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Global Blockchain Council meeting introduces seven pilot projects, four new members

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Global Blockchain Council meeting introduces seven pilot projects, four new members

New companies will boost efforts to promote Blockchain technology and its effective use in the UAE

Dubai Future Foundation has revealed that the quarterly meeting of its Global Blockchain Council saw the involvement of 4 new members and the adoption of 7 new development based pilot projects.

The Council now consisting of 46 members, including Dubai Trade, Dubai Gold and Commodities Exchange, Emirates, Moe Levin and Dubai Department of Economic Development.

" The global blockchain council comes under the strategic direction of UAE leadership in position UAE as a worldwide centre for forming the future within the strategic sectors. The council likewise represents one of the major initiatives of Dubai Future Agenda, authorized by HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE, Vice President, Prime Minister and Ruler of Dubai last April" stated, HE Mohammed Al Gergawi, Vice Chairman and Manging Director of Dubai Future Foundation." It's vital to continually source opportunities that the technology of the future offers to enhance the peoples lifestyle and develop financial impact worth billions of dollars", he included.

" The ideal application of the blockchain technology, which is anticipated to have a market price of USD 290 Billion by 2019, will contribute massively in elevating the level of the smart services offered to residents from cost, time and performance point of views. The council, which is just 4 months old, assisted placing UAE as an international gamer in developing and using blockchain innovation" added Al Gergawi

"With the new companies coming on board, the stage is set for additional expansion of the Council's company. The new members will give a boost to the efforts to promote Blockchain as a future technology and its efficient use in the UAE," stated H.E Saif Al Aleeli, CEO of Dubai Future Foundation.

"Proactive projects are essential to carry out such an internationally sophisticated innovation. The Council intends to contribute to financial growth through the adoption of reliable technological solutions to deal with digital deals," included Al Aleeli.

'FlexiDesk', the very first pilot project embraced throughout the meeting, comes in cooperation in between BitOasis and Dubai Multi Commodities Centre (DMCC) to discover useful applications for Blockchain technology. The project is targeted at facilitating DMCC's deals in line with Dubai Plan 2021 by speeding up services and attaining high performance at lower costs.

'Trade Flow', the 2nd task by DMCC, will supply digital monetary deal services utilizing Blockchain technology. The project will likewise help substantially decrease expenses, enhance operations security, unify deals treatments and offer superfast services round the clock.

'Dubai Points', the third pilot project, aims to incentivise tourist in Dubai by awarding points to tourists when they check out a traveler destination, motivating them to return and use their points.

The project likewise aims to strengthen the emirate's image as a worldwide traveler location and enhance its tourist base making it more incorporated with environment and tourist attractions.

'Dubai Points' is a partnership between Du, Jumeirah, Cream, Privity, DigitUs, International Culinary Centre for Culinary Arts Dubai, SquareCircle Tech, Travelex, Flyin and Pricewaterhousecoopers.

Dubai International Financial Centre (DIFC) adopted 'Digital Wills' to register wills using Blockchain links. This project will allow clients to move their homes to beneficiaries using a quick and protected procedure while complying with local regulations.

'Operation Kimberley' will modernise the verification process of diamond sources and their trade mechanisms. The Blockchain-based project will can issuing global certificates connected to the diamond industry by collaborating the activities of its 81 member nations.

'Health Records' is a pilot job by du aimed at unifying new digitised health records in healthcare facilities and clinics by using Blockchain innovation. The project will offer a modernised record system that is quick and efficient and with the ability of saving numerous lives.

The Council revealed its 7 new project throughout the Keynote Conference which was organised in Dubai to provide imaginative new ideas connected to Blockchain innovation and allow companies to use such technology making digital transactions more secure and faster.

The meeting talked about ways to establish legislation for Blockchain projects and supply applications to run such projects. It likewise stressed the significance of boosting efforts to design brand-new project by continuously upgrading the Council's work.