Blockchain technology application in the UAE banking industry

الملخص EN

This study aimed to shed light on blockchain technology and its application in the banking sector, focusing on the opportunities it provides for the development of the banking industry.

The UAE government launched the “UAE Blockchain Strategy 2021” in April 2018, seeking to become the first government in the world to operate this technology.

The study found that the adoption of blockchain in the UAE banking system helped to uncover an estimated 3.

75 million fraudulent transactions in the UAE annually, representing 435 million USD in potential losses and it expected that KYC blockchain platform will support the asset quality of UAE banks primarily by reducing operational risk.

It was also recommended to activate and expand the use of Blockchain technology to achieve sustainability in the UAE banking industry.