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C4IR UAE, World Economic Forum introduce blockchain accelerator program at Dubai's Area 2071

Tue, 17 Sep 2019, 03:34 am UTC

The Centre for Fourth Industrial Revolution in the UAE (C4IR UAE) introduced a blockchain accelerator program at its headquarters in AREA 2071 in Emirates Tower in Dubai, according to the Emirates News Agency.

As per the report, the program, which will be hosted by the Dubai Future Foundation, aims to bring together public and private sector entities, including blockchain experts, specialists from the World Economic Forum (WEF), and different legislative authorities that implement blockchain-based technologies.

C4IR UAE aims to work with stakeholders to test blockchain governance frameworks and create blockchain-based infrastructure protocols in UAE sectors. It also plans to look into other technologies including artificial intelligence, machine learning, and precision medicine.

The project is a collaboration between the UAE government and the WEF. Although it is the first center of its kind under C4IR UAE, this is the fifth in the world, with the four in the U.S., Japan, China, and India.

The accelerator program supports the Emirates Blockchain Strategy 2021, which was launched by the UAE government in April 2018, in a bid to make the country a hub for digitization and innovation. The strategy targets to transfer half of all government transactions to blockchain by 2021. The government hopes that automating routine transactions will help it save Dh 11 billion (~$2.9 billion), reduce the printing of 398 million documents, and save 77 million work hours annually.

In July, the WEF released a paper that serves as a guide in understanding the benefits of blockchain technology. The guide touches on the strategies that firms use with regard to the decentralized ledger network and breaks blockchain down to several components that would be easily understood by firms who want to use it.

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