Dubai Establishes Gov't Backed 'Blockchain Council'

Currently, there’s a strong effort to establish blockchain technology within the Middle East. On February 17, the Dubai Museum of the Future Foundation disclosed to the public the initiation of a “Blockchain Council” that will focus research and development on this emerging technology.

Also read: Microsoft & IBM Declare Blockchain Open for Business

Dubai Enters the Blockchain Age

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 technology. — Saif Al Aleeli, Chief Executive Officer of Dubai Museum of the Future Foundation

The Dubai government has released information on the exploration of new technologies through its Future Foundation museum. The emerging protocol from the cryptocurrency landscape has intrigued the academic leaders of the region who believe this project will help Dubai gain efficiency within “financial and non-financial sectors.” The council says that it aims to highlight the potential of these platforms and discuss current and future applications. The formation of the council is “in line” with the Dubai Museum’s intentions to promote innovative technology and enhance the UAE’s knowledge centers and economic position.

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,”Saif Al Aleeli, Chief Executive Officer of Dubai Museum of the Future Foundation, stated. “It also promotes community awareness about the importance of innovation to keep up with the demands of the future, and stimulate inventions and innovations.”

Several studies have shown the organization that digital transactions within the next four years will net $9.5 USD billion in capital, and global blockchain technology investments will reach close to $300 billion. Al Aleeli believes that when this happens, it will bring many opportunities to the country and can be utilized optimally the sooner they start their research. The council will provide the UAE assistance with understanding distributed ledger tech and conduct pilot projects.

H.E Dr. Aisha Bin Bishr, Director General of Smart Dubai Office states:

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.

The first pilot introduced will be the BitOasis project that will be used in accordance with the Dubai Multi Commodities Centre (DMCC). This will help secure flexidesk contracts and registration using blockchain technology. The second platform will be with a partnership with the Kraken Bitcoin Exchange, which will “help DMCC catalyze Blockchain technology in select Islamic finance operations.”

Ahmed Bin Sulayem, Executive Chairman of DMCC, says these projects will keep Dubai ahead of the technological curve and will provide guidance for the best use case solutions within the global market. Bin Sulayem explains:

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.

The new council will include 32 affiliated members, including business executives, government officials, and NGO’s. Many firms are also working with the council including Kraken, BitOasis, Umbrellab, Smart Dubai Office, Dubai Smart Government, and Ethereum.

“Blockchain is a great example of the innovation that we are seeing across Dubai and the latest in a series of initiatives introduced by the Government to champion digital and smart technology,” added Malek Al Malek, CEO, TECOM Business Parks. “Pioneering innovation and the creation of new technology lie at the heart of Dubai’s innovation strategy, and we are delighted to be supporting this initiative, and look forward to working with the Council to ensure it is a success.”

The museum and council members believe this will be Dubai’s initiative into this industry and will give the country an edge. Dubai is already known for its prosperous economy and business savvy landscape. With fintech disrupting the traditional way we operate, distributed ledger technology is the next logical step in the organization’s eyes to join the digital revolution.

What do you think of Dubai’s newly formed council? Let us know in the comments below!

Images courtesy of Shutterstock, Dubai Blockchain Council, and Pixbay