While a lot of the discussion about blockchain is centered around the growth of cryptocurrency, the technology itself is being applied across many sectors around the world. These include logistics, food, social services and so on. Regardless of the future of cryptocurrency, it is believed that blockchain will become one of the dominant technologies in the next few years, particularly in emerging economies. As of now, the interest in blockchain is not even around the world and some countries are certainly more advanced than others but it is believed that most will catch up as it becomes more dominant.
According to recent reports, the spending on blockchain within the Middle East and Africa is bound to increase significantly over the next few years.
Blockchain Around the World
The report was compiled by United States-based market research firm International Data Corporation (IDC) and suggests that blockchain spending by governments within the Middle East and Africa will increase by 400 percent by 2030. The spending is intended to be part of the digital transformative measures taking place within the Middle East and Asia and blockchain technology is to become a larger share of the initiative. Specifically, it is estimated that spending on blockchain solutions will grow from $21 million in 2019 it’s $105 million by 2023.
Some of the big appeals of cryptocurrency and blockchain include reduction fraud, increased security, and better public administration. Despite all of this, the governments will have certain challenges in terms of learning the new technology and some are not fully prepared for this change to take place.
“Governments across the region are under mounting pressure to become both more efficient and more effective. However, this is proving to be a troublesome task as many government organizations are simply not prepared for digital redesign. Whether it’s finding ways to integrate 5G, AI, and blockchain or protect against intrusions on digital trust, government agencies have a whole new set of IT skills to learn,” said Jyoti Lalchandani, vice president and regional managing director at the IDC’s division for the Middle East, Turkey, and Africa.