Museum of The Future Launches Global Blockchain Coincil in Dubai

News and Analysis

The Museum of the Future, an innovation center in the United Arab Emirates, has announced it creates the Global Blockchain Council, incorporating 32 members, including three blockchain startups, BitOasis, Kraken, and YellowPay.
Other members of the council are government entities and international technological corporations, like Cisco, IBM, SAP, and Microsoft.

The Dubai’s media office stated in a press release that the Global Blockchain Council intends to explore and discuss possible use-cases of blockchain technology seeking to reveal the ways it could be applicable in the country’s financial and non-financial sectors.

Saif Al Alieeli, CEO at the Museum of the Future Foundation, stated:

“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.”

He added that the organization would hold annual conferences.

According to the release, Aisha Bin Bishr, CEO at Smart Dubai Office, an organization engaged in work with smart cities, said:

“New technologies such as blockchain open significant opportunities for all service providers to reshape transactions, making experiences more seamless and secure for all customers.”

The organization also described its first intended pilot project, which would combine the efforts of BitOasis, a Dubai-based bitcoin services startup, and Dubai MultiCommodities Center, a commodities marketplace. The release states BitOasis will provide security for “flexidesk contracts and registration process using the blockchain ledger”. Another project implies participation from bitcoin exchange Kraken in attemp to “catalyze” blockchain technology in specific operations inherent in Islamic finance.

However, there are some issues in the release pointing that the organization may yet lack comprehension of blockchain-based innovations. For instance, it stated that blockchain “supports more than two million bitcoin wallets”, which may be a reference to, a bitcoin service provider, but makes little sense when thinking of the blockchain technology. Other issues extend the confusion between blockchain technology and bitcoin. However, the release still states that bitcoin maintains a user’s “privacy and security”.

Found a typo? Highlight text and press CTRL+ENTER

Subscribe to our Newsletter


Related posts

Tags: ,