The participants in the meeting discussed the idea of organising a global Blockchain conference in May which will be attended by Blockchain experts and enthusiasts from around the world. The activities for the year will also include a Hackathon, which will function as an incubator offering incentives for startups such as job placement tracks and investments. It will also enable participants to connect with innovation managers at other companies. The meeting witnessed considerable interest in the incubator concept with significant support from the members.
The members also expressed keen interest in regulatory aspects related to the Blockchain platform. The Council will study what other countries are doing to regulate Blockchain, and explore the various regulations that can be implemented. The meeting also discussed educational activities and looked at current pilot projects and their framework as well as the role of the Council in these projects. One of the Council’s main objectives is to record and document all the pilot projects’ findings in order to further understand the impact of this technology.
Saif Al Aleeli, CEO of Dubai Museum of the Future Foundation , Founding member of the Global Block Chain Council, said the initiatives launched under the Global Blockchain Council will explore Blockchain and connect with potential investors. The various events and activities will also encourage innovators in this technology and pave the way for regulatory frameworks for efficient and effective use of the Blockchain platform, Al Aleeli added.
“The world is witnessing more interest in Blockchain technology day after day. The last few months witnessed a number of announcements by government entities and financial market regulatory bodies about their intention to adopt this technology taking into consideration its benefits related to increasing the efficiency of the transactions, especially in contracting and registration. This reflects the big increase in digital transactions, recording 56% growth in 2015 alone. The applications of Blockchain technology are not limited to digital currency but it can also be applied to several other applications in different sectors and areas,” Al Aleeli said.
Dubai Museum of the Future Foundation established the Global Blockchain Council to explore and discuss current and future applications and organise transactions through the Blockchain platform which records every transaction made by smart contracts and digital currencies. The Council will highlight the implications of this innovation on the future of business and finance sectors, and its role in facilitating transactions within the various sectors of financial and non-financial sectors as well as to increase efficiency and reliability levels. The council was established as a model to explore the emerging technologies and study their application and their implementations which will help the UAE’s future and position the UAE and Dubai as one of the world’s earliest technology and innovation adapters. The Global Blockchain Council members comprise potential key players in the Blockchain industry, including government entities, international companies, leading UAE banks, free zones, and international Blockchain technology firms.
The second Council meeting was attended by Microsoft, Du, SAP, IBM, Cisco, TECOM, Dubai Holding, Dubai Multi Commodities Centre (DMCC), EmirateNBD, Emirates Islamic, Dubai International Financial Center (DIFC), Souq.com, Careem, Mashreq, Wamda, Propertyfinder.com, Kraken, BitOasis, Umbrellab, AstroLabs, YellowPay, Privity FZ LLC, Digitus, Network Int, Vinay Gupta, Smart Dubai Office and Dubai Smart Government, Dubai Silicon Oasis and SquareCircle Tech.
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