Derasat Organization, a think tank based in the Kingdom of Bahrain which carried out research and dialogue recently published a report entitled ” GCC Promoting Blockchain Technology Adoption in the Financial Sector.” The study aims to build a better understanding of how to promote blockchain adoption in the financial services sector in the GCC region, and identifying the most significant factors affecting the tendency toward adoption of blockchain-based applications by financial services institutions. The significance of this study is tha it is line with the GCC countries’ orientations toward adopting Fintech and digital transformation of the business and services sectors, as well as their endeavors to foster the technological innovation and creation of new business and organizational models relying on the new information and communication technology.
Findings and recommendations of the study are derived from analysis of three aspects: perceptions of a group of experts work in financial services institution toward facilitators and barriers to blockchain adoption in the financial services sector; Bahrain’s experience in blockchain adoption, being one of the leading countries in the area of financial services at the regional level; the status of blockchain adoption in the financial services sector in the GCC region. The study provides insights and recommendations on how can policymakers and financial services institutions promote and accelerate blockchain adoption in the financial services sector in the GCC region.
The author of the study is Dr. Fatima Al Sebaie, analyst at Derasat. She talks about areas of Blockchain development in GCC, cryptocurrencies, Central Bank Digital Currencies and provides examples of these in the GCC and Bahrain.
