government initiative brings together public and private sectors to identify test cases for new blockchain business models across the emirate, and has led to a huge swell of investment in the blockchain domain.