Dubai Museum of the Future Foundation (MOTF) has announced the establishment of the Global Blockchain Council in order to explore the blockchain technology; discuss current and future applications; and organize transactions through the Blockchain platform.

MOTF, launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, aims to become a unique incubator for futuristic innovations and designs with focus on the adoption of the latest technologies and innovation practices at the global level.

Blockchain technology that underpins digital currencies such as bitcoin is described as distributed public ledger that records every bitcoin transaction. However, the technology is not just limited to digital currencies and can be applied across multiple industries such as banking, insurance, real estate and much more.

The Council will examine the implications of the technology on the future of business and finance industry, 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 Global Blockchain Council will launch different initiatives under its umbrella to highlight and promote Blockchain and digital currencies, and explore its advantages and disadvantages. It will also draw a roadmap for best uses of this emerging technology”, said Saif Al Aleeli, Chief Executive Officer of Dubai Museum of the Future Foundation.

Council Members

The council comprises of 32 potential key players in the Blockchain industry including government entities, international companies, leading UAE banks, free zones, and international Blockchain technology firms: 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. 

Initiatives & Pilot Projects

The initiatives planned by the Council include an annual conference that will host prominent industry figures, workshops, awareness sessions, hackathons, and start-up conferences to connect with potential investors. The council aims to help UAE authorities and corporations better understand this technology and its regulatory implications. It will conduct pilot projects to test the readiness of markets to adopt digital currencies:

• BitOasis project: The first pilot project and will be implemented by Dubai Multi Commodities Centre (DMCC) to secure flexidesk contracts and registration process using the Blockchain ledger.
• Kraken Bitcoin Exchange: The second pilot project which will help DMCC catalyze Blockchain technology in select Islamic finance operations. 

“The Blockchain technology delivers speed, efficiency and lower transaction costs that are central to DMCC’s strategy to continuously drive innovation. It is therefore a natural next step for DMCC to play our part in not only piloting the BitOasis and Kraken Bitcoin Exchange projects, but to do everything we can to bring more projects like these to market in the future in collaboration with the Dubai Blockchain Council”, said Ahmed Bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre Authority.