With blockchain, it’s just a matter of how quickly it appears in everything we do

One of the most exciting applications for blockchain is its potential impact on banking and finance. Banks can reduce costs associated with processing payments, increase data accuracy and transparency, and improve security – among other benefits. For example, Ripple’s xCurrent platform, a cross-border payment solution, allows banks to process payments faster, cheaper and more securely than ever before. In addition, by using smart contracts, banks can automate various processes such as loan agreements or document storage, reducing paperwork and increasing efficiency.

Blockchain technology is also making waves in the insurance and healthcare industry with its ability to help insurers process claims faster while maintaining data integrity. By leveraging distributed ledgers, network insurers can securely track customer information related to policies or medical records without having to rely on third-party services or vendors.

This increased security helps prevent fraud due to its immutability; Once data is entered into a distributed ledger, it cannot be changed without being detected. This will ultimately lead to more accurate case processing times and fewer fraudulent claims overall, to the benefit of both insurance companies and customers.

The Middle East and North Africa was the fastest growing crypto market in 2022, according to a report by Chainalysis. Users in the region traded $566 billion in cryptocurrency between July 2021 and June 2022. In 2016, the Dubai Blockchain Strategy was introduced. The combined efforts of Digital Dubai Office and Dubai Future Foundation, aiming to make Dubai the first city fully powered by blockchain, based on three strategic pillars – industry creation, public efficiency and international leadership.

Some successful blockchain use cases in the region include the Dubai Police Department, which issued nearly 4,000 missing passport certificates using a blockchain-enabled platform. The platform connected the police with the Dubai Courts, the Public Prosecution Service and the General Directorate of Residency and Foreigners Affairs, not only streamlining the process for individuals but recording the transactions more efficiently.

The UAE Ministry of Health and Prevention (MoHAP) also jumped on the bandwagon in early 2022, launching the first advanced digital data storage platform. The project – in collaboration with the Ministry of Presidential Affairs, Dubai Healthcare City and other healthcare authorities – aims to facilitate data storage and increase efficiency throughout the UAE healthcare system.

The Roads and Transport Authority (RTA) is also setting a precedent for government organizations to implement blockchain. The RTA is working on a project on a vehicle lifecycle management system on a public ledger, which will provide open access to a transparent record of any vehicle’s history – from the manufacturer to the scrap yard.

This blockchain-based system will help increase transparency and trust in vehicle transactions, prevent disputes and lower the cost of services. It will ultimately create streamlined and efficient systems that can be used in any supply chain.

The Middle East has set a good example of how blockchain can be implemented to improve large industries. Although often associated only with Bitcoin, blockchain technology has actually been around since the early 1990s.

However, the huge global interest in cryptocurrencies and NFTs helped shed light on the distributed ledger technology. Today, Walmart and Google are already using blockchain to streamline their supply chains and ensure the authenticity of their products. As the technology continues to develop and gain exposure, blockchain will be a part of our everyday lives – just like the internet.

It is not a question of if companies, governments and individuals must start integrating blockchain, but when.