International tech consultants Booz Allen Hamilton (BAH) have authored a report stating blockchain is “integral to supporting and realizing a digital economy in the Middle East.”
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Mid East Undergoing ‘Rapid Change’
The report, released today titled “Blockchain Technology – Can the Digital Economy Thrive Without It?” focuses on the benefits that blockchain technology can bring to transport, healthcare, finance and startups in the Middle East.
“Economies in the Middle East and North Africa (MENA) region are undergoing a period of rapid change as governments diversify away from petroleum-based assets and explore newer sources of revenue with smart technology at the core,” Ramez Shehadi, executive vice-president and managing director of BAH MENA said about the findings in a company press release.
This Middle Eastern growth is being experienced in multiple sectors, with BAH noting Dubai’s GDP alone is forecast to increase by $5.5 billion by 2018 due to what it calls “digitization.”
Shehadi, who co-authored the report with senior vice-president Dr. Mahir Nayfeh, notes however that such great potential and its implementation need to be handled with care.
“…With opportunities come challenges,” he explained.