Blockchain technology has expanded over the years and as a fact, is the go-to option for many global companies now. The benefits of blockchain technology are being realized by major companies such as Unilever that has come forward to share the benefits it reaped using the technology.
As stated by Luis Di Como, the Vice President for Global Media at Unilever, the organization was able to save a significant amount of capital and also perform a majority of the activities effectively and efficiently with no leakage in the investments made as part of the pilot project with the help of Blockchain tech.
Di Como stated:
“I am familiar with some of the agencies that have launched here. I’ve seen some experiments in the UK where people are trying to replace media agencies with those companies. That was maybe why it didn’t take off. IBM, Group M [Mindshare] – all of us are working hand in hand throughout this process.”
Unilever wants to scale up the blockchain project after positive results were generated from the tests. It plans on building a consortium for utilizing blockchain tech later.
Given the positive results of using blockchain technology and the wide variety of benefits it comes with, many big-league members have started incorporating it in their business operations.
UAE notes surging crypto demand as country deliberates regulations
2019 has seen large-scale blockchain adoption. With China trying to beat the world to its central bank-backed digital currency, the United Arab Emirates [UAE] too, has begun drafting regulations. According to reports, UAE has been preparing for a rapid expansion in light of increasing demand for cryptocurrencies.
According to Google trends, the terms with an increased volume include, Bitcoin and cryptocurrency, along with other cryptos. However, apart from the search hike during the 2017-18 bull run, the trends for Bitcoin and cryptocurrency were at a rise in the UAE in 2019.
The search volume for Bitcoin remained quite high in the sub-regions of Umm Al Quwain, Ajman, and Ras al Khaimah. While ‘cryptocurrency’ search trends were high in Dubai, Abu Dhabi, and Fujairah.
Apart from the rising trend, the country has seen crypto transactions worth over $210 million, making it one of the top countries reporting digital asset transactions. At Dubai’s International Financial Centre the country registered 100 fintech firms, a three-fold growth since 2018.
In early 2019, two UAE startups raised almost $210.5 million in token sales, accounting for almost a quarter of the total capital amassed globally according to CoinSchedule in April.
According to reports, the increased trading has lured many institutional investors and may expand in Dubai mainly due to extensive inflows of institutional investors.
UAE had previously announced its Securities and Commodities Authority [SCA] had sought the opinion of financial industry partners for finalizing the draft. For which it invited various investors, brokers, financial analysts, researchers, media and other interested parties to review the draft.
SCA had also announced to introduce Initial Coin Offering [ICO] by the end of the first quarter, while it was working on the ICO token trading platform.