Speed, Transparency and Trust; all key attributes for facilitating trade between different business partners located in different geographies. These attributes are also characteristics of Blockchain, an emerging technology which is disrupting industries, governments and businesses alike. So how can freezone authorities, bodies and related stakeholders take advantage of such technologies?
Strategy is an overly used / mis-used term but is an exercise that is necessary before embarking on a complex journey of adopting Blockchain. The Dubai Government has set the tone for this with an ambitious ‘Blockchain Strategy‘ which seeks to drive Government entities, including freezones, towards Blockchain adoption as quickly as possible.
Using this guide and strategy from the Dubai Government, freezone entities must formulate their own road map for adoption. Such a road map must include non-technology components as well such as policies, governance, standards and investment sharing agreements. Blockchain offers the opportunity for freezones in emerging markets to leapfrog their established counterparts in areas such as efficacy and efficiency of doing business.