Dubai Future Foundation Develops Blockchain Innovation

Asia Blockchain Review
November 7, 2019

The Dubai Future Foundation has revealed its mission to promote four areas of innovation, namely blockchain, aviation, energy, and entrepreneurship through four innovative laboratories in the UAE that will research and test these innovations to drive the nation’s development.

Promoting Innovative Labs in the UAE

Vice-President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammad Bin Rashid Al Maktoum revealed that the labs are crucial to shaping the future of the country.

“Today, we have launched four innovative labs that will focus on predicting the future of aviation, energy, blockchain and entrepreneurship. Our end goal is to make these labs a hub for launching future-oriented innovations that will eventually upgrade our business and service sectors,” he stated. 

“These labs will support the UAE Centennial Plan 2071 and will lay the foundations for building a global centre to test future innovations of the country.”

Blockchain Future Lab to Work with IBM

As part of the initiative, the foundation has launched the Blockchain Future Lab, which will be working with IBM to promote blockchain adoption. The lab will connect with government agencies and blockchain companies to develop use cases for the technology, with AREA 2071 designated as a testing ground for the lab’s projects.

“A diverse team of IBM experts will work with customers to develop new ideas, then test and develop them quickly, building on the company’s global expertise, assets, diverse partnerships and extensive network,” a press release revealed.

There have been other recent developments in the crypto landscape in UAE, with the Securities and Commodities Authority (SCA) releasing a draft policy for crypto assets regulation and asking for feedback from players in the industry. 

The draft addressed various issues related to cryptocurrencies, from issuance and custody to circulation.

Source: https://thenews.asia


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