Blockchain (BC) provides an encrypted echo system to the users where they can securely mark their transactional entries in a distributed ledger. The ledger comprises of distributed and shared network of nodes that validate the authenticity of each transaction and keeps its authentic record for perusal. Keeping view of the enormous potential of this technology, numerous public and private entities are embarking the bandwagon of blockchain and integrating this technology for ensuring a transitioning in their digital finance operations. Apart from the financial realm, healthcare, agriculture, and education sectors are also benefiting from the security and reliability of BC. Incorporation of BC in the public sector at increased scale requires a review of existing governance and legislative structures and a recalibration of regulatory regimes. This paper presents a literature review on blockchain technology, its current usage trends, and its governance.
Blockchain technology has become an epidemic and significant decision that organizations may make in the next few years, as integrated business solution enabling institutions to integrate business functions, operations, and processes in a decentralized distributed ledger technology. This technology will transform the business world and economy in solving the limitations created by centralization and system inefficiency. Accordingly, with the highly demanding and complexity of growing economies such as Gulf Cooperation Council GCC countries, the need for a typical solution technology is a game changer. The result of this will lead GCC to a solid base of the economy. Blockchain technology can be applicable in many different fields such as: banking, education, health care, finance, government, trade, etc. This article will propose a conceptual framework for the acceptance of Blockchain technology and innovation in the GCC, particularly in Saudi Arabia. Also, more research can be conducted in the future as the system might be integrated in these countries.
This chapter delves into the innovation of blockchain technology and its benefits for advancing the economic growth in the Gulf Cooperation Council (GCC) countries. Blockchain technology provides the security and reliability that is required in the GCC region for enhancing the technology acceptance level of its population. Apart from providing security, blockchain technology offers financial efficiency, cost reduction, and the elimination of operational risks. Blockchain technology is equally beneficial for nonfinancial industries, such as the healthcare and education industry of the GCC region. The digital revolution based on blockchain technology is beneficial for GCC countries to shift their economic dependence from oil to innovations driven by technology. This will move the GCC to develop more smart cities as the GCC region has an ample amount of financial and human resources that are required for successful integration of blockchain technology in its numerous industries.
This chapter delves into the innovation of blockchain technology and its benefits for advancing the economic growth in the Gulf Cooperation Council (GCC) countries. Blockchain technology provides the security and reliability that is required in the GCC region for enhancing the technology acceptance level of its population. Apart from providing security, blockchain technology offers financial efficiency, cost reduction, and the elimination of operational risks. Blockchain technology is equally beneficial for nonfinancial industries, such as the healthcare and education industry of the GCC region. The digital revolution based on blockchain technology is beneficial for GCC countries to shift their economic dependence from oil to innovations driven by technology. This will move the GCC to develop more smart cities as the GCC region has an ample amount of financial and human resources that are required for successful integration of blockchain technology in its numerous industries.
Blockchain has become an epidemic and significant decision that organizations may make in the next few years, enabling institutions to integrate business functions, operations, and processes in a decentralized distributed ledger technology. This technology will transform the business world and economy in solving the limitations created by centralization and system inefficiency. Accordingly, with the high demand and complexity of growing economies such as the Gulf Cooperation Council GCC countries, the need for a typical solution technology is a game changer. This will lead GCC to a solid economic base. Blockchain technology can be applicable in many different fields such as Banking, education, Health, finance, government and trade. This article will address the literature review and methodology of Blockchain technology and innovation at the GCC, particularly in Saudi Arabia. Also, more research can be conducted in the future as the system may be integrated in these countries.
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