Affiliation:
1. The University of New England, Australia
2. University of New England, Australia
Abstract
This chapter delves into the innovation of blockchain technology and its benefits for advancing the economic growth in the Gulf Cooperation Council (GCC) countries. Blockchain technology provides the security and reliability that is required in the GCC region for enhancing the technology acceptance level of its population. Apart from providing security, blockchain technology offers financial efficiency, cost reduction, and the elimination of operational risks. Blockchain technology is equally beneficial for nonfinancial industries, such as the healthcare and education industry of the GCC region. The digital revolution based on blockchain technology is beneficial for GCC countries to shift their economic dependence from oil to innovations driven by technology. This will move the GCC to develop more smart cities as the GCC region has an ample amount of financial and human resources that are required for successful integration of blockchain technology in its numerous industries.
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