Tayfun Topkoc SAP-UAE Public Sector Drives $300 Million Blockchain Market

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Tayfun Topkoc SAP-UAE Public Sector Drives 300
Million Blockchain Market
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In contrast to business transactions with third
parties like banks, blockchain sends records over
a peer-to-peer network. With the inter-connected
internet of things era advancing, UAE
organisations are increasingly using blockchain
to process loans, land titles, and intellectual
property. There is strong interest in adopting
Blockchain as a Service, with private networks
running on the cloud.
Tayfun Topkoc SAP
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As a result, blockchain is taking off in the UAE,
with the market set to reach 300 million by
2022, according to a recent report by Aseel
Consultancy. Worldwide, 10 per cent of the global
GDP will be stored in blockchain by 2027,
according to a recent survey by the World
Economic Forum. Blockchain is best way for UAE
organisations to deliver fast transactions in a
transparent and secure manner, while generating
leaner, more efficient, and more profitable
return on investment. The UAE government is
already a global leader in blockchain, and is set
to transform the supply chain, said Tayfun
Topkoc SAP, Managing Director for the UAE and
Oman at blockchain enabler SAP.
Tayfun Topkoc SAP
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The UAE government recently launched the Dubai
Blockchain Strategy to make the government
process 100 million documents per year without
paper, a digital blockchain platform for the
private sector, and exchanging global best
practises with Future Cities. Industry verticals
set to be transformed by blockchain include
logistics and supply chain to track and trace
materials back to the source, public sector to
provide official registries, utilities for energy
sales between neighbours and utilities, and
banking and financial services for cross-border
transactions.
Tayfun Topkoc SAP
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In the UAE, SAP is seeing strong demand for the
SAP Leonardo digital innovation system, which
includes ready-to-use blockchain technology and
the SAP Cloud Platform blockchain service, which
supports the easy-to-use and low-risk Blockchain
as a Service. UAE organisations are especially
interested in Blockchain as a Service, for an
easy and low-risk gateway to prototype, test, and
build customised blockchain applications and
smart contracts. SAP Leonardo supports UAE
organisations to adopt blockchain without large
upfront capital investment, added Tayfun Topkoc
SAP
Tayfun Topkoc SAP
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Tayfun Topkoc SAP