As per reports, Etisalat of UAE selects multiple companies to foster the development of Artificial Intelligence (AI) and blockchain-based projects and solutions under the Company’s innovation program, Future Now. The Government is cementing its vision to have an ecosystem in UAE where the Government Blockchain-based and AI-based Business is around 50% by 2021.
UAE and Blockchain Technology
Blockchain technology is gradually disrupting and has disrupted almost all the major world business sectors. This application has helped to elevate the level of efficiency and capacity which earlier existed in the same industry. The time factor and the amount of work done in the same period have hugely cut down. All the dominant countries in the World have already dealt into the application of the blockchain technology in their country. One such highly involved country/countries, in this case, is UAE (United Arab Emirates), the country which executed the world’s first blockchain-based Sukuk transaction.
With the launch of the Global Blockchain Council, Dubai already made an entry to this field in early 2016. Then later the same year, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Board of Trustees of Dubai Future Foundation announced Dubai’s Blockchain Strategy. This planning was also coined as “Smart Dubai Vision 2021”.
IBM is the key partner of UAE in the development of various emerging high-class blockchain projects. IBM has handled many complexities yet interesting use cases for the country. An example of same would be the Adoption of IBM blockchain by the Dept. of Economic Development (DED) to make issuance of business licenses, exchange of commerce information between government institutions, free zones and between private companies completely digitized. Dubai is the city of firsts and hence have also launched the first government-backed blockchain service in the UAE.
Etisalat Signed an Agreement With 4 Firms to Work on Blockchain and AI Solutions
Emirates Telecommunication Group Company PJSC which is being branded under Etisalat is a multinational Emirati based telecommunications services provider with presence in almost 15 countries. As of 2014, the Company was the 14th largest mobile network operator in the world.
The Companies’ selection was done with regard to the prior requirements and challenges. Companies were selected considering the prevailing challenges.
Companies selected for the AI solutions based project were Yitu Technology and Com IoT Technologies. The challenge here is to develop AI based platform for video surveillance systems and also solutions pertaining to the reduction of crime rates and road congestion. Solutions are expected to trigger behavior based and automated decisions will be executed safely.
The Next Challenge is related to the usage of blockchain technology to curb the transactional costs and complexity involved in business processes in banks, government agencies and private entities. The expected time to finish the project completely is 5 years with an aim of 40% reduction by that time. This challenge was assigned to 300cubits.
The second blockchain-based challenge was assigned to Tradefin to develop systems to enable proper currency exchanges. To be precise the interconversion between fiat currencies and cryptocurrencies. This would be helpful for the people to do an effortless online and physical transaction with any of the currencies available with them.
Blockchain Stocks has not been paid to mention any stock /company within this article nor do we own any stock in any company mentioned in this article. More information about our full disclosure can be found here – Full Disclaimer.