The initiative of deploying blockchain tech can reportedly bring down the cost by over $3 billion for the United Arab Emirates (UAE), latest research showed. 

The research – dubbed “Inclusive Deployment of Blockchain: Case Studies and Learning from the United Arab Emirates” – was officially published on January 15th. 

The Centre for the Fourth Industrial Revolution UAE – a science and tech-focused firm that helps operating numerous stakeholders – is in charge of building the research, along with the Dubai Future Foundation and the World Economic Forum.

The research looks to examine the existing level blockchain is at, specifically the challenging issues and success factors that come with the tech. Over 100 institutions from across 60 governmental and non-governmental bodies are using the blockchain tech that appeared in the research. 

A large part of the participated organizations – 80% – have all agreed that early-stage identification of applicable blockchain tools is the aspect most crucial in the process of deploying the tech. 

For big-scale institution, the success rate of blockchain deployment is based on a well established scope, roles and responsibilities within projects.

Public sector-wise, education and alignment with stakeholders have surfaced to be the most important factor in integrating blockchain. Lack of regulatory clarity remains the main issue causing troubles for the private sector. 

With the initiative, the UAE will also bring down the amount of paperwork, deleting 398 million of hard copies and reducing 77 million work hours annually.