Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai Museum of the Future Foundation announces launch of Global Blockchain Council  Join our daily free Newsletter

MENAFN - Emirates News Agency (WAM) - 17/02/2016
No. of Ratings : 0
Add to Mixx!


(MENAFN - Emirates News Agency (WAM))

DUBAI 17th February 2016 (WAM) -- Dubai Museum of the Future Foundation has announced the establishment of the Global Blockchain Council to explore and discuss current and future applications and organise transactions through the Blockchain platform. Blockchain records every transaction made by the digital currency Bitcoin.

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.

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 US9.5 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 utilised 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 initiatives planned by the council include an annual conference that will host high-profile individuals workshops awareness sessions hackathons and start-up conferences to connect with potential investors.

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.

Dr. Aisha bin Bishr Director-General of Smart Dubai Office said "By quickly mobilising 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."

"With the evolution of the digital age eery 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 catalyse 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."

Osman Sultan CEO du also shared his thoughts "The world is embracing innovative forms of digitisation in innovative ways and Blockchain has the potential to lead the next revolution. Blockchain represents a timely new ecosystem of exchange involving different stakeholders and it is not surprising to see Dubai taking the lead; history has proven that the city has been at the heart of various flows in this part of the world."

Malek Al Malek CEO TECOM Business Parks said "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. 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 council consists of 32 members all of which are potential key players in the Blockchain industry and are shaping the market day by day. They include government entities international companies leading UAE banks free zones and international Blockchain technology firms including Microsoft Du SAP IBM Cisco TECOM Dubai Holding Dubai Multi Commodities Centre EmiratesNBD Emirates Islamic Dubai International Financial Centre Souq.com Careem Mashreq InfoSys Wamda Propertyfinder.com Kraken BitOasis Umbrellab AstroLabs YellowPay SmartStart Fund Etheruem Viktor Koenig Privity FZ Digitus Network Int. Michael Mainelli Vinay Gupta Smart Dubai Office and Dubai Smart Government.

The Blockchain market reports that the average volume of bitcoin transactions in 24 hours is 105.6 million and the Bitcoin market cap is averaged at 6.8 billion. Bitcoin is one of the most used digital currency others include as Ripple Dash and Aurocoin.

Blockchain supports more than 2 million bitcoin wallets and is supported by iOS Android and the web. Blockchain is available worldwide in more than 15 languages and allows the user to send bitcoin by emails and text message while still maintaining the user's privacy and security.


WAM/Esraa/Moran

 


Emirates News Agency (WAM)




  MENA News Headlines
 Mar 23 2017 - Ripple - Instant, certain, low-cost cross-border payments.MENAFN Press
(MENAFN Editorial) iCrowdNewswire - Mar 23, 2017 Ripple Instant, certain, low-cost cross-border payments. San Francisco Digital Currency · Financial Services · Finance ...

 Mar 24 2017 - Argentinas Knee Reconstruction Industry To Propagate With Advancement In Technology: Ken ResearchMENAFN Press
(MENAFN Editorial)Ken Research has announced publication titled, “Argentina Knee Reconstruction Market Outlook to 2022” which offers key market data on Argentina’s Knee Reconstruction market with the ...

 Mar 24 2017 - Voltage Stabilizer System Market - Building Automation Shows Steady Growth as Consumers Seek SafetyMENAFN Press
(MENAFN Editorial)Global Voltage Stabilizer Systems Market: Snapshot A voltage stabilizer is used for ensuring a steady level of voltage automatically for various electrical gadgets to prevent ...

 Mar 24 2017 - Connectivity Constraint Computing Market - Ecosystem and Healthcare Management to Top Demand in Global CCC MarketMENAFN Press
(MENAFN Editorial)Global Connectivity Constraint Computing Market: Snapshot The leading factor driving the global connectivity constraint computing market currently is the scope of eliminating ...

 Mar 24 2017 - Repository Prospects of the Global Hair Dryer Industry: Ken ResearchMENAFN Press
(MENAFN Editorial)Ken Research has announced latest publication on growth estimates of Hair Dryer Industry in the global market named as, “Global Hair dryer Industry Situation and Prospects Research ...

 Mar 23 2017 - Blend Anything, Extract Everything With Kenwood's PurejuiceMENAFN Press
(MENAFN Editorial) The new range of slow press juicers is the first step towards Fresh Thinking Dubai, UAE, March 23, 2017: Making your own juice is a healthy choice. So it makes sense to ...

 Mar 23 2017 - HEC Paris in Qatar welcomes Executive MBA Class of 2018MENAFN Press
(MENAFN Editorial) Doha, Qatar March 23, 2017: HEC Paris, one of the world's top three providers of Executive Education programs, has officially welcomed its latest batch of participants for the ...

 Mar 23 2017 - Top Talents Honoured at MENA Digital Awards 2017MENAFN Press
(MENAFN Editorial) IMPACT BBDO Dubai awarded Agency of the Year and BBDO Worldwide named Network of the Year Dubai, United Arab Emirates March 23, 2017: The world's foremost digital advocates ...

 Mar 23 2017 - New services in Metrash 2MENAFN Press
(MENAFN Editorial) Dubai, UAE, March 23, 2017: The Ministry of Interior added two more new e-services to its mobile app Metrash 2 and the website of the Ministry, thanks to the commitment of the ...

 Mar 23 2017 - Celebrate the start of the spring with Lexus Select EventMENAFN Press
(MENAFN Editorial) Exclusive offers on a large Lexus line-up Dubai, UAE, March 23, 2017: Al-Futtaim Motors, leader in sustainable mobility and exclusive distributor of Lexus in the UAE, ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help