Loyyal and Dubai Holding launch trial in Dubai to develop blockchain smart contract solutions

According to Huobi Blockchain Research Center, Loyyal, a New York-based blockchain-based loyalty and rewards platform, has recently signed a contract with multinational investment group Dubai Holding. The cooperation is part of the Future Accelerator Program supported by the Dubai government for cutting-edge blockchain technology.

Huobi Blockchain Research Center learned that this cooperation will test a blockchain-based business-to-customer (B2C) and business-to-business (B2B) loyalty program for Dubai Holding. The program will use Loyyal's proprietary blockchain and smart contract solutions, and its current partners include IBM, Deloitte, Hyperledger Project and the Dubai Future Foundation.

Ahmad Bin Byat, Managing Director of Dubai Holding, said:

“Loyyal will deploy the pilot to create an innovative, viable and cost-effective solution to enhance interactions between the Group’s businesses and ultimately serve our customers and business partners.”

The contract was signed on November 24, driven by the Dubai Future Accelerators (DFA) programme, a first-of-its-kind initiative that brings together innovative solutions from entrepreneurs, startups and large companies, with up to $2 million in venture capital invested each month.

The government-backed accelerator program claims to be the largest of its kind in the world and is one of many technology-oriented initiatives supported by the Dubai government, including the Dubai Future Foundation, which recently launched a "Global Blockchain Council." The foundation was established in February 2016, and its council will study and explore the potential of blockchain for real-world applications. The council proposed the blockchain initiative two months after its establishment.

Saif Al-Aleeli, CEO of Dubai Future Foundation and founding member of the Global Blockchain Council, said:

“We established the Global Blockchain Council in Dubai nearly a year ago and have already seen impressive progress in the use of the technology.” Saif Al-Aleeli added: “We are excited to see the progress of Loyyal’s partnership with Dubai Private Enterprise Points and we look forward to working even more closely with them as they make blockchain a reality.”

The Dubai government has been experimenting with blockchain technology, pledging to publish all government documents on the blockchain by 2020, which is currently the most eye-catching move in the blockchain field.