Dubai Future Accelerators to explore blockchain solutions in other sectors

Dubai Future Accelerators, an intensive 12-week program that aims to create breakthrough solutions together, has addressed seven future challenges including implementing blockchain technologies in various sectors.

According to the website, the program focuses exclusively on the identification and deployment of futuristic prototypes and products at a city-wide scale. It is accepting applications from companies and start-ups that have a product or service to address the challenges that are issued by a founding entity.

“The initiative led by Crown Prince of Dubai and Chairman of the Dubai Future Foundation will be an important and strategic contribution to the regional investment market, attracting the world's best start-ups and companies to compete for new opportunities that make a positive difference in the world," His Excellency Mohammed Al Gergawi, Minister of Cabinet Affairs and the Future and Vice Chairman of Dubai Future Foundation said in an official release.

Each founding entity has issued a challenge addressing some of the most important opportunities of the 21st century. Dubai Holding, a global investment conglomerate operating in 24 countries and employing over 22,000 people, has addressed the challenge to deploy digital solutions including blockchain, digital personalization, robotics, virtual reality among others. It aims to implement in sectors like hospitality, food and beverage, real estate among others that reduce paperwork and the need for human intervention by a factor of 10, increase transaction speed by 20 and increase customer engagement by an order of magnitude.

Other challenges include in areas like transportation, law, health, education and public utilities. Organizers said initial applications include efforts centered on smart meters, smart cities and business process improvements using blockchain, ConDesk.com reported.

Earlier this year, Dubai Museum of the Future Foundation (MOTF) announced the establishment of Global Blockchain Council in order to explore the blockchain technology; discuss current and future applications and organize transactions through the blockchain platform. Dubai also hosted Keynote Events 2016 in May this year, its first blockchain technology conference that explored a wide array of topics, such as blockchain, bitcoin, investing, regulations, startups, Internet of Things, among others.