Blockchain Technology and Its Future in UAE Service Industry

This report delves into the future of blockchain technology within the service industry of the United Arab Emirates (UAE). It begins with an introduction to blockchain, also known as distributed ledger technology, and its role in enhancing security and transparency in digital assets. The report highligh...Read More

Running head: BLOCKCHAIN TECHNOLOGY
BLOCKCHAIN TECHNOLOGY
Name of the Student:
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Table of Contents
Introduction:....................................................................................................................................2
Literature Review:...........................................................................................................................2
Application of the block chain in UAE:..........................................................................................3
References:......................................................................................................................................6

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FUTURE OF BLOCK CHAIN TECHNOLOGY IN SERVICE INDUSTRY OF UAE
Introduction:
The block chain technology, which is otherwise known as the distributed ledger
technology is used for the enhancement of the security by making the digital assets of the
organization unalterable at any point of time such that the entire system remains transparent. In
the block chain technology, the digital assets are distributed instead of being copied to any other
system. Every individual present in the system will be able to have real time access to the data,
but every alterations made to them is recorded in the system. The United Arab Emirates is a
country rich in the resources for the business. Making smaller alterations in the bigger business
may remain unnoticed, however, in the end they can be fatal for the business. Thus in order to
prevent that, the block chain technology is the most convenient and reliable way. With the
introduction of the block chain technology the organization are capable of identifying the sources
of the dispute and can prevent it from happening any further. In places like UAE, where the rate
of digital transaction is high, the block chain technology plays an essential role. At present UAE
is playing a significant role in the development of the block chain technology and is the host of
the Global Blockchain Technology council. At present, the Blockchain technology is one of the
hot topic for the discussion and is considered to be fourth industrial revolution. The following
report discusses about some of the articles related to the block chain technology, and how can it
affect the service industry of the UAE.
Literature Review:
According to Dubey, et al., 2020, in his article, the Blockchain technology is one of the
most efficient technology used for the purpose of the enhancing supply chain management
system or the SCM. The supply chain management system which is used for the purpose of the

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tracking the product from the starting till the end, with the emergence of the Blockchain
technology, the collaboration of the relationships amongst the humanitarian actors for
improvement of the transparency and the traceability has increased. This was agreed upon by
Kouhizadeh & Sarkis (2020), who has found out in their research that the importance of the
Blockchain technology in the advent of the green supply chain management system is
unavoidable. The uncanny capabilities of the supply chain management system is capable of
revolutionizing the global process of the supply chain management system. Du et al., 2020 has
mentioned in their research that the Blockchain technology has helped in the improvement of the
financial sectors by improving the level of transparency, anonymity, security, non-tampering or
alteration in the digital currencies like the bit coins. Bai, & Sarkis (2020) in their article says that
the block chain technology is the technology that is used for the purpose of the decision making
by enhancing the performance measurement in the various sectors of the industry. With the
introduction of this technology, it is possible to introduce more hybrid theories for the purpose of
decision methods, for the evaluation and selection of the block chain technology. Wamba &
Queiroz (2020), discusses about the benefits of the Blockchain technology in the operations and
the management of the supply chain in the system. All of them has a common ground of
discussion that the transparency of the business have increased with the emergence of the
technology as each and every step is accounted for. No alterations can be done to the system
without the knowledge of the authorities.

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Application of the block chain in UAE: (516)
As mentioned earlier, the enhancement of the block chain technology is one of the
foremost concern of the UAE. At present the UAE holds the council for the development of the
block chain technology. According to the government of the UAE, the technology is foundation
stone for the enhancement of the productivity and improvement of the payment efficiency in the
business sector. The government is strongly in favor of the block chain technology as it is
targeting for the technology to handle 50 percent of the federal transactions from the
government. Majority of the larger transaction in the UAE takes place over the crypto currencies.
These are usually huge amount of money that are in use. The annual assets of the UAE
government is AED 10 billion, more than 400 million dollar printed assets, and many other
things. If any alterations are doen to these assets of the company, a huge amount of the data will
lost along with a huge amount of the monetary assets of the country as well. In order to prevent
that, the country is readily accepting the technology. One of the nest feature of the technology is
one of its strongest features as well. That is the technology keep track of every alterations that
has been done and nothing goes unnoticed from the authorities. However, in the case of crypto
currencies the technology does not allow alteration without the authorities or the owners.
UAE makes use of the technology mainly for the digital transactions. With the use of this
technology by the government, a unique identification code is generated for the consumers where
their information are stored securely. This cannot be hacked or changed without notifying the
beholder of the information or the government (Petratos, Ljepava & Salman, 2020). This
multiplies the security of the national documents along with the documents of the consumers.
The block chain technology has the main purpose of disintermediation. This means that, the

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technology will be removing any middle man between any two people or transaction in any
sector. In recent years UAE has been one of the leading hubs for the entrepreneurs, scientists and
innovators in the Blockchain space, that is why the nation is nurturing this newly adopted system
of Blockchain with latest innovation by welcoming latest, the most forwards thinking and
realistic block chain startups from across the globe. The Co-founder and CEO of the Arabian
Bourse, Mr. Arshad Khan stated that due to block chain adoption, there will be massive
disruption the future. This new revolution shall recreate UAE’s economy in such a way and bring
such changes that it will be controlled by human capitalism and computer democracy. He also
mentioned that this technology will lead to the emergence of new business leaders. The one who
can adopt this futuristic technologies better and quicker than the others would be the eventual
winners. This could be starting right from an entrepreneur who is creating and innovating new
staffs from his or her garage to the largest of corporations this will be the future of economy in
UAE due to block chain technology.

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References:
Bai, C., & Sarkis, J. (2020). A supply chain transparency and sustainability technology appraisal
model for blockchain technology. International Journal of Production Research, 1-21.
Du, M., Chen, Q., Xiao, J., Yang, H., & Ma, X. (2020). Supply Chain Finance Innovation Using
Blockchain. IEEE Transactions on Engineering Management.
Dubey, R., Gunasekaran, A., Bryde, D. J., Dwivedi, Y. K., & Papadopoulos, T. (2020).
Blockchain technology for enhancing swift-trust, collaboration and resilience within a
humanitarian supply chain setting. International Journal of Production Research, 1-18.
Kouhizadeh, M., & Sarkis, J. (2020). Blockchain Characteristics and Green Supply Chain
Advancement. In Global Perspectives on Green Business Administration and Sustainable
Supply Chain Management (pp. 93-109). IGI Global.
Petratos, P. N., Ljepava, N., & Salman, A. (2020). Blockchain Technology, Sustainability and
Business: A Literature Review and the Case of Dubai and UAE. In Sustainable
Development and Social Responsibility—Volume 1 (pp. 87-93). Springer, Cham.
Wamba, S. F., & Queiroz, M. M. (2020). Blockchain in the operations and supply chain
management: Benefits, challenges and future research opportunities.