SBI Japan moves across GCC with digital asset ventures reaching Saudi Arabia with Aramco

SBI Japan moves across GCC with digital asset ventures reaching Saudi Arabia with Aramco

The big news in the region is the recent announcement by SBI Holdings that it has entered into a Memorandum of Understanding with Saudi Arabian Aramco, one of the leading energy and Chemicals Company, after SBI Holding established a digital asset venture in UAE with Standard Chartered.

The signing was between SBI Holding, Chairman, President and CEO, Yoshitaka Kitao; and Aramco’s President and Chief Executive Officer: Amin H. Nasser.

As per the press release, based on the MOU, SBI Holdings and Aramco will consider a business alliance in the areas of collaboration in the field of digital assets and co-investments leveraging both parties’ investment portfolios related to digital assets, as well as identifying Japanese startups in the digital asset field which have interests in expanding their business in Saudi Arabia and supporting their entry and growth.

It also includes launching various specific projects related to investments in the semiconductor field, including establishment of factories in both Japan and Saudi Arabia.

The scope of the alliance may be expanded upon agreement between the Company and Aramco.

SBI Holdings has been promoting the establishment of investment funds with local partners in the Middle East, as well as the construction of semiconductor factories in Japan, through a partnership with Powerchip Semiconductor Manufacturing Corporation. SBI Holdings recently announced a partnership with Standard Chartered to launch a $100 million Fund in the UAE to also establish a digital asset joint venture.

Through this partnership with Aramco, the parties will, together, leverage their mutual knowledge and resources to discuss further business opportunities in advanced technology fields, such as semiconductors, digital assets, etc. and contribute to economic cooperation between Japan and Saudi Arabia.

Furthermore, the SBI Group plans to establish “SBI Middle East” in Riyadh as a base of operations for conducting business in the Middle East, and is working towards further expanding its businesses in the region.

Saudi Aramco has made prior investments into Blockchain startups, including Data Gumbo, IR4Labs, VAKT, and others.

While Sanabil, the $3 billion fund owned by the government’s Public Investment Fund, is an indirect crypto investor. It mainly invests in other funds, with half its assets in venture capital (VC). They include commitments to crypto-focused Haun and Blockchain Capital as well as several other VCs with major crypto portfolios such as Andreessen Horowitz, Coatue and Tiger Global.

However this news on SBI Holding agreement with Aramco and its relation to the semi conductor business is significant given that recently USA forced Saudi backed fund Prosperity7 from investing in Sam Altman’s AI startup Open AI.  Prosperity7 has already invested as well in Blockchain, with Red Date Tech.

Blockchain and Web3 companies listed among UAE Ministry of Economy Future 100 enterprises

Blockchain and Web3 companies listed among UAE Ministry of Economy Future 100 enterprises

The UAE Ministry of Economy and the Government Development and the Future Office recently chose the top 100 Future enterprises based out of the UAE, of those were promising Blockchain and Web3 companies that are making promising contributions to the UAE’s future economic sectors.

Companies such as ACX exchange, Aya, Pravica, Distichain, Pure Harvest, Seafood Souq, Fuze,  and Verofax among others.

For example ACX operates the world’s first recognized investment exchange for environmental instruments in Abu Dhabi. It caters to corporates, financial traders, carbon project developers, and other industry stakeholders. ACX provides participants with an efficient and transparent trading platform that is user-friendly, seamless and offers the lowest transaction fees in the market. Leveraging distributed ledger technology, while Aya,  is a climatetech launchpad and advisory platform unwaveringly dedicated to harnessing the full potential of technology to drive transformative climate solutions. As trailblazers in Web3, it embraces the power of decentralized networks and blockchain, thereby elevating its approach, and amplifying the impact of its initiatives.

There is also Distichain is an international trade-as-a-service enabling instant integration with verification, fintech, regulation, documentation, and supply chain. As a software-as-a-service B2B marketplace solution, Distichain serves as a B2B trade infrastructure platform that is blockchain-enabled, with application program interfaces offering flexible functionalities and an ecosystem of service providers to deliver seamless trade to companies, trade authorities, and B2B marketplaces.

In addition to Fuze, which is a first-of-its-kind platform, enabling banks, fintechs, and enterprises to embed regulated digital assets infrastructure, and rapidly launch products from their native apps. This technology-first regulated infrastructure supports cryptocurrencies, central bank digital currencies, and tokenized assets. This enables banks and financial institutions to launch regulated and secure digital assets solutions in a B2B2C fashion, thereby allowing retail customers to participate in the virtual assets economy in a secure manner.

As for Pravica, its mission is to empower individuals and organizations with secure and private communication tools for the decentralized web. The blockchain-powered platform’s vision is to therefore create a world where privacy is the default. Pravica envisions a decentralized web where individuals have control over their data, and where organizations can collaborate freely without compromising privacy. Pravica aims to conduct market research to understand the specific needs and challenges of the region, including any regulatory requirements or cultural considerations.

Mohamed Abdou Founder and CEO of Pravica told LaraontheBlock, “ It was an amazing ceremony and I would like to thank the UAE Ministry of Economy. We are proud to have been chosen as this is not only a testament to Pravica’s success but also a testament to UAE’s leadership, vision and their support for innovation including Web3, Blockchain, and AI companies.”

He adds, “This recognition will encourage us to grow and build Pravica and grow our presence and offering.”

Pure Harvest is a technology-enabled agribusiness, harnessing the wonders of science, the power of nature, and the passions of our people to provide the tastiest, most affordable, nutritious, and most sustainable fresh produce possible anytime anywhere. Its vision is to create a more sustainable future by reimagining farming, and changing how and where humanity produces its food. Pure Harvest delivers over 15 million kilograms of produce per year- with a fraction of the water footprint of traditional farming. It has decoupled the relationship of food production from its dependence on climate, and instead married it to energy and capital sources, making possible sustainable and economic fresh produce production anywhere.

