Connect with us

Blockchain

The Largest Bank in UAE Will Implement Blockchain Finance Solutions

M. Ali

Published

on

EMIRATES-NBD-Blockchain

Emirates NBD (National Bank of Dubai), one of the largest banks in Middle east will provide finance solutions for the Digital Silk Road – a Dubai 10X initiative using blockchain technology to digitize and simplify trade processes.

According to Khaleej Times, Emirates NBD has signed a memorandum of understanding with Dubai Chamber of Commerce and Industry (DCCI) to implement the Digital Silk Road.

The agreement was signed by Hamad Buamim, President & CEO of Dubai Chamber and Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, at a recent ceremony which was held at Dubai Chamber’s headquarters and attended by officials and directors from both organizations.

The Digital Silk Road is a blockchain platform aims to reshape the global trading system and eliminate trade barriers. It utilizes blockchain technology to increase the transparency and efficiency of supply chains through a comprehensive automation process.

Hamad Buamim, President & CEO of Dubai Chamber said, the Digital Silk Road aims to transform the way Dubai trades with the world and noted that the digital platform will offer several competitive advantages and benefits to companies in Dubai, including lower trade costs, faster delivery of goods, seamless trade processes, and enhanced security and transparency.

Emirates NBD is the first national bank established in Dubai and the United Arab Emirates and was founded in 1963 by Dubai’s ruler Sheikh Rashid bin Saeed Al Maktoum. It is currently largest banking groups in the Middle East in terms of assets.

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at [email protected]

Continue Reading
Advertisement
Comments

Blockchain

Video: TEDx – A Blockchain-based Decentralized university

Sying Tien

Published

on

TEDx - A Blockchain-based decentralised university

Professor John Domingue, Director of the OU’s Knowledge Media Institute, discusses developments in technology at TedX

I believe that with blockchain technology we can create a radically new type of university: a DAO University. A DAO is a Decentralised Autonomous Organisation which operates with no central control and no humans in the loop and are based on Smart Contracts: pieces of computer code on a blockchain which can represent and enact financial and legal contracts.

In a DAO University value and reputation associated with teaching and learning would be accounted for through a blockchain with no central control. Instead the whole learning community would agree how the educational elements, for example, learning materials, teaching resources and teaching delivery are shared and recompensed.

A DAO University is a next step evolution in higher education. A born digital community owned educational institution for the 21st Century. Open University Professor. Director of the Knowledge Media Institute and President of STI International. Published over 270 articles in the areas of semantics, the Web, distributed ledgers and eLearning. Instrumental role in the EU-funded project, QualiChain, which aims to revolutionise public education and its relationship to policy making and the labour market.

*Video Courtesy Of TEDx.

Continue Reading

Blockchain

Syria Might Issue a New Digital Currency

M. Ali

Published

on

By

Syria-cryptocurrency

Soreyaty, a Syrian company has revealed the completion of a new digital currency which will go by the name of e-Lira. The new cryptocurrency will be launched on January 1st, 2020.

According to Al-Iqtisadi (a Syrian financial news portal), Soreyaty’s CEO Fadi Shammout, told Al-Iqtisadi that the new digital currency will be a stable currency backed by real fiat money and will replace US dollars in all of Syria’s foreign trade and transactions, such as imports and exports.

Soreyaty will open local exchanges all across Syria, so Syrians can exchange the new cryptocurrency with fiat.

The economy of Syria has deteriorated considerably since the beginning of the Syrian Civil War in 2011. Syria’s decreased economic output has also lead to a trade deficit of epic proportions. As a result of the war, Syria’s total exports have eroded to a mere 5% ($622 million) of the country’s 2008 total ($13.3 billion). The country currently faces a trade deficit of $3.8 billion.

The U.S. government has imposed a series of economic sanctions on Syria. These include legislatively mandated penalties, including export sanctions and ineligibility to receive most forms of U.S. aid or to purchase U.S. military equipment.

Continue Reading

Blockchain

Sweden Launches a Digital Currency

Sying Tien

Published

on

Sweden-Lunches-cryptocurrency-e-krona

Sweden just announced the launch of the “e-krona”, it’s own central bank digital currency in a new pilot platform. Sweden’s central bank (Riksbank ) will sign an agreement with IT consultancy firm Accenture to create a pilot platform for a it’s new cryptocurrency.

The primary objective of the e-krona pilot project is to broaden the bank’s understanding of the technological possibilities for the e-krona

the Riksbank said in a statement.

Sweden has been working hard to eliminate the use of cash. It introduced negative interest rates and bitcoins are in high demand since citizens now see cryptocurrency as a way to store wealth. There are many Bitcoin startups that launched in Sweden, including KnCMiner and Safello. Cryptocurrency demand is growing in Sweden and there are no signs that this will stop.

Continue Reading

Popular