The United Arab Emirates (UAE), particularly Dubai, has strategically embraced blockchain technology, aligning it with its National Innovation Strategy to foster a sustainable and technologically advanced environment. This strategic focus is part of the broader goal to enhance the UAE’s position as a global hub for finance and innovation, as outlined in the UAE Vision 2021.
Blockchain technology, known for its association with cryptocurrencies like Bitcoin, has broader implications, affecting various business sectors, including finance and marketing. It is considered a cornerstone of the Fourth Industrial Revolution, capable of transforming transactions, business operations, and governmental functions.
In the financial sector, blockchain’s impact is profound, offering innovative solutions beyond cryptocurrencies. It has revolutionized financial transactions with its decentralized, secure, and transparent nature, providing a solid foundation for digital currencies and enhancing the efficiency of financial systems. The UAE, recognizing this potential, has been at the forefront, with Dubai and Abu Dhabi becoming pivotal financial centers leveraging blockchain for various applications, from digital currencies to payment systems.
Marketing is another area where blockchain technology is making significant strides. It offers a new paradigm for digital advertising, enabling more secure transactions, enhancing privacy, and improving the accuracy of targeted advertising. This shift is crucial for the UAE’s vision to not only improve its governmental efficiency but also to boost its economy through innovative business solutions.
The Emirates Blockchain Strategy 2021 exemplifies the UAE’s commitment to incorporating blockchain into half of its government transactions, aiming to increase efficiency, security, and public satisfaction. This initiative underlines the UAE’s leadership in adopting advanced technologies and its ambition to become a global frontrunner in the blockchain domain.
The fusion of blockchain technology with the financial and marketing sectors in the UAE highlights its potential to foster sustainable economic growth, enhance global competitiveness, and ensure long-term resilience and security. The strategic investments and innovative applications in these sectors are pivotal in realizing the UAE’s vision of a technologically advanced and sustainable future.
Click on link to download the full publication: Blockchain Technology, Sustainability and Business: A Literature Review and the Case of Dubai and UAE
Citation: Petratos, P. Ljepava, N., Salman, A., (2020). Blockchain Technology: Sustainability and Business in UAE. A Literature Review and the Case of Dubai and UAE, Sustainable Development and Social Responsibility—Volume 1, 87-93
Disclaimer: Research Summary has been initially created using Data Analysis plugin in ChatGPT. Initial draft was then edited, and final version posted here. Be transparent in using AI in any aspect of your research.
Click here to view the full list of my publications.
Interested in research collaboration? Feel free to contact me