The idea that the blockchain could digitize paper-heavy processes was also raised by Vignesh Raja, a private equity specialist at Viktor Koenig LLC.
Raja presented a proof-of-concept of the Singapore start-up DXmarket. The concept is still under development and is intended to help physical goods merchants, such as antiques merchants, digitize their illiquid assets and thus better connect to larger recycling exchanges, such as DMCC.
“Illiquid assets are not easy to secure and manage,” Raja said.
“With the blockchain, we want to create new digital assets and use tokens to digitize assets [and] smart contracts to improve trading efficiency.
Raja said automatic certification and ownership transfer would make the recyclables market more robust. At the same time, the principles of Islamic finance would be respected, as tokens could be covered by values in the real world.
Business registration of Bitcoin loophole
Ola Doudin, CEO at BitOasis, presented this pilot project in partnership with the DMCC to improve Bitcoin loophole internal processes. Since its first announcement by onlinebetrug, it has been trying to find ways for companies to easily participate in the DMCC trading system. This is to be made possible by customized identification evidence as part of the Flexi Desk program.
“When you go to the bank and open an account, you have to take copies of your papers with you and go through an insane process that makes all your efforts harder and harder,” she said.
“Now it only takes a few minutes and a few clicks on the blockchain and you have the documents certified and signed by the owner.
Doudin said that the project is currently in a demonstration phase and that her start-up is looking for banks, telecom operators, free zones and other potential business partners to continue the proof-of-concept.
This announcement follows news from last week that BitOasis led an undisclosed financing round supported by Wamda Capital and payment service provider PayFort.
Pinaki Aich, Vice President of Strategy at the Dubai International Financial Centre (DIFC), a government-administered free trade zone, presented an idea that will improve the transfer of corporate property.
The majority of companies in the MENA region are family businesses. For the GCC, this accounts for 98% of their businesses. Aich said that 75% of family businesses fail if their management is transferred to the next generation.
“Only within the MENA [and South Asia] region do we have $1 trillion in value exchanges between one generation and the next,” he said while describing the severity of the upcoming problem.
With regard to these facts, Aich sees that blockchain-based wills and contracts can help overcome these problems for MENA companies and those founded by emigrants. The business could thus pass from one generation to the next, while complying with local regulations.
The project was developed in collaboration with DigitUs, a blockchain app and service specialist.
Blockchain Startup and GC member Loyyal (formerly Ribbit.me) presented a concept how technology can help promote tourism in the region by enabling visitors to collect loyalty points more easily and quickly.
The loyalty points called Dubai Points are the pilot project for the blockchain-based program and are designed to boost tourism according to the goals of the Dubai Future Foundation.
“What if I was given the incentive to visit certain places and earn points,” asked Loyyal CEO Geg Simon. “Dubai is ranked 4th among the most visited cities in the world, you can make a game out of this experience. Points could be redeemed at places I want to see, no matter where I got those points before”.
Simon sees smart contracts as an important factor that will enable companies to communicate programs with each other. This way, points can be awarded for a photo taken at a certain location, and these programs can also determine how (loyalty) points can be exchanged between each other.
The Proof-Of-Concept is currently being developed by Loyyal and its regional partners “du”, Jumeirah, Flyin, Privity, International Culinary Centre for Culinary Arts Dubai, SquareCircle Tech and DigitUs. Together they develop an app for the concept.
7. improved shipping
As a late encore to the audience, Iqbal Alikhan, Strategy and Development Executive at IBM, spoke. He gave a small oversic