Time for blockchain to assume a profile beyond cryptocurrency record-keeping

Time for blockchain to assume a profile beyond cryptocurrency record-keeping

Blockchain is still a relatively new term. In the context of crypto, blockchain has been thrown around enough times that it now equates to crypto in the minds of many people. According to the 2022 Global Crypto Adoption Index report by Chainalysis, the adoption of digital assets in the MENA region has grown 48 per cent compared to the previous year. The data further states that MENA-based users received $566 billion in cryptocurrency from July 2021 to June 2022. Within the GCC, the UAE and Saudi Arabia rank as central hubs, advocating crypto adoption and acceptance. While crypto is a big part of the blockchain, the latter is a breakthrough technology beyond crypto. Blockchain represents an emerging tech infrastructure changing how industries and economies function amid a data and digital revolution. In simple terms, blockchain is a publicly accessible ledger of information and transactions. It has created a world where all contracts can become digitally anchored and stored in seamless, shared databases that are safe from deletion and tampering. Most people don’t realize that blockchain is not just about payments and crypto solutions, but rather has a broader impact on various industries such as healthcare, supply-chain management, cybersecurity, government operations,