Dubai Future Foundation sponsors Blockchain conference
Foundation to support Keynote2016 event to explore digital currency solutions
The Dubai Future Foundation has announced a strategic partnership with the Keynote2016 Blockchain Technology Conference, to support the event for digital currency development.
Keynote2106 takes place in Dubai on 30th May, and is intended to bring bring together pioneers of financial technology sector companies and inventors to discuss the latest financial technology programmes, tools and digital products and explore future opportunities to achieve sustainable growth of the UAE economy.
The Global Blockchain Council, launched earlier by the Foundation, and containing more than 42 government departments related to the financial sector will also participate in the conference. The Council is mandated to explore current and future applications for transactions through the Blockchain platform, which records every transaction made by smart contracts and digital currencies as a means to improve the performance of financial entities and increase the efficiency of the national economy.
Saif Al Aleeli, chief executive officer of Dubai Future Foundation, said: "The strategic partnership between Dubai Future Foundation and Keynote Events comes in line with His Highness Sheikh Mohammed bin Rashid Al Maktoum's directives to adopt the latest technologies supporting the strategic sectors and industries to make the UAE a major source of technologies of the future. We realize the importance of the financial sector in the UAE's development, and we believe that Blockchain technology can usher in vital changes by introducing new approaches and projects in the sector."
Al Aleeli also pointed out the high level of performance of the banking and financial institutions in UAE, and stressed the need to find new solutions to supports their services.
Blockchain systems offer easy and secure transactions as digital currencies can be stored in electronic portfolios and transferred from one account to another without the involvement of third parties. Such a technology serves financial institutions and helps enhance their performance by minimizing risks as digital currencies are in encrypted format and cannot be damaged or imitated. They have real cash value and are traded on the global stock markets, and several countries have given them legal validity for actual applications in various fields.
At the Keynote Conference, Dubai Future Foundation represented by the Global Blockchain Council will explore the latest Blockchain tools of different digital currencies like Bitcoin and find solutions to challenges faced by the financial industry. It will discuss the future implementations of digital currencies on financial sector entities in areas such as cutting down costs, and protecting users from risks such as money laundering, theft and hacking and other security issues. The Council will also introduce its new initiatives to attract international investors to the UAE and contribute to the development of the national economy.