MEA Q2 2018 Boecker

MEAMARKETS / Q2 2018 25 A View on Blockchain for Business—Transformational Blockbuster for UAE Businesses or ‘Slow Burn’? g records. These anomalies still need to be ironed out. For many businesses in the UAE, the answer will be ‘not yet’. Ultimately, there is no doubt that blockchain is a disruptive technology which has the potential to transform industries across the region. However, despite recent momentum, it is a technology that isn’t (yet) particularly easy to use for many businesses. The platforms are still maturing and, like many other software platforms, they are subject to bugs and operational errors. The potential risks of being a blockchain pioneer are higher than other technology adoption waves because blockchains typically apply to monetary transactions as well as transactions carrying fiduciary responsibilities. However, blockchain technology is likely to be intrinsically embedded within business processes in years to come. Those businesses that have technology with flexible deployment options, and those with modern enterprise resource planning (ERP) solutions in place, will be in a better position to take advantage of blockchain technology and adapt faster. So, is blockchain right for your business? Assuming you agree that it is a technology that can improve visibility, productivity and security for businesses, then maybe the answer is yes. Any technology that provides components needed to achieve business growth is worth paying attention to, in my view. Is it right for your business in 2018? I’d have to say that the chances are unlikely. So blockchain, in some form appears to be in everyone’s future, even if it’s not just yet.