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00:00The role of advanced technology, especially blockchain technology in India, is expected to grow by 65-69% in the period between 2022 and 2027,
00:17which is what is discussed by the World Blockchain Summit, which is taking place in Dubai.
00:24It is assumed that the blockchain industry will exceed 96 billion dollars by 2027, which is an unbelievable growth,
00:34where it is about 60%, in addition to the annual growth rate, not only that.
00:41In 2030, the contribution of the blockchain will reach about 3.1 trillion dollars.
00:50The encrypted currency is the most famous use case of blockchain technology,
00:56and the circle extends to the financial sector as a whole, through the administration of payments,
01:01balances across borders, commercial financing, and balances after the trade.
01:06But the ability to secure the data that technology uses has made the police of Dubai benefit from it.
01:15We presented a case of fingerprints, and they were announced at the World Police Summit two weeks ago, here in Dubai.
01:23The reason behind attracting attention to it is that it has the ability to reduce crime rates,
01:30and this allows Dubai to be the first country in the world to do digital transformation within the police.
01:39On the one hand, last month, Dubai issued a new digital assets law,
01:44aimed at combating the rapid developments in international trade and financial markets,
01:50and to provide legal certainty to investors in digital assets and their users.
01:56I think UAE is great, because there are many uses in the UAE,
02:05and they are open to investing in encrypted currencies and digital assets.
02:13We see new users coming to this space, and this goes back to the local system.
02:25Last year, the size of the blockchain market reached about 17 billion dollars,
02:31and it is expected that this market will continue to grow to exceed one trillion dollars in 2030.
02:40The use of blockchain technology in different sectors has become more widespread,
02:46as the financial sector is no longer the only beneficiary,
02:49but other sectors such as transportation, distribution, health care, and others,
02:54are using technology that reduces costs and enhances the security of data.
03:00Kareem Mosaad, CNBC Arabia, Dubai.