Blockchain is a safe environment for digital transactions in banks

Expert in blockchain technology confirmed that the UAE Strategy for Digital Transactions 2021 paved the way for the application of blockchain technology in more banks in the country, which enhanced the efficiency of the banking system's performance in the UAE.

This came during a virtual session organized by the Emirates Institute for Banking and Financial Studies, in the presence of representatives of some international banks from China, Britain, and Hong Kong. Experts said the strategy provided a secure environment for digital transactions by ensuring data security and reducing costs associated with fraud, compliance, and financial reporting. They emphasized that blockchain technology can improve efficiency and operational costs by reducing reliance on intermediaries. They saw that there is still a lot to do to identify collaborations and coordination between departments and assess cases of use of these technologies in the payments, trade finance, and regulatory areas. The session participants discussed decentralized encryption and security and agreed that companies should test and re-test blockchain applications to identify flaws before the full implementation phase.

Jamal Al Jasmi, Director General of the Emirates Institute for Banking and Financial Studies, said: The financial sector continues to develop at an accelerated pace to keep pace with the tremendous technological developments, pointing out that the Emirates Institute for Banking and Financial Studies believes that the topic of this symposium, which discusses the possibilities of applying blockchain technology in various fields of the sector, is of great importance. It takes place at a perfect time.

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