Dubai's Museum of the Future Foundation has announced it is creating the Global Blockchain Council to explore the possibilities of the platform, which records every transaction made by the digital currency Bitcoin.
The council will highlight the implications of this innovation on the future of business and finance sectors, and its role in facilitating transactions within the various sectors of financial and non-financial sectors as well as to increase efficiency and reliability levels.
Transactions on Blockchain can only go through if all the members approve, which limits the chances of fraud and money laundering, as the digital currency cannot be forged or damaged and can be moved across borders with ease. It also facilitates the shopping process across social media and websites.
Blockchain is defined as a digital protocol to carry out transactions and transfer money using a wide network of computers around the world, and its requirements are: the availability of digital currencies, accurate documentation, and absolute trust between all stakeholders. Blockchain can be both private and public, and enables people to choose whether to share or withhold the personal details of the stakeholders.
The establishment of the Global Blockchain Council comes in line with the efforts of Dubai Museum of the Future Foundation to promote innovation and use the next generation of technologies to enhance UAE’s position as a leading centre for innovation and knowledge economy.
Saif Al Aleeli, Chief Executive Officer of Dubai Museum of the Future Foundation, said: “The Global Blockchain Council will launch different initiatives under its umbrella to highlight and promote Blockchain and digital currencies, and explore its advantages and disadvantages. It will also draw a roadmap for best uses of this emerging technology.”