Blockchain-based firm Loyyal has signed a contract with Dubai Holding in order to revolutionize commercial loyalty and government incentivisation in Dubai through its blockchain capabilities and bring future forward fast through Dubai Future Accelerators (DFA) program.

The partnership was facilitated with the landmark agreement aiming to realize the DFA’s vision for technology innovation within Dubai's commercial and government sectors, the release stated. The contract is for a pilot deployment that will focus on The Jumeirah Group and TECOM Group, bringing together disparate loyalty schemes and separate businesses to unlock undiscovered relationship value. It will also demonstrate the network effect opportunities of using the common ledger and distributed trust capabilities of the blockchain.

"Dubai Holding has always been at the forefront of innovation with landmark projects and several industry-first initiatives including the support to Dubai Future Foundation. Loyyal will be leading a pilot deployment to create innovative, feasible and cost-effective solutions for enhancing the interaction between the Group's businesses, ultimately enhancing our offerings to customers and business partners. We are thrilled to partner with game-changing companies such as Loyyal in driving forward the National Innovation Strategy," Ahmad bin Byat, Vice Chairman, and Managing Director, Dubai Holding, said.

Loyyal is deploying its proprietary and patent pending blockchain and smart contract infrastructure solution as a part of the contract, in order to re-map the way the Dubai Holding's businesses interact with consumers.

"We established the Global Blockchain Council here in Dubai less than a year ago, and are already seeing impressive advancements in the uptake of this technology. We are pleased by Loyyal's progress with Dubai Points, their partnerships with the private sector and look forward to working even closer with them as they bring the blockchain future to reality," Saif Al-Aleeli, CEO of the Dubai Future Foundation and Founding Member of the Global Blockchain Council, said.