In a press release yesterday, Middle East telecom carrier giant Etisalat, through its innovation program Future Now, has signed agreements with four tech companies to develop solutions using blockchain and Artificial Intelligence (AI) technologies.
The signing of the contract happened after the success of Dubai’s Future Accelerator’s Program, which led to the launch of the Future Now project. The four beneficiaries of the contract include Yitu Technology (China), Com IoT Technologies (UAE), 300cubits (Hong Kong), and Tradefin (USA).
As per the press release, the condition for selecting these companies was based on their “capability to build and launch their core technology and be able to demonstrate traction and substantial use cases”.
On the Etisalat part of the agreement, expectations include granting the selected firms “access to Etisalat Digital resources and experts, office space, and support needed to deliver joint projects to Etisalat’s client base”.
Two challenges were created last year by Etisalat Digital – a part of the fifth group of Dubai Future Accelerators – towards the United Arab Emirates (UAE) 2021 economic vision.
One part of the problem dealt with the application of AI behavioral analysis that could stem the tide of crime-related patterns. The companies Yitu Technology (China), and Com IoT Technologies, UAE were given this responsibility as well as to develop a framework solution for road traffic that utilizes CCTVs to automate traffic processes and prevent congestion and accidents.
The other part of the challenge involved a sub-category two-part solution using the blockchain technology. The first part was assigned to 300cubits (Hong Kong) to explore possible solutions “to reduce the transactional costs and complexity in business processes for banks, governments, and private organizations”, by a benchmark of 40% in the course of five years.
The second part of the sub-category solution was tasked to Tradefin (USA) and it involved a focus on “the adoption of blockchain to enable exchange across various loyalty currencies and to transform a loyalty currency into a cryptocurrency that can be used to perform online and physical transactions”.
The overall outlook of this partnership seeks to establish collaborative efforts towards an expedited “adoption of cutting edge technologies”.
Legacy organizations continue to seek mainstream use cases for emerging technologies such as the blockchain. While different organizations deploy their research and development protocols into studying the relative use of this technology, one very obvious remark is that “blockchain forges a bridge between systems, and eliminates the need for siloed inventions”.
The Middle East continues to pride itself as a pro-blockchain zone with numerous innovations surrounding the tech. Not long ago, the UAE partnered with Saudi Arabia to develop a product to facilitate cross border payments. Meanwhile, Kuwait Central Bank shook hands with Ripple to enact cross-border payments.
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