Accenture recently published a report on the state of Blockchain in the MENA region. the most interesting findings pertain to the the industries most ripe for blockchain in MENA as well as the challenges still facing the region which has been slow to adopt blockchain in comparison to some parts of the world.
According to the report the biggest industries rip for blockchain are the financial services sector, remittances, supplychain, know your customers, and digital signatures. The major obstacles include insufficient knowledge about blockchain technology, regulatory issues, lack of a functioning ecosystem as well as uncertainty about security of the blockchain.
The report does commend Dubai as one of the most ambitious players in the blockchain arena, as well as the UAE as a whole which is leading in DLT ( distributed Ledger Technology)
Accenture had assessed 8 of the largest investment banks in the world and found that with the implementation of blockchain solutions that could save 505 or higher on costs. This would be particulary good for UAE and KSA.
So in conclusion the report states that while Blockchain has moved at a slow pace in the MENA region it is expected to take on a more rapid uptake in the years to come.
