Analyzing the Impact of Factors Affecting the Adoption of Blockchain Technology in Banks in the UAE
DOI:
https://doi.org/10.70301/Abstract
Telecommunication and information technology deployments have also impacted the banking industry. A disruptive innovation that is shifting the banking industry almost everywhere is blockchain technology. Banks consider it essential to find ways to offer better and faster transactions to serve customers efficiently, which aligns with the expectations of transparency and cost-effectiveness from both banks and regulators. Consequently, banks have a pressing need for new technologies to provide real-time, single-instant execution of transactions, which helps them eliminate intermediaries and log bank transactions in an immutable ledger. A review of the relevant, previous literature indicates that the foremost barriers to the integration of Blockchain Technology in Banks in the United Arab Emirates are regulatory and legal constraints, security and privacy concerns, trust in technology, techno-managerial support, insufficient technology infrastructure, and technology adoption barriers. According to the outcomes of this specific research, Blockchain Technology can advance and automate the Inter-bank communication system processes. This information is valuable for scholars, public administrators, and banking institutions in the United Arab Emirates.
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