As part of its efforts to adopt the latest technologies and innovation practices at the global level, Dubai Museum of the Future Foundation has announced the establishment of the Global Blockchain Council to explore, discuss current and future applications, and organize 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 $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 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. “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.”
Osman Sultan, CEO, du, also shared his thoughts, “The world is embracing innovative forms of digitization 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 (DMCC), EmirateNBD, Emirates Islamic, Dubai International Financial Center (DIFC), Souq.com, Careem, Mashreq, InfoSys, Wamda, Propertyfinder.com, Kraken, BitOasis, Umbrellab, AstroLabs, YellowPay, SmartStart Fund, Etheruem, Viktor Koenig LLC, Privity FZ LLC, 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.