Ready, Steady Go On the Starting Blocks

As use of blockchain technology increases in the UAE, Nadim Bardawil of BSA Ahmad Bin Hezeem & Associates LLP looks at how it is being used in the Emirates and the legal questions it is raising.

The Middle East continues to be a base for businesses which want to gear towards digitalisation and achieve results using cutting edge technology. As a result, in order to remain competitive and maintain growth, many companies are beginning to let go of their traditional operating models and are replacing them with new, improved ones which maintain security. One particular trend which is emerging is blockchain technology, a technology which integrates a shared database with smart contracts in order to reduce costs and speed transactions.