2020 Vision: why block chain technology start-ups that will be put into use in Dubai

2020 Vision: why block chain technology start-ups that will be put into use in Dubai

What do the former Brazil bitcoin CEO is Dubai accelerator?

This is a good question, DanielNovy said, and he soon will give the answer. The founder of bitcoin exchange Basebit and Consensys of the current block chain industry experts, this is the doer can really unhindered to flex its muscles in place, this area in the world is extremely rare.

“In Brazil, I have been working with the central bank and other ministries are part of the work, but for a long time, this is just a small group of people trying to add value.” He told CoinDesk. “Here is not a complete entity, also did not get government approval.”

In interviews with other entrepreneurs (some entrepreneurs fully migrated here, to conduct business on the other side of the world), frequently mentioned in the local government, but the government’s attitude and the west is the opposite.

Dubai Petronas Twin Towers is located in the United Arab Emirates base for future accelerators, seven block chain start-ups are located, now the seven start-ups are cooperating with the government, trying to achieve an ambitious goal: by 2020 the all the files stored in the security chain block.

With the start-up companies (including CrossVerify, Loyyal, LutherSystems, Otonomos and RSKLabs) in an interview, everyone holds the same optimistic view of the Dubai great commitment to the technology.

Business Development Manager HenrySraigman RSKLabs told CoinDesk, when his company was selected to hatch, the accelerator site was enough to convince him to transfer from Argentina to here. Sraigman said that in addition to this appeal, the government plans to provide free flights and accommodation for him, but there is no government in these free treatment and investment requirements.


Sraigman explained:

“There is a long-term commitment to innovation, and has strong leadership, but they really are firmly promote reform.”

As part of the program, RSKLabs is working with Dubai’s Ministry of economic development (DED) cooperation, explore how to use block chain technology to reduce the redundancy in the process of new business license. As the chief executive of DED MohammedShaelAlSaadi this week shows, the project aims to make it easier for enterprises registered in the relevant domestic departments (now this complicated process is very painful).

However, it is able to perform those but the lack of lofty ideals and high aspirations, the vision of talent. With the combination of skills for the company, there is a great demand for talent.

“They need the employees of our company,” said Sraigman.

Official support

However, with Dubai’s ambitions are growing, the block chain work becomes more dispersed.

The organization once integrated into the early last year announced the global blockchain Commission (GBC), which will have a road map, and obtained a large number of government agencies launched its on-line management.

For example, Dubai customs and Dubai trade department is working with the technology giant IBM cooperation in trade financing concept. While other startups are intelligent and responsible for the management of its citizens the happiness of the whole plan of Dubai Office (SDO), and is responsible for the supervision of the Dubai immigration immigration Cooperation (GDRFA).

CrossVerify CEO CarlWeir said, in order to take advantage of this opportunity, his start-up, its business from Britain to Dubai.


Weir said:

“We chose the Dubai future accelerator is because it is one of the most advanced incubator, it has an excellent opportunity to contact government agencies, and it directly support national administrators.”

The etheric Fang block chain CrossVerify using biometric technology and private version of the anti money laundering (AML) and know your customer (KYC) rules can be shared between institutions, as such, Weir will be targeted in the insurance and government institutions in the field of military business customers.

However, first of all, it is working with GDRFA, the solution used in Dubai on immigration challenges, such as reducing the entrepreneurs at the airport waiting for customs inspection time.

Weir mentioned by the plan granted to domestic start-up company’s contract size and ability to project application as the decisive factors in the.

He said, “this is real, and has the value of the currency, it will be the new project lasted from the proof of concept phase to develop practical application.”

The credibility of the industry

However, other parts of the world that Dubai provided resources will be the biggest attraction for entrepreneurs.

For example, Loyyal Strategic Cooperation Director MattHamilton said that although his company is one of the first batch of accelerator incubation startups, but his company is still focused on the understanding of the overall technology more western market.

However, with the Dubai and many block chain companies are constantly upgrading its technology as the participant status, Hamilton is even more that this situation is the appropriate incentive orientation.

Loyyal is currently working with Emirates in the concept of block chain reward points verification cooperation, but he said this is being prepared with different other projects in the company. However, DDT has already used the white label Loyyal software in its employee incentive project.

But he said the two application indeed there are some differences.

Hamilton is expected to Loyyal so far has been $280000, of which 70% are directly from its business in Dubai.

Hamilton said, when seeking to get the income of industry of venture capitalists in his company, these funds is particularly important. At the same time as the government startup review, he believes that in a while by the interests and potential defined in the market, these funds can also enhance the credibility for the company.

Hamilton simple summary of this difference:

“If you work in the United States, can not solve the problem, you will worry about losing the job. But here, they always want to become a pioneer.”

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