The United Arab Emirates (UAE) is deemed as one of the richest countries in the world. The country’s profuseness is major because of the production of oil. The discovery of its main source of income came into existence in the 1950s. UAEs economy was solely dependent on fishing, which came to a declining state at a later phase. At present, the middle east is well known for being an exemplary hub for businesses, trade, and commerce. No doubt, UAE has become one of the best examples in adopting the technology. And presently, making its way for the latest technology hub i.e. blockchain.
What does Blockchain Technology mean?
A blockchain acts as a register or a ledger that stores transactions which further can be programmed holding the record of everything that is of value. Blockchain was first invented by Satoshi Nakamoto. Disrupted technology consists of a pile of records that are stored in the form of blocks. These blocks with the information are then secured making use of cryptography. In simple words, it is a ledger that is found online and holds a record of every transaction that was initiated. This takes place to make sure the transaction is encrypted and secured. The secured encryption is basically for the user, and it also enables a network of users to access provided they have the key. An added advantage, the blockchain technology is not controlled by any of the authorizing authority, which by default make the technology secured and corruption free.
The initial use of blockchain happened in the year 2008 when Bitcoin was introduced and it has ignited the current sensation in the information technology today. The prices hiked as currencies rose drastically. As says the stakeholders and great economists, for UAE it has been a quick transformation in adopting this technology. Not just the banking and finance industry that blockchain disrupted by even other industries such as healthcare, government, video, startups, and traveling, etc.
How blockchain functions?
For instance, the transaction happens from sender X to sender Y. The transaction is recorded online as a block. This block (transaction/data) is then broadcasted to every individual that is present in the shared network. The ones who have approved the transaction in the network is valid. This block is then added to a series of chain providing a transparent record of transactions, after which the transfer happens between X to Y.
Exciting features of blockchain technology:
Why UAE shows interest to adopt blockchain?
Ever since the blockchain revolution, many countries have been thriving so as to find out ways of how to bring this technology into use. As a matter of fact, the UAE has shown to be the third country after Luxembourg that is implementing this technology. “The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions,” says Mr. Promoth Manghat, the Chief Executive of the UAE Exchange Group.
Dubai is said to be the very first blockchain government initiative.
Let’s have a look at how blockchain will benefit its users:
This disrupted technology might still need to pave its way and makes its presence known in the 7 emirates. However, once the technology gets absorbed in the job market, the entire UAE structure and its economy will be revolutionized.