38.8% of audience in UAE are positive about cryptocurrencies while blockchain searches are increasing.
Blockchain in Healthcare tops search results in UAE.
SEMrush.com an award winning digital marketing suite, recently carried out an exclusive research for UNLOCK to dig into how consumers feel about cryptocurrencies. The findings of the research below show that while most of sentiment towards cryptocurrencies is neutral, sentiment towards blockchain is high.
Intriguing insights have emerged from our latest research into online blockchain searches in the UAE. The research points to a falling-off in the widespread belief that blockchain is simply a platform for cryptocurrency trading and a greater understanding that it can be used to deliver heightened efficiency, security and generally positively impact the overall consumer experience.
Twitter sentiment on cryptocurrency in the UAE today points to a substantially large neutral audience, which could be either indifference, lack of awareness, or both. Cryptocurrency sentiment in the country stands at 54.4 per cent neutral, 38.8 per cent positive and 6.7 per cent negative. While cryptocurrency searches are slipping, blockchain searches are increasing – coming out top in the online blockchain searches in the Emirates were healthcare, banking, security, insurance and real estate.
Healthcare, interestingly, took the top slot. In registering around 1,000 average monthly searches, this vital sector – now in the throes of battling with cost control and the need to become more affordable and effective – seems to be exploring just how blockchain can help. And, indeed, it can help; blockchain healthcare solutions are a long-term trend worth tracking. The diverse healthcare industry is hampered by the lack of any sort of central record keeping system which often makes it difficult for professionals, and even patients, to access important records. Blockchain could ease access to medical records, which could have huge impact in emergency situations.
There’s also the dilemma of counterfeit and fraudulent medications. Blockchain could outlaw this aspect of the black economy. Accurate tracking systems, such as a comprehensive database of prescription drugs, will enable doctors, pharmacists and ultimately consumers to know that they are getting genuine and effective product.
All of the sectors which emerged top in online blockchain searches in the UAE are susceptible to time-consuming bureaucratic practices and a high degree of fraud – precisely the industries blockchain can modernize and progress. They are all industries which blockchain technologies could transform, drastically reducing fraud, cutting paper waste, minimizing human errors and increasing transparency. It all leads to greater cost control and faster and more efficient customer service, which equates to heightened competitiveness.
From a customer experience perspective, there’s no doubt blockchain will have gains. These include enabling new payment options, better ways to manage privacy and providing greater product integrity to give consumers an accessible, trustworthy record of an item.
With the ability to access an authentic provenance of a product – i.e. tracing its journey from the moment it rolled off the production line – customers will be able to make more informed purchase decisions. They’ll also know what they’re buying is exactly what they think it is, thereby gaining greater trust in the products and services they buy, as well as the brands/service providers they buy into.
Just think of the huge transformation it would bring to guarantees and warranties. With blockchain providing customers with a record of every item on which a warranty is offered, they will be better able to track their warranties and make claims. The end result is an even greater shift of power to the consumer – and that is always a good thing.