What’s ahead for blockchain in the Middle East?

According to IDC, organisations are expected to spend over $6.6bn on blockchain solutions this year, a more than 50 per cent increase over 2020. Furthermore, the IDC blockchain expenditure guide states that blockchain spending will continue to rise at 48.0 per cent CAGR throughout the 2020-2024 prediction period.

“This is an important time in the blockchain market as enterprises across markets and industries continue to increase their investment in the technology. The pandemic highlighted the need for more resilient, more transparent supply chains, healthcare delivery, financial services, and so much more, and enterprises around the world have been investing in blockchain to provide that resiliency and transparency,” said James Wester research director, worldwide blockchain strategies.

Though the technology is still nascent in the Middle East region, public and private sectors are beginning to use it to simplify public administration, strengthen financial services, and optimise commercial operations.

Blockchain adoption in the Middle East

The UAE government embraced blockchain technology in conducting its transactions. To aid this move, it launched the Emirates Blockchain Strategy 2021 and Dubai Blockchain Strategy.

In 2018, the Dubai government also launched the Future Blockchain Summit. The first and largest blockchain exhibition and conference in the MENA region, bringing together the community’s brightest minds, game-changing startups & influential investors for four days of networking.

Earlier this year, the Dubai Police Department issued 3,991 missing passport certificates using a blockchain-enabled platform. The platform linked the police to Dubai Courts, the Public Prosecution, and the General Directorate of Residency and Foreigners Affairs.

Also, the UAE’s Ministry of Health and Prevention (MoHAP) launched the first advanced digital platform for data storage, official news agency WAM reported.

The project completed in collaboration with the Ministry of Presidential Affairs, Dubai Healthcare City and other relevant health authorities will facilitate data storage pertinent to health, pharmaceutical government and private facilities, health practitioners, and drug information.

The blockchain-based platform aims to raise the efficiency of MoHAP and other health authorities’ smart health services.

Digital currency adoption by the private sectors

Recently, Skin111 Clinic, an aesthetic and medical services provider, has announced a strategic collaboration with Idoneus, a blockchain-based luxury asset ecosystem that will allow clients to pay for customised medical and wellbeing treatments in IDON Tokens.

Read: UAE aesthetics clinic to accept payment in cryptocurrency

The IDON token is a digital payment token, also known as cryptocurrency, that is extensively used to purchase, sell, rent, and otherwise enjoy luxury assets, commodities, and services accessible on the Idoneus platform, as well as from individual or any organisation that takes IDON as a method of payment.

Another firm, SFM corporate services, a Dubai-based company, also announced the acceptance of cryptocurrency as payment for business formation services. The company enables investors and entrepreneurs to incorporate a business in any of about 25 foreign jurisdictions.

Read: Dubai-based corporate services company accepts cryptocurrency payments

The Future Blockchain Summit

Future Blockchain Summit will be co-located with five major tech exhibitions coming together to change the world’s digital sector on the 17-20 October 2021 at Dubai World Trade Centre: Ai Everything, Gitex Futures Stars, Fintech Surge, and Marketing Mania are all part of Gitex Global.

Leading blockchain companies like Paycoin, BTP, difx, Metahero, SettleMint, Chainyard, Bybit, Blockchain Valley and more will demonstrate the transformative power of blockchain technology in different sectors. Visitors can experience it live across three significant themes at the exhibition: conferences, workshops, investor programmes, and Hackathon.