PWC estimates that by the year 2030, over 30% of global infrastructure will rely on Blockchain systems. Countries in the Middle East have been at the vanguard of Blockchain tech. Here are some of the recent developments in this region:

In Jordan, ‘Building Blocks”- a Blockchain platform set up by the UN World Food Program has facilitated direct cash transfer to those in need within the country. Since 2018, WFP has used this platform to donate over $1.76 Billion. It supplies over 100,000 individuals with cash in this program.

In Egypt, the Central Bank of Egypt recently issued a directive allowing its board of directors to enact legislation that will guide crypto currency trading within the country.

In Iran, the government has approved legislation that will allow for the digitization of the national Library while leveraging on Blockchain technology. The Central Bank of Iran is also working with local Blockchain enterprises to set up a platform targeted at the financial industry. This is aimed at taking advantage of smart contracts and improving transparency in the industry.

The UAE has set up an ambitious strategy that seeks to host 50% of all government transactions on the Blockchain by 2021.This has been elaborated on its “UAE Blockchain Strategy 2021”.Adopting Blockchain technology is envisaged to save the country over $3 Billion annually.

Finally, Turkey is seeking ways it can leverage on Blockchain technology in its import and export markets. The country has set up a “Public Blockchain Platform” under the Ministry of Commerce. This body will oversee the implementation of Blockchain tech in the country.