Dubai government strongly supports blockchain research and announces the establishment of a global blockchain committee

The Museum of the Future, an innovation hub funded by Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the United Arab Emirates (UAE) and Emir of Dubai, has announced the formation of a research committee focused on blockchain technology.

The Museum of the Future was launched in 2015 with the mission of encouraging innovation and helping the Middle Eastern nation foster research into emerging technologies. The focal point of the project will be an architecture center, estimated to cost $136 million and completed in 2017.

According to the press release, the Global Blockchain Council will consist of 32 members, including government entities (Smart Dubai Office, Dubai Smart Government, Dubai Multi Commodities Centre (DMCC), international companies (Cisco, IBM, SAP, Microsoft) and blockchain startups (BitOasis, Kraken and YellowPay)).

In the past, the Museum of the Future has supported a variety of emerging technologies, such as drones, and broader new technologies in education, healthcare and travel.

According to a press release from the Dubai Government Media Office, the Global Blockchain Council will study and discuss the potential applications of blockchain technology to highlight its impact on the financial and non-financial business sectors in Dubai.

In a statement, Saif Al Aleeli, CEO of Dubai Museums of the Future Foundation, explained the significance of the initiative, predicting that global investment in blockchain could reach $300 billion in the next four years.

Al Aleeli says:

“The Global Blockchain Council will launch different initiatives to highlight and promote blockchain and digital currencies and explore their pros and cons. It will also come up with a roadmap for the best uses of this emerging technology.”

He further stated that the organization’s efforts will include hosting annual conferences, workshops, hackathons and other events.

Dr Aisha Bin Bishr, director general of the Smart Dubai Office, added that the Global Blockchain Council will seek to unite the efforts of public and private industry stakeholders.

“New technologies such as blockchain present a significant opportunity for all service providers to reshape transactions, providing customers with a more seamless and secure transaction experience,” Bin Bishr said in the press release.

Other speakers included the CEO of the Dubai International Financial Centre Authority (DIFCA), the operator of Nasdaq Dubai (formerly the Dubai International Financial Exchange).

First pilot project

As part of the announcement, the museum of the future also specifically mentioned embarking on a pilot project for this initiative.

The first pilot project will be a collaboration between Dubai-based bitcoin services startup BitOasis and the Dubai Multi Commodities Centre (DMCC), which was founded in 2002 to establish a commodities market in Dubai.

According to Ahmed Bin Sulayem, executive chairman of the Dubai Multi Commodities Centre Authority, BitOasis will work with DMCC to “use a blockchain ledger to execute secure flexidesk contracts and registration processes,” helping the organization “stay ahead of the curve” and provide technical guidance to other market participants.

The second project will be a collaboration between DMCC and bitcoin exchange Kraken to help DMCC catalyze the application of blockchain technology in specific Islamic finance businesses.

“In the future, DMCC will not only work with BitOasis and Kraken Bitcoin Exchange, but will also do its best to cooperate with the Dubai Blockchain Council to bring more projects in the future,” Bin Sulayem said.

Confusion Points

Despite the strong interest shown by the UAE’s wealthy in blockchain technology, there are signs that their thinking about the technology is still in its early stages.

For example, the press release mentioned that "Blockchain supports more than 2 million Bitcoin wallets," which may be a confusion between Blockchain and Bitcoin startup Blockchain.info.

“Blockchain offers over 15 languages, allowing users to send bitcoin via email and text message while still maintaining user privacy and security,” the release said. Notably, Blockchain is not listed on the Global Blockchain Council.

Elsewhere, the article blurs the line between Bitcoin and blockchain, saying:

“Blockchain Markets reports that Bitcoin’s trading volume over the past 24 hours was $105.6 million, with Bitcoin’s market cap at approximately $6.8 billion.”

Nevertheless, this ambitious plan is a milestone for blockchain technology.

Original article: http://www.coindesk.com/dubai-government-backs-expansive-blockchain-tech-research-effort/
By Pete Rizzo
Compilation: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/dubai-government-blockchain)