Better understanding required for Blockchain uptake in the region
Limited understanding of Blockchain and the lack of real-world examples of where it could be used are holding back the rapid adoption of the technology in the Middle East region, as many entities are still in the "wait and watch" mode.
“The biggest challenges are less understanding, adoption of use cases and making sure there is full ecosystem behind it [Blockchain],” Marwan Bindalmook, senior vice president of ICT solutions and smart city operations at telco Du, told The National, adding that Blockchain can never work well in isolation and it needs equal participation of governments, private sector and end-consumers.
Mr Bindalmook said the "hype" phase of Blockchain is over and it’s time for the emergence of real-use cases explaining its actual applications in industries such as health care or telecoms..
The first examples of widespread usage of Blockchain in any industry is "currency", he added. "It's deployed and used by public. Now we need to look for others that can cause disruption and prove profitable. They will emerge slowly.”