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Dubai Museum of the Future Foundation announces launch of Global Blockchain Council |
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Transactions on Blockchain can only go through if all the members approve, which limits the chances of fraud and money laundering, as the digital currency cannot be forged or damaged and can be moved across borders with ease. It also facilitates the shopping process across social media and websites. Blockchain is defined as a digital protocol to carry out transactions and transfer money using a wide network of computers around the world, and its requirements are: the availability of digital currencies, accurate documentation, and absolute trust between all stakeholders. Blockchain can be both private and public, and enables people to choose whether to share or withhold the personal details of the stakeholders. The establishment of the Global Blockchain Council comes in line with the efforts of Dubai Museum of the Future Foundation to promote innovation and use the next generation of technologies to enhance UAE’s position as a leading centre for innovation and knowledge economy. Saif Al Aleeli, Chief Executive Officer of Dubai Museum of the Future Foundation, said the Council is a new step within the framework of the new generation of services for smart cities of the future, and the development of innovative solutions. It also promotes community awareness about the importance of innovation to keep up with the demands of the future, and stimulate inventions and innovations.Al Aleeli said that several studies indicate that over the next four years the global market for digital transactions will reach $9.5 billion, and the global investments in Blockchain technology will reach the $300 billion. He added that the significant growth in the volume of transactions using Blockchain platform during 2015, which reached 56%, refers to the great opportunities that can be utilized through the optimal application of this technology in the relevant sectors. He also said: “The Global Blockchain Council will launch different initiatives under its umbrella to highlight and promote Blockchain and digital currencies, and explore its advantages and disadvantages. It will also draw a roadmap for best uses of this emerging technology.” The Council will help UAE authorities and corporations better understand this technology and consider its regulatory implications, and conduct pilot projects to test the readiness of markets to adopt digital currencies. “By quickly mobilizing a joint council of public and private sector stakeholders, Dubai asserts its commitment to an agile and collaborative government that embraces technology innovation to enhance quality of life for all. New technologies such as Blockchain open significant opportunities for all service providers to reshape transactions, making experiences more seamless and secure for all customers,” said H.E Dr. Aisha Bin Bishr, Director General of Smart Dubai Office. “With the evolution of the digital age, every so often we witness technology so revolutionary it changes our outlook. Blockchain is such a technology that could revolutionise the way governments and companies conduct businesses. Dubai International Financial Centre is honoured to be a member of the Blockchain Technology Council of Dubai. We look forward to working closely with our colleagues on the council to explore the opportunities Blockchain technology could bring to our industry and markets,” said Arif Amiri, CEO of Dubai International Financial Centre Authority. The first pilot project is the BitOasis project, which will be implemented by Dubai Multi Commodities Centre (DMCC) to secure flexidesk contracts and registration process using the Blockchain ledger. The second pilot project is Kraken Bitcoin Exchange, which will help DMCC catalyze Blockchain technology in select Islamic finance operations. “The Global Blockchain Council’s role is to ensure that Dubai remains ahead of the curve and to provide ideas and guidance on how Blockchain can benefit market participants, DMCC members and ultimately contribute to Dubai’s economy,” said Ahmed Bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre Authority. “The Blockchain technology delivers speed, efficiency and lower transaction costs that are central to DMCC’s strategy to continuously drive innovation. It is therefore a natural next step for DMCC to play our part in not only piloting the BitOasis and Kraken Bitcoin Exchange projects, but to do everything we can to bring more projects like these to market in the future in collaboration with the Dubai Blockchain Council.” |
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