‘Inclusion of blockchain technology in industries will take time’

Dubai, UAE, 22 October 2018: Blockchain technology is relatively new and the inclusion of the technology in industries will take time, said Tarek Mohammed, Co-founder, Dubai Blockchain Center. “The only way we can give blockchain a chance, is by exploring strategies and building Proof of Concepts (POCs),” he added.

Tarek Mohammed, Co-founder, Dubai Blockchain Center

Elaborating on the work done by the Dubai Blockchain Center, in encouraging and supporting companies to adopt the technology, he said, “At the Center, we do not provide a blockchain solution for companies, but act as a think-tank platform, where we educate and create awareness about blockchain.” There are multiple kinds of protocols in blockchain, he said, adding, “Today there is a need to educate the new generation on the technology and we can see kids who have come up with impressive POCs.”

Tarek Mohammed said that blockchain is not a multi-million dollar technology and if kept simple, it does not cost much. Pointing to the support and incorporation of blockchain by the UAE government as the biggest milestone, he said: “We as a country have grown from a real estate hub to a tourism hub and now are moving on to being a technology hub.” He said that the Center, which was initiated in June this year, now sees over a thousand people coming in for free courses, which, he added, are aligned towards the broader goal of creating awareness about blockchain and the benefits of its application across industries.