BTC Wires: The Department of Economic and Development – Abu Dhabi and Algorythma have revealed their plans to host a Center for Blockchain Excellence in Masdar City, Abu Dhabi. On July 31 2018, they signed a Memorandum of Understanding (MoU) with an objective of collaboration in the implementation of projects, initiatives and strategies related pertaining to a digital transformation. As reported by state agency WAM, this MoU seeks to launch the centre in Krypto Labs, Masdar City, to enable best practises, research and innovation which would suffice the government’s goals of producing investments in technology, innovations and blockchain.
The terms bind the two parties under which they will provide services to both government and private entities by providing leadership, enhancing practices, conducting research as well as support and training. They would work towards strengthening the blockchain sphere around the country of UAE. Further, the MoU details the collaboration through an outline of AI capabilities such as computer vision, natural language processing and machine learning.
The Under Secretary General of DED, Khalifa Bin Salem Al Mansouri, conveyed that the agreement comes as a supplement to the government’s plans on transforming Abu Dhabi into an ideal choice for investment and making it a major entrepreneurial region. Moreover, the CEO of Algorythma, Dr Saleh Al Hashemi added that the company is keen to work in partnership with the DED as well as in achieving the objectives of this strategic MoU. Also, as a technology and innovation company, along with other local and federal and government authorities, the company is looking forward to adding value to technology and AI sectors in UAE.
Through this period of the rise of blockchain-based tech around the world, the UAE government is definitely foreseeing the extended impact it could have globally in the near future. It is apparently clear from steps such as this Centre for Excellence that the government is determined towards bringing in investments and training personnel that could help implement the country’s future development objectives. Employing an indigenous company Algorythma, that is situated at the heart of Abu Dhabi, does resolve the difficulty of management and regulating the work. This decision would certainly help the growth of the company, plus, would help the country’s economy as well.