The United Arab Emirates (UAE) is making strides to become a leader in blockchain technology enriching the blockchain UAE scene with vibrant projects.
The Dubai government is currently working with 20 blockchain projects and has made partnerships with IBM and Consensys to consult on Smart Dubai, a city-wide initiative aimed at transforming Dubai into the “world’s smartest and happiest city.”
It aims to become the world’s first blockchain-powered government and launched in April the so-called Emirates Blockchain Strategy 2021 which seeks to capitalize on blockchain technology to transform 50% of government transactions.
This week, Smart Dubai announced the integration of blockchain technology into its online payment portal, DubaiPay, to allow reconciliation and settlement transactions to be performed in real time.
But besides initiatives led by the government, the blockchain UAE sector too has been rapidly growing with some exciting projects. Here are five blockchain and cryptocurrency projects and startups from the UAE to watch very closely:
Addenda is a blockchain startup for the insurance sector. Built on Hyperledger Fabric, Addenda is an end-to-end insurance settlement layer built on blockchain technology that allows insurers to automate claims, cut overheads and identify fraud.
Addenda is currently undergoing a three-month intensive development program in partnership with Fintech Hive and a group of local insurers, and will be commercially deployed in mid-2019.
Ebooc has developed a multi-participant loyalty program operating on blockchain and NFC technology. Its blockchain point of sales (POS) solution is integrated with a loyalty card working with NFC technology or through a digital loyalty mobile wallet, creating a single point of
The Adab Solutions project is developing the world’s first cryptocurrency exchange based on the sharia. Adab Solutions will create services based on the moral and cultural values of Islam and will implement a Shariah Advisory Board within its structure “creating a reliable platform for launching halal projects.”
The company is currently preparing for its ICO.
ArabianChain Technology is an open source, community-based project with the goal of building a decentralized, consensus-driven, peer-to-peer, blockchain-based platform for distributed applications. The technology will leverage blockchain technology and build a full-featured application platform on top of it.
ArabianChain aims to “revolutionize the way governments, businesses and individuals perceive and deal with economy, e-services and digital transformation” and will allow users to create decentralized applications, including but not limited to cryptocurrencies.
BitOasis is a cryptocurrency wallet and exchange service in MENA. The BitOasis wallet uses multi-signature technology which requires 2 of 3 private keys to move or spend any cryptocurrency. This provides an extra level of security to make sure users’ funds will not be compromised if one of the private keys is.
The BitOasis exchange allows users to buy, sell and trade cryptocurrencies easily and securely using UAE Dirham. It currently supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), ZCash (ZEC), Monero (XMR) and Ethereum Classic (ETC).