Dubai Future Foundation has announced that the quarterly meeting of its Global Blockchain Council witnessed the participation of four new members and the adoption of seven new innovation based pilot projects.
The Council now consisting of 46 members, including Dubai Trade, Dubai Gold and Commodities Exchange, Emirates, Moe Levin and Dubai Department of Economic Development.
“The global blockchain council comes under the strategic direction of UAE leadership in position UAE as a global centre for shaping the future within the strategic sectors. The council also represents one of the major initiatives of Dubai Future Agenda , approved by HH Sheikh Mohammed Bin Rashid Al Maktoum , UAE , Vice President , Prime Minister and Ruler of Dubai last April “ said , HE Mohammed Al Gergawi , Vice Chairman and Manging Director of Dubai Future Foundation. “ It’s important to continuously source opportunities that the technology of the future provides to enhance the peoples quality of life and create economic impact worth billions of dollars” , he added.
“The right application of the blockchain technology, which is expected to have a market value of USD 290 Billion by 2019, will contribute massively in elevating the level of the smart services provided to citizens from cost, time and efficiency perspectives. The council, which is only 4 months old, helped positioning UAE as a global player in developing and applying blockchain technology “ added Al Gergawi .
“With the new companies coming on board, the stage is set for further expansion of the Council’s business. The new members will give a boost to the efforts to promote Blockchain as a future technology and its effective use in the UAE,” said H.E Saif Al Aleeli, CEO of Dubai Future Foundation.
“Proactive projects are crucial to implement such a globally advanced technology. The Council aims to contribute to economic growth through the adoption of effective technological solutions to deal with digital transactions,” added Al Aleeli.
‘FlexiDesk’, the first pilot project adopted during the meeting, comes in cooperation between BitOasis and Dubai Multi Commodities Centre (DMCC) to find practical applications for Blockchain technology. The project is aimed at facilitating DMCC’s transactions in line with Dubai Plan 2021 by accelerating services and achieving high efficiency at lower costs.
‘Trade Flow’, the second project by DMCC, will provide digital financial transaction services using Blockchain technology. The project will also help significantly reduce costs, increase operations security, unify transactions procedures and provide superfast services round the clock.
‘Dubai Points’, the third pilot project, aims to incentivise tourism in Dubai by awarding points to tourists when they visit a tourist destination, encouraging them to return and utilise their points.
The project also aims to strengthen the emirate’s image as a global tourist destination and enhance its tourism base to make it more integrated with environment and tourist attractions.
‘Dubai Points’ is a partnership between Du, Jumeirah, Cream, Privity, DigitUs, International Culinary Centre for Culinary Arts Dubai, SquareCircle Tech, Travelex, Flyin and Pricewaterhousecoopers.
Dubai International Financial Centre (DIFC) adopted ‘Digital Wills’ to register wills using Blockchain links. This project will enable clients to transfer their properties to beneficiaries using a fast and secure process while complying with local regulations.
‘Operation Kimberley’ will modernise the verification process of diamond sources and their trade mechanisms. The Blockchain-based project will be capable of issuing global certificates related to the diamond industry by coordinating the activities of its 81 member countries.
‘Health Records’ is a pilot project by du aimed at unifying new digitised health records in hospitals and clinics by using Blockchain technology. The project will provide a modernised record system that is fast and efficient and capable of saving many lives.
The Council unveiled its seven new project during the Keynote Conference which was organised in Dubai to provide creative new ideas related to Blockchain technology and enable companies to utilise such technology to make digital transactions safer and faster.
The meeting discussed ways to develop legislation for Blockchain projects and provide applications to run such projects. It also stressed the importance of boosting efforts to design new projects by constantly updating the Council's work.
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