The difference in economic, cultural and political conditions between regions induces the diversity of enterprise blockchain in EMEA.
By Gartner forecasts, blockchain annual business value will reach over US$175 billion by 2025 and rise to over $3 trillion by 2030. The decentralization, distribution, immutability and transparency of blockchain in multi-sectors contribute to this enormous number. Although there are still apprehensions about media and hype around blockchain, Governments and Consortia in EMEA focus their concern on its business value and commence studying and developing their enterprise blockchain projects. Blockchain in EMEA is rising with diversity in the area.
The diversity of enterprise blockchain in EMEA
In 2018, Deloitte, one of the leading companies of audit, financial, and risk management consulting, established Deloitte’s EMEA Financial Services Blockchain Lab. The lab performs as a consulting service about how to integrate blockchain into clients’ business operation systems to grow. This establishment is particular for the interest of many other institutions in developing blockchain solutions for business purposes.
For operational purposes and geological proximity, Europe, the Middle East and Africa buildup together a large and diverse economy EMEA. From the richest to the poorest countries, people can customize the business value of blockchain to meet their needs. Therefore, different from the high CAGR of blockchain in APAC, blockchain in EMEA presents a miscellaneous trait.
European Union sticks with slow but sure strategy and collaborative culture:
European Union has an influential culture of collaboration and the consortium of the region shows its intention in remaining this culture in its blockchain ecosystem. Notice that the larger the scale is, the more blockchain can show. As a result, the culture of the EU makes itself a key to unlock the potential of blockchain in the long-term.
Starting with cautiousness, but the inter sharing between individual blockchain ecosystems of each country is accelerating the growth of blockchain.
The EU Blockchain Forum’s initiative map shows the impressive number of almost 600 blockchain initiatives are from the EU, including about 130 live-in production initiatives (>5000 transactions completed).
The EU blockchain ecosystem will continue to grow on substantial foundations. By introducing some policy and regulatory considerations that are meticulously considered, the EU governments demonstrate their long-term desire to exploit blockchain technology in future. For instance, the Digital Services Act performs to support the mutual recognition of smart contacts; the Blockchain Strategy is aimed to push blockchain applications and decentralised technologies as part of the overall EU Data Strategy; The European Blockchain Services Infrastructure (EBSI) delivers EU-wide cross-border public services using blockchain technology that considers self-sovereignty identity its core part, etc.
Middle East shows its ambition to become the leading one in blockchain, highlight with UAE:
Having enthusiastic support from the Governments, blockchain projects in the Middle East possess a huge advantage to thrive, starting from financial, the insurance industry and central bank to utility services.
There are numerous blockchain applications with a user-friendly interface to provide reliable reports of real-time data, keeping information verifiable to parties that need information confidential and are encrypted to prevent potential bad actors.
Prominently in the area, the UAE shows strong robust signs of developing blockchain as a key technology with 28% of projects having over-10-million in investment capital, adding up 17% compared to 11% in 2019. Germany follows at second position with 16%, higher than the US with 10% and the UK with 8%.
By adopting blockchain, the UAE government aims to complete 50% of government transactions at the federal level with blockchain solutions by 2021. At the same time, it expects to save about $3 million in transactions and documents processed routinely, 398 million printed documents annually, and 77 million work hours annually.
The country also wants to turn Dubai into “the smartest and happiest city in the world.”, so-called Smart Dubai.
Israel, the startup nation, also takes part in the play, mentioned by its blockchain health care application. The applications allow connecting information from different sources for easier access and helps patients to share their data with doctors, hospitals, caregivers, insurance companies or their family with secure by choices.
Africa – The promising upstream of the unbanked:
Counting the unbanked (Mckinsey)
Much of Africa’s infrastructure is still in recovery from the colonial period. African countries are mostly dealing with conflict, poverty, low education and backwardness.
Meanwhile, much of the $60 billion in aid each year for Africa is wasted because of the lacking governance or policies to further development. Blockchain can take a significant role in supporting the charity in Africa. Data stored on the blockchain can shed light on this process by giving the right help to the needed. Because all data is securely stored immutability and transparency, no one can misuse the money without being traced.
Besides, 80% of African is unbanked, which limits their access to essential services, such as financial, educational, and healthcare services. Blockchain Digital ID can give them the chance to infiltrate to all basic human rights they deserve.
By applying blockchain in the very first start, the continent can light-up its pathetic situation across industries. Unlike other developed countries in America, EU, Middle East or APAC, with inherent high technology systems, there is no need to worry too much about the cost of switching from current technology to blockchain. This is the “prominent advantage” that Africa can rely on.
akaChain, a blockchain platform for business, built on Hyperledger Fabric, offering SDK tools that are ready to run on any cloud, always wants its customers to be able to take full advantage of blockchain in their businesses. Every implemented project has thickened our experience in consulting, constructing, and implementing different blockchain projects for companies in multi-sectors/MNCs.
The diversity of blockchain in EMEA shows that the business potential of blockchain is extremely huge and divergent from case to case. Therefore, before applying blockchain to their actual business, companies and organizations should understand this technology and only transform based on the wishes, goals and the actual condition of the business.
akaChain is backed by FPT Software, a globally leading technology, and IT services provider. It is an end-to-end, permissioned, multi-chain network based on the Hyperledger Fabric. Since Establishment in September 2018, akaChain’s product has assisted many enterprises, from SMEs to Fortune 500 firms, to transform with distributed ledger technology. The company provides a broad range of permissioned blockchain-based products and services in multiple sectors, including retail, supply chain, banking and finance, insurance, shopping mall management, etc. to transform with its distributed ledger technology. For more information, please visit https://blog.akachain.io/.
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