Revolution and recently for Blockchain. In this context,
Blockchain is a fundamental part of UAE government policy. The UAE government and Dubai in particular, have
properly identified and promoted blockchain technologies.
First and most, as an emerging technology, Blockchain is
having and it would have a big impact on innovation. UAE
can significantly benefit and fulfill its strategy. At the same
time, it could boost economic growth and employment. This
research makes a contribution to the literature and UAE
government policy by identifying and discussing some
important financial and marketing applications. These
applications could create value, employment and sustainable
economic growth.
Abu Dhabi and Dubai are global financial markets.
Blockchain technology can have a wide range of benefits for
them. First and most, starting from digital currencies, UAE
could also augment its leadership role in monetary and
financial affairs in the MENA region and globally. The
competitiveness and growth of financial markets in Abu
Dhabi and Dubai and UAE as a whole, can be improved
because it can offer innovative financial services. Digital
payment platforms, clearing systems and many other innovative financial applications can increase efficiency and
create value. Blockchain can offer due to encryption and
distributed nature a better security, more resilience and
sustainability. These concepts are at the core of UAE policy.
Sustainability is strongly connected to security and resilience. Sustainability in this context, can be understood as
the ability to maintain and perform successfully financial
operations. Encryption increases security and the avoidance
of adverse cyber events. Resilience through distributed
systems guarantees less damage and quicker recovery.
Blockchain applications can contribute to the advancement
of financial markets, like NASDQ Dubai and generate
valuable institutional and industry partnerships.
Similarly, UAE is a global hub for markets and trade.
Blockchain technology is expected to be one of the disruptive innovations in marketing (Fanning and Centers 2016).
With the launch of emcash, digital currencies can be a reference point in the use of blockchain technology in the UAE
(Parssinen et al. 2018). More effective digital marketing,
enabling more secured transactions in digital businesses, can
be useful in almost every aspect of trade. Through the
Blockchain marketing applications businesses and citizens
could have better security and control of information.
The UAE government can use some of these innovative
applications and achieve its target to transform half of
government transactions into the blockchain by 2021.
Blockchain marketing and service applications can have a
massive impact on how the government informs, transacts
and satisfies citizens. They can increase security, efficiency
and flexibility for citizens and businesses. Blockchain
exchange systems can further facilitate this process. All
these benefits could be larger if UAE gains a first mover
advantage in the MENA region and globally, to retain and
further strengthen its leadership position. As noted by Salman and Abdul Razzaq (2018) the future of digital currencies and Blockchain in the UAE is evident from the
establishment of a Global Block Chain Council under Dubai
Government. In order to be a global leader in Blockchain
technology, it is recommended that UAE enhance the
financing and entrepreneurial ecosystem to develop innovative Blockchain technology applications.
Acknowledgements We would like to thank Professor Tatiana Zalan
for discussion of the paper and useful comments.
References
Amro, Z. A. (2016, November 9). Newsweek middle east business
outlook: Will “share economy” be disrupted by blockchain
technology? Updated: 9th November 2016. Retrieved July 24,
2017,
from
http://newsweekme.com/business-outlook-willshareeconomy-disrupted-blockchain-technology/.
Bank of International Settlements. (2017). Distributed ledger technology, clearing and settlement-An analytical framework, BIS.
Beck, R., Stenum Czepluch, J., Lollike, N., & Malone, S. (2016).
Blockchain—The gateway to trust free cryptographic transactions.
In Twenty-Fourth European Conference on Information Systems
(ECIS) (pp 1–14).
Crosby, M., Nachiappan, Pattanayak, P., Verma, S., & Kalyanaraman, V.
(2016). Blockchain technology: Beyond bitcoin, Berkeley engineering. AIR, 2. Retrieved November 13, 2018, from https://j2-capital.
com/wp-content/uploads/2017/11/AIR-2016-Blockchain.pdf.
Diar. (2018). Cryptocurrency exchanges move at different speeds,
Venture capital firms go deep and wide with blockchain investments, Cryptocurrency operations manoeuvre to launch “blockchain banks”, 2(39). Retrieved November 13, 2018, from https://
diar.co/volume-2-issue-39/.
Fanning, K., & Centers, D. (2016). Blockchain and its coming impact
on financial services. The Journal of Corporate Accounting and
Finance. Retrieved November 13, 2018, from https://onlinelibrary.
wiley.com/doi/abs/10.1002/jcaf.22179.
Harvey, C. R., Moorman, C., & Toledo, M. (2018). How blockchain
will change marketing as we know it. Retrieved November 13,
2018, from http://dx.doi.org/10.2139/ssrn.3257511.
Hawlitschel, F., Notheisen, B., & Teubner, T. (2018). The limits of
trust-free systems: A literature review on blockchain technology and
trust in the sharing economy. Electronic Commerce Research and
Applications, 29, 50–63.
Hayek, F. A. (1990). Denationalisation of money: The argument
refined-an analysis of the theory and practice of concurrent
currencies (3rd ed.).
Huckle, S., Bhattacgarya, R., White, M., & Beloff, N. (2016). Internet
of things, blockchain ad shared economy applications. Procedia
Computer Science, 98, 461–466.
Iansiti, M., & Lakhani, K. (2017, January-February). Technology-the
truth about blockchain. Harvard Business Review, 118–127.
Kecskés, Z. (2018). Disruptive innovations in digital marketing: How
blockchain could revolutionise the advertising industry.
Kumar, A., & Pathkak, P. (2018). Synergizing digitization and disruption
for the service economy: A perspective on digital marketing. A
Journal of Management Sciences. 2018 Special Issue, 86–99 (14 pp.).
