Dubai Announces Launch of Global Blockchain Council

The Global Blockchain Council was created to explore and discuss current and future applications as well as organise transactions through the Blockchain platform.  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.

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 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.

“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. 

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.”

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