The UAE could save as much as $3 billion (Dh11bn) by implementing blockchain technology, according to a joint study by the Centre for the Fourth Industrial Revolution UAE, Dubai Future Foundation and the World Economic Forum.
Blockchain, a digital record-keeper secured using unique ‘fingerprints’, promises to have far-reaching implications for global trade and supply chains. Since 2016, the UAE government has been rolling out initiatives to harness the technology’s potential as a part of its digital transformation efforts. On the federal level, the UAE is aiming to have half of all government transactions conducted using blockchain by 2021. Already 80 per cent of public and private sector entities are using the technology, according to the report.
“These insights will help us develop the correct governance for blockchain, based on the specific needs from those deploying the technology,” Khalfan Belhoul, chief executive of the Dubai Future Foundation, said.
The cost savings, realised through greater operational efficiency, will also eliminate 398 million printed documents and 77 million work hours per year by relying on blockchain to process routine transactions.
Furthermore, as part of its efforts to analyse the local blockchain landscape, the Centre for the Fourth Industrial Revolution UAE surveyed more than 60 governmental and non-governmental entities across the country that are actively exploring or implementing blockchain. The purpose of the survey was to understand the current deployment phases in the ecosystem and the relevant challenges and key success factors associated with it.
A survey by the Centre for the Fourth Industrial Revolution UAE of people working in 60 UAE entities, both governmental and private sector, found that the public sector considers education the biggest hurdle to blockchain implementation, while the private sector’s chief concern is regulatory uncertainty. Technical factors for using blockchain were not a concern to those surveyed, the Centre found.
“The [Centre for the Fourth Industrial Revolution] UAE stems from a long-standing collaboration between the UAE and the World Economic Forum,” said Mirek Dusek, head of Middle East and North Africa, at the World Economic Forum. “The principles developed in the report will empower not only UAE’s and the region’s business and government entities, but will also drive meaningful collaborations with other countries that are part of the World Economic Forum’s Fourth Industrial Revolution Network.”
The Fourth Industrial Revolution refers to a new era in which technologies are quickly emerging and affecting the way we work and live in new and unanticipated ways.
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WORLD CUP SEMI-FINALS
England v New Zealand (Saturday, 12pm)
Wales v South Africa (Sunday, 1pm)
Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah
Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz
Company%20profile
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Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
The biog:
Languages: Arabic, Farsi, Hindi, basic Russian
Favourite food: Pizza
Best food on the road: rice
Favourite colour: silver
Favourite bike: Gold Wing, Honda
Favourite biking destination: Canada
