After the recent launch of Zeniq based out of DIFC in the UAE whose aim is to provide solutions for the transfer of digital assets, Emarat Al Youm interviewed Suleiman Al Rifai, Founder and Board Member of Zeniq who confirmed that the UAE can benefit from great annual savings exceeding 11 billion AED by adopting digtial transactions using Blockchain. He added, ” This would also reduce 398 million printed papers and save 77 million work hours annually.”
According to Al Rifai: “Adopting and employing advanced technologies to transform 50% of government transactions into a Blockchain platform within years.” Al Rifai said that Blockchain can be applied to several areas, including banking and real estate, as well as infrastructure, financial services fund transfers, and digital currencies.
During the interview, he reiterated that Zeniq provides comprehensive blockchain solutions as well as digital currencies. The system in place manages and documents all electronic and financial transactions for governments, which saves a lot of money and time, by working on an integrated and interconnected electronic system.
He focused on the fact that there are some challenges facing the blockchain technology, including the lack of legislation that fully supports the blockchain, in addition to the lack of knowledge of this technology, as well as the work system, and the inability of everyone to provide the service appropriately. He said: “We, as a company, were able, after five years of development, to access the system through which we operate today as a comprehensive electronic system, and what we seek is represented in legislation that facilitates our work with government agencies.”
He added that the first thing they will be working on in the UAE, financial blockchain platform for government.