UAE-based technology company, Spiderbrains aims to support companies in UAE that are looking to develop their blockchain framework. The company will identify and build blockchain applications across various vertical sectors and businesses in the country, the company said in a statement issued today. Blockchain is a digital ledger that creates a decentralized record of all transactions carried out in a particular network or group of users.

Spiderbrains aims to provide a pool of blockchain developers to ensure that the businesses in the UAE are not suffering because of the shortage of developers. The company also has a development centre in India that houses some of the versatile blockchain developers. The developers can create applications across vertical industries that include, logistics, insurance, healthcare, banking, finance, education among several others.

As per Grand View Research, Inc. the global blockchain technology market size is expected to reach USD7.59 billion by 2024.

Prem Ramachandran, Managing Partner, Spiderbrains, said, “The city’s blockchain strategy establishes a roadmap for the introduction of blockchain technology. Spiderbrains will contribute to the same, by building high-quality applications that are backed by advanced and customized protocols. It is important to have the right team of developers that understand the organisation’s requirements and helps the company to accelerate its blockchain strategy. There are no trial and error mechanisms in blockchain, so everything should be overseen by experts who completely understand the nuances of the business.”

Unlike a conventional system that relies on bankers to act as intermediaries to approve transactions, blockchain works without any third party. A blockchain works as an incorruptible, online record of information, data, and transaction details, that is public and easily accessible for verification. Information does not exist in one location, it is shared across a computer network all around the world.

Direct transactions between users can be made as this ledger does not require a central intermediary. Since a blockchain is decentralized and distributed, it ensures a system that is transparent and secure. Data on blockchains cannot be hacked or altered, and the reduction of paper transactions will eventually reduce operational costs and accelerate decision-making

Increasing demand for this technology across financial services, consumer or industrial products, technology, media and telecom, healthcare, transportation, and public sectors is largely responsible for market growth. Spiderbrains aims to eliminate third-party intermediaries, improve data integrity, and help avoid any financial errors through these industry specific blockchain applications.