On January 15th, a white paper was published by the World Economic Forum (WEF) on the opportunities of blockchain technology. In the whitepaper “Inclusive Deployment of Blockchain: Case Studies and Learning from United Emirates” the WEF will discuss the potential of the blockchain technology. A case study shows that the deployment of the technology could lead to savings of three billion US dollars in the United Arab Emirates. The example should illustrate the enormous potential of the technology. However, the WEF does not only deal with the potential of the technology, but also takes a closer look at the existing hurdles that block a further adaptation of the blockchain. A survey shows that 62 percent of the study participants see challenges in bringing the various stakeholders together. Regulatory hurdles hinder the use and adaptation of the block chain technology.

A lack of knowledge and skills on the part of employees contributes to the fact that adaptation of the key technology is progressing only slowly. The large administrative apparatuses are considered as very complex, nevertheless the WEF is convinced that the new technology has a large potential to optimize the administrative processes. It can contribute to digitize bureaucratic and paper-based projects. Through this also the falsification-proneness of these procedures could be reduced drastically.In the long term, however, efforts in this area must be intensified. Only in this way can blockchain technology make its entry into the modern economy.