Dubai Promotes Blockchain Use In Middle East, Calls for Developing Legislation, Apps
The Dubai Future Foundation has decided to promote the Blockchain technology following its Global Blockchain Council quarterly meeting.
The Dubai Future Foundation has decided to promote the Blockchain technology following its Global Blockchain Council quarterly meeting. Thus, Blockchain technology, along with other seven new innovation-based pilot projects, finds its way into the mainstream of the United Arab Emirate as well as the Middle East.
Touted as a leading regional technology hub given its position as a platform for top tier international tech companies - based on its advanced infrastructure and its attractive business environment - and a stage for global technology-oriented events, the adopted projects will deliver effective technological solutions as part of the Council’s aims to contribute to economic growth and improve quality of life.
Blockchain in the Middle East
The Blockchain technology is still new in the region. In February, in a first-of-its-kind overview of the rising Israeli blockchain ecosystem, Delloite explores the potential of the technology in the country with a focus on 38 startups leading the blockchain evolution.
Companies like BitOasis have started looking to expand their reach to other parts of the region and beyond. Introducing new Blockchain projects will spread its use while greatly improving people’s lives.
“The right application of the blockchain technology, which is expected to have a market value of $290 Billion by 2019, will contribute massively in elevating the level of the smart services provided to citizens from cost, time and efficiency perspectives,” says the Vice-Chairman and Managing Director of Dubai Future Foundation, Mohammed Al Gergawi. “The council, which is only 4 months old, helped positioning UAE as a global player in developing and applying blockchain technology. With the new companies coming on board, the stage is set for further expansion of the Council’s business.”
FlexiDesk aims to find practical applications for Blockchain technology to accelerate services and achieve high efficiency at lower costs. Trade Flow will provide digital financial transaction services using Blockchain technology, reduce costs, increase operations security, unify transactions procedures and provide superfast services.
Dubai Points will incentivise tourism in Dubai by awarding points to tourists when they visit a tourist destination. It is a partnership between Du, Jumeirah, Cream, Privity, DigitUs, International Culinary Centre for Culinary Arts Dubai, SquareCircle Tech, Travelex, Flyin and Pricewaterhousecoopers.
Digital Wills will register wills using Blockchain links easing the transfer of properties to beneficiaries in line with local regulations. Operation Kimberley will improve the verification process of diamond sources and their trade mechanisms across its 81 member countries. Health Records is aimed at unifying new digitised health records in hospitals and clinics by using Blockchain technology.
Global Blockchain Council quarterly meeting
The council represents one of the major initiatives of the Dubai Future Agenda. Its last meeting witnessed the participation of four new members - Dubai Trade, Dubai Gold and Commodities Exchange, Emirates, Moe Levin and Dubai Department of Economic Development - bringing the Council’s membership to 46.
The new members will boost efforts to promote Blockchain as a future technology and its effective use in the UAE, according to the CEO of Dubai Future Foundation, Saif Al Aleeli. Another key highlight of the meeting was their discussion of ways to develop legislation for Blockchain projects and provide applications to run such projects