First came the internet craze, then the smartphone craze. Next, it’s time for blockchain and cryptocurrency to take center stage.
Blockchain is finding its way into all sorts of widespread applications. From real estate, to travel, to luxury and even healthcare, the sky is the limit.
“Blockchain is truly a revolutionary technology that helps ensure transparency and traceability like never before,” Ihab Al Yaman, Managing Director of Data Mining Platform MEmob, told AMEinfo. “We are at the tip of a profound transformation of business. Like previous shifts adoption is slow, then it accelerates.”
Julien Hawari, CEO of InfakCorp, the first Islamic Fintech Ecosystem, shared a similar opinion:
“We are at a very early stage. It is like the dial-up modem before the internet became what it is today. Adoption is increasing as corporations are testing blockchain-enabled solutions. You have to keep in mind that more than just the tech, you need a different mindset to operate this technology. Businesses need not only to master the tech but the new mindset in business operation it creates.” Hawari also serves as Advisor – Capital Crypto Bank – Crypto Advisory Firm
Here are 4 noteworthy projects you should know about.
Blockchain records system for health professionals in the UAE
In September, the UAE’s Ministry of Health and Prevention (MoHaP) launched its first blockchain-based system, in line with the UAE’s constantly developing Emirates Blockchain Strategy 2021.
This news comes from the Emirates News Agency (WAM), who said that this system will “save and share the assessment information of health professionals, including doctors, pharmacists and technicians with local licensing health authorities, which will help reduce the time and cost and improve efficiency and data integrity.”
The system will cover professionals in both the private and public sector. The goal is to “create a single digital platform with access to the portfolio of health professionals,” as per Awad Saghir Al Ketbi, Assistant Under-Secretary of the Support Services Sector.
“[MoHaP] is mapping out operational plans to integrate digital technologies with smart applications, and improve the quality, safety and efficiency of healthcare, based on big data management, predictive models and blockchain technologies,” WAM concluded.
Given the immutability of blockchain, the system will prove an essential decentralized resource for the health sector in the UAE going forward.
Libya: The first nation to run fully on blockchain? Libya is putting major stock in blockchain in the effort to rebuild their country. The reveal comes following the announcement that a Dubai advisory will help the country get back on its feet through implementation of blockchain at a nation-wide level.
According to a report by Unlock Blockchain, the Libya Institute for Advanced Studies (LIAS), “which is providing the post-conflict guidance for the rebuilding of the nation under the 2023 vision, has signed an agreement and awarded Blockchain strategy and implementation to a Dubai-based joint venture conformed by Deca4 Blockchain Advisory.”
The was done under the patronage of the Dubai Blockchain Center, an entity that provides support and aims to bring together blockchain thought leaders, developers, investors, and educators.
“The agreement covers a wide range of Blockchain applications, from an STO/ISO (Security Token Offering/Initial Sovereign Offering) that would bring investors to contribute to rebuilding the country’s infrastructure, all the way to managing digital identity, real estate records, assets, financial transactions and regulations, and all aspects of governance, with the objective of turning post-war Libya into the first nation to run fully on Blockchain.”
Jibrel: The first fully regulated blockchain-powered private financing platform
Jibrel Network, a blockchain-based fintech company headquartered in Zug, Switzerland, has ambitious plans. Uniting all those plans is the mission “to tokenize an array of assets (including debt such as bonds and Sukuk, as well as programmable tokenized equities and real estate) in a manner that is borderless, asset class agnostic and customizable for different use cases,” as per the Saudi Gazette.
To achieve this mission, the Swiss company announced this month that it will be launching Jibrel.com — the first fully regulated blockchain-powered private financing platform — after its recent acceptance into the new ADGM (Abu Dhabi Global Market) RegLab cohort in the UAE.
Yazan Barghuthi, Jibrel’s co-founder and CEO, said: “We are excited to be launching a vertically integrated private lending platform that will take startups from inception to maturity. The platform will increase investor transparency, simplify regulatory oversight and improve liquidity — by providing a streamlined platform to buy, sell and transact startup equity.”
“Jibrel was founded with the aim of tokenizing traditional financial assets,” said Barghuthi. “In collaboration with ADGM, we successfully settled the first Digital Sukuk with Al Hilal Bank and since then have further explored, researched and developed technologies that can assist in retail debt issuance. Now we have set our sights on tokenizing traditional equity.”
A digitized, blockchain-ready trade finance platform in Abu Dhabi
Abu Dhabi Commercial Bank (ADCB) has become the first bank in the UAE to run the end-to-end Blockchain trade finance transactions with full document automation through the Singapore-based dltledgers platform, as announced in a press release earlier this month. This will provide corporate customers efficiencies and faster access to cash.
On September 3rd, ADCB reported completion of its first live end-to-end trade in Blockchain, moving cross-border goods for Western Red Spring Canadian Wheat worth $6.5m (AED 25m), from Canada to Bangladesh.
ADCB’s private network provided end-to-end trade visibility across the entire life cycle of the transaction with authenticated and consented digitized documents at every step.
The new system’s documentation flow mirrors the traditional letter of credit process, involving agreeing the terms, the application, the issuance, the advising, the amendment request and its approval, the document presentation, the discrepancy resolution, and the bill settlement instructions. The efficiencies stem from using a single Blockchain network for all participants, instead of relying on multiple systems.