UAE is the next blockchain sovereign. Gregory S. Matthew, a blockchain expert, and a tech professional researcher predicted that the United Arab Emirates is not just a superpower in the overall economy, but, is leading in the blockchain and the crypto spheres.
What strikes your mind when you think of UAE? Unique culture, gigantic shopping complex, beautiful skylines, and exquisite hotels are likely the kind of imagination we have in mind. And no doubt, you’re right about it.
Looking down through the 1770s up till the 1930s, it was the pearl industry that constitutes the source of income in the Trucial States, which makes the United Arab Emirates glimmer. As the years went by UAE became the third richest country in the world after Luxembourg. The bulk of riches they were making was from the production of goods and services such as petroleum, aluminum, cement, and petrochemicals. The riches have widespread at large transforming the economy from a run of the mill (Arab world economy) to the richness of wealth and business. But times have changed, now businesses have moved to an entirely different phase of development. And indeed, blockchain is one among them.
How do I know the country is changing gears towards blockchain development?
A report by InWara estimated that UAE will have blockchain crypto companies to raise over $200 in their funds.
Why run into a blockchain empire now?
As much as we’d like to know, the applications of blockchain technology prove to increase the efficiency, provide transparency in industries such as the finance and the healthcare, sectors we often find is plagued with bureaucratic traditions.
Furthermore, the UAE is expected to embrace the fourth industrial revolution technologies including the blockchain, IoT, and artificial intelligence. The PwC (PricewaterhouseCoopers) predicts that AI is estimated to add up more than 11% or $320 billion to the middle east’s GDP by 2030. Besides this, the middle east achieves up to 34% annual growth with its applications from AI in accordance with others who believe that UAE is also going to become the next AI hub.
Leveraging its vast oil reserve, the country was uncalled to undergo through a bad phase as the prices for the global crude oil increased.
Above this, there is a pressing concern that there might be a detrimental effect the fossil fuels will have on climate change. Although, other countries prompted to substitute with other cleaner sources of energy like solar or wind, has failed to escalate results, thus, impacting the economy in UAE.
Now the country is mending ways by reducing the dependency on fossils fuels, empowering it by making use of free trade. Enhancing business opportunities in other technology-related fields will bring in great impact.
Officially, UAE entered the blockchain-crypto market in April 2018 in accordance with the government to launch the Emirates Blockchain Strategy 2021. Prediction states that by 2021, 50% of all transactions will be possible via the blockchain network – this step itself will save a cost of $2.97 billion. The EBS (Emirates Blockchain Strategy) 2021 aims at strategizing blockchain technology to transform half of the government transactions into blockchain platform.
According to Toufi Saliba, CEO of San Francisco-based Toda Network says that the attributes that will eventually promote of blockchain will be the interoperability, efficiency, security, implementation, confidentiality, and scalability. Industries should focus on promoting these attributes, thus, increasing blockchain adoption in the years to come.
As for the demand, professionals should ponder of getting certified as candidates are short in supply. But the demand will not be applied just for developers, but developers with business blockchain professional certification will be among the in-demand professionals. Having a credible certification can boost your pay. With a country that is said to be the blockchain hub will for sure be in a hunt for professionals skilled in blockchain. But with the shortage of skilled candidates, it is going to be difficult. Taking up certification programs such as BBP certification and certified blockchain professional certifications are a great way to pave your career towards a blockchain career.
Since 2018, UAE has been struggling to become the leading hub for blockchain related businesses. No doubt, it is now perfectly placed to be one of the global leaders in the initial coin offerings (ICO). All in all, Dubai, the populous city in UAE now projects to be the world’s first government that is powered by blockchain.