UAE – Mubasher: The UAE is expected to save more than $3 billion (AED 11 billion) through adopting blockchain technologies, according to a report produced by the Fourth Industrial Revolution UAE (C4IR UA) in collaboration with the World Economic Forum and Dubai Future Foundation.

Moreover, the number of printed documents will be dropped by 398 million and working hours will be reduced by 77 million annually through implementing blockchain technologies to process daily transactions.

The report surveyed over 100 experts from 60 governmental and private bodies, working on implementing blockchain technologies.

Additionally, the report also included successful practices in adopting advanced technologies in the UAE, along with major achievements since the launch of Dubai Blockchain Strategy as well as Emirates Blockchain Strategy 2021.

About 80% of government bodies stated that the most important factor was the early identification of the applicable blockchain solutions. The main success factors for larger companies and organisations was identifying the project scope, roles, and responsibilities.  

It is noteworthy that the Emirates Centre for the Fourth Industrial Revolution (4IR) is the first of its kind in the region and the fifth on a global scale.

The 4IR, which has become a significant factor for economies worldwide, is planned to develop several sectors in the UAE, including genomic medicine, Ian Albert, regional director and head of research and valuation at Colliers International MENA, previously said in an interview with Mubasher.