As part of its efforts to adopt the latest technologies and innovation practices at the global level, Dubai 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.
The council consists of 46 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 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.