92
P. N. Petratos et al.
Blockchain is a fundamental part of UAE government policy. The UAE government and Dubai in particular, have
properly identified and promoted blockchain technologies.
First and most, as an emerging technology, Blockchain is
having and it would have a big impact on innovation. UAE
can significantly benefit and fulfill its strategy. At the same
time, it could boost economic growth and employment. This
research makes a contribution to the literature and UAE
government policy by identifying and discussing some
important financial and marketing applications. These
applications could create value, employment and sustainable
economic growth.
Abu Dhabi and Dubai are global financial markets.
Blockchain technology can have a wide range of benefits for
them. First and most, starting from digital currencies, UAE
could also augment its leadership role in monetary and
financial affairs in the MENA region and globally. The
competitiveness and growth of financial markets in Abu
Dhabi and Dubai and UAE as a whole, can be improved
because it can offer innovative financial services. Digital
payment platforms, clearing systems and many other innovative financial applications can increase efficiency and
create value. Blockchain can offer due to encryption and
distributed nature a better security, more resilience and
sustainability. These concepts are at the core of UAE policy.
Sustainability is strongly connected to security and resilience. Sustainability in this context, can be understood as
the ability to maintain and perform successfully financial
operations. Encryption increases security and the avoidance
of adverse cyber events. Resilience through distributed
systems guarantees less damage and quicker recovery.
Blockchain applications can contribute to the advancement
of financial markets, like NASDQ Dubai and generate
valuable institutional and industry partnerships.
Similarly, UAE is a global hub for markets and trade.
Blockchain technology is expected to be one of the disruptive innovations in marketing (Fanning and Centers 2016).
With the launch of emcash, digital currencies can be a reference point in the use of blockchain technology in the UAE
(Parssinen et al. 2018). More effective digital marketing,
enabling more secured transactions in digital businesses, can
be useful in almost every aspect of trade. Through the
Blockchain marketing applications businesses and citizens
could have better security and control of information.
The UAE government can use some of these innovative
applications and achieve its target to transform half of
government transactions into the blockchain by 2021.
Blockchain marketing and service applications can have a
massive impact on how the government informs, transacts
and satisfies citizens. They can increase security, efficiency
and flexibility for citizens and businesses. Blockchain
exchange systems can further facilitate this process. All
these benefits could be larger if UAE gains a first mover
advantage in the MENA region and globally, to retain and
further strengthen its leadership position. As noted by Salman and Abdul Razzaq (2018) the future of digital currencies and Blockchain in the UAE is evident from the
establishment of a Global Block Chain Council under Dubai
Government. In order to be a global leader in Blockchain
technology, it is recommended that UAE enhance the
financing and entrepreneurial ecosystem to develop innovative Blockchain technology applications.
Acknowledgements We would like to thank Professor Tatiana Zalan
for discussion of the paper and useful comments.
References
Amro, Z. A. (2016, November 9). Newsweek middle east business
outlook: Will “share economy” be disrupted by blockchain
technology? Updated: 9th November 2016. Retrieved July 24,
2017,
from
http://newsweekme.com/business-outlook-willshareeconomy-disrupted-blockchain-technology/.
Bank of International Settlements. (2017). Distributed ledger technology, clearing and settlement-An analytical framework, BIS.
Beck, R., Stenum Czepluch, J., Lollike, N., & Malone, S. (2016).
Blockchain—The gateway to trust free cryptographic transactions.
In Twenty-Fourth European Conference on Information Systems
(ECIS) (pp 1–14).
Crosby, M., Nachiappan, Pattanayak, P., Verma, S., & Kalyanaraman, V.
(2016). Blockchain technology: Beyond bitcoin, Berkeley engineering. AIR, 2. Retrieved November 13, 2018, from https://j2-capital.
com/wp-content/uploads/2017/11/AIR-2016-Blockchain.pdf.
Diar. (2018). Cryptocurrency exchanges move at different speeds,
Venture capital firms go deep and wide with blockchain investments, Cryptocurrency operations manoeuvre to launch “blockchain banks”, 2(39). Retrieved November 13, 2018, from https://
diar.co/volume-2-issue-39/.
Fanning, K., & Centers, D. (2016). Blockchain and its coming impact
on financial services. The Journal of Corporate Accounting and
Finance. Retrieved November 13, 2018, from https://onlinelibrary.
wiley.com/doi/abs/10.1002/jcaf.22179.
Harvey, C. R., Moorman, C., & Toledo, M. (2018). How blockchain
will change marketing as we know it. Retrieved November 13,
2018, from http://dx.doi.org/10.2139/ssrn.3257511.
Hawlitschel, F., Notheisen, B., & Teubner, T. (2018). The limits of
trust-free systems: A literature review on blockchain technology and
trust in the sharing economy. Electronic Commerce Research and
Applications, 29, 50–63.
Hayek, F. A. (1990). Denationalisation of money: The argument
refined-an analysis of the theory and practice of concurrent
currencies (3rd ed.).
Huckle, S., Bhattacgarya, R., White, M., & Beloff, N. (2016). Internet
of things, blockchain ad shared economy applications. Procedia
Computer Science, 98, 461–466.
Iansiti, M., & Lakhani, K. (2017, January-February). Technology-the
truth about blockchain. Harvard Business Review, 118–127.
Kecskés, Z. (2018). Disruptive innovations in digital marketing: How
blockchain could revolutionise the advertising industry.
Kumar, A., & Pathkak, P. (2018). Synergizing digitization and disruption
for the service economy: A perspective on digital marketing. A
Journal of Management Sciences. 2018 Special Issue, 86–99 (14 pp.).
92
P. N. Petratos et al.