Then there is , Seafood Souq is an impact-focused digital ecosystem catering to the global seafood market, providing digital products tailored to actors in the seafood supply chain. The company has established itself as a network orchestrator, focusing its activities around trade operations and tracing the entire journey of fish, from ocean to plate.

Another on the list is Verofax which holds the in-country value (ICV) certification, a program initiated by the Abu Dhabi National Oil Company to encourage and incentivize local companies to participate in the oil and gas industry by boosting their contributions to the UAE’s economy.

Promising for Blockchain and AI : UAE Minister for AI appointed as Director General of Dubai Crown Prince’s Office

Promising for Blockchain and AI : UAE Minister for AI appointed as Director General of Dubai Crown Prince’s Office

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, who also serves as a Board of Trustees member and Deputy Managing Director of the Dubai Future Foundation, Vice Chair of the World Government Summit, Chairman of the Dubai Chamber of Digital Economy, and Chairman of the Artificial Intelligence and Blockchain Council has been appointed as the Director General of the Dubai Crown Prince’s office.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has appointed Omar Sultan Al Olama as the Director General of the Dubai Crown Prince’s Office.

Olama has been committed to strong governance, effective regulation, and the provision of essential data and infrastructure positions the UAE as a prime test-bed for AI innovations. He has overseen initiatives such as the personal data protection law, the National Program for Coders, and the UAE Council for Artificial Intelligence and Blockchain. As per the announcement, he aims to accelerate the growth and transformation of the digital economy, ultimately doubling its contribution to the UAE’s non-oil GDP within the next decade.

UAE based Seagrass and The Hashgraph Association Announce Launch of Co-Funded Carbon Credit Web3 Identity Wallet 

UAE based Seagrass and The Hashgraph Association Announce Launch of Co-Funded Carbon Credit Web3 Identity Wallet 

The Hashgraph Association, the non-profit organization accelerating the broad adoption of the DLT ( Distributed Ledger Technology) network Hedera globally, has today announced a co-funding initiative with UAE based Seagrass, a climate action company and subsidiary of E.ON, one of Europe’s largest operators of energy networks and energy infrastructure. 

This initiative facilitates the building of the Seagrass Wallet, a proof-of-concept Web3 identity wallet that provides users with a decentralized digital identity and wallet that relates to their carbon projects. 

Seagrass which is based in Abu Dhabi Global Market (ADGM) financial centre UAE holds a license to arrange trades in environmental instruments from ADGM’s Financial Services Regulatory Authority. Seagrass chose the UAE because of its position as the cross roads and stands where carbon credits are originated as well as demanded.

Seagrass aims to unlock the potential of the carbon markets and transform carbon finance, which can make an important contribution to the net-zero transition. This collaboration supports its goal of bringing together supply from certified projects with large-scale demand from buyers with ambitious climate strategies on a centralized marketplace driven by technology, transparency and integrity.

The Web3 identity wallet provides transparency on environmental, economical and project data to buyers and developers. Self-Sovereign Identity (SSI) architecture enabled by Hedera ensures users will have a decentralized digital identity and crypto wallet that is compliant with European standards. This leading-edge Web3 digital wallet creates, stores, and presents digital identities with verifiable credentials, alongside the storage and exchange of assets.

The digital identity would put users who had been onboarded by Seagrass in charge of their credentials, potentially allowing them to save time and reduce costs by interacting with other market participants without having to go through fresh due diligence or know-your-client checks.

The proof-of-concept has been designed to be compatible with Seagrass Carbon Map, a live application available to buyers and sellers on the Seagrass marketplace that provides users with sophisticated data on the impact of nature-based projects and enables deep, ongoing engagement between project developers and carbon credit buyers. Seagrass Wallet is currently in testing and will be made available to clients in 2024.

Thomas Birr, Chief Strategy and Innovation officer at E.ON and Managing Director of Seagrass’ shareholding company, said: “We’re proud to be partnering with The Hashgraph Association and Hedera on the use of Distributed Ledger Technology (DLT) to unlock opportunities in the carbon markets via Seagrass.  I look forward to seeing its implementation and use in 2024.”

Kamal Youssefi, President of the Board of The Hashgraph Association, said: “As we build a vibrant innovative ecosystem for startups, enterprises, and government institutions around the world, we simultaneously focus on the realization of a net zero carbon future. Combining the power of Hedera’s DLT with Seagrass’ commitment to scale the carbon markets via liquidity, integrity, and digital access for all, it also builds value on the wider engagement with E.ON.”

IOTA utilizes blockchain assessment from Zokyo for UAE ADGM registration

IOTA utilizes blockchain assessment from Zokyo for UAE ADGM registration

IOTA utilized the expertise of Zokyo, a blockchain security solutions provider to carry an assessment of IOTA’s white paper and Token economy paper in alignment to industry benchmarks and ADGM regulatory requirements for IOTA’s registration as the first DLT Foundation in ADGM.

 Zokyo Econ Lab a new division of Zokyo is dedicated to assisting blockchain companies in optimizing their token economics, aligning them with both industry and regulatory standards across various jurisdictions. Zokyo Econ Lab specializes in driving exceptional growth at the forefront of blockchain innovation, including ecosystems, protocols, foundations, and DAOs.

Zokyo Econ Lab’s first major undertaking in regulatory compliance involved the successful registration of IOTA, a renowned blockchain protocol, under the Abu Dhabi Global Market DLT Foundations 2023 regulations.

The IOTA audit assessed the alignment of IOTA’s White Paper and Token Economy paper with regulatory requirements and recognized industry benchmarks for their content. This included a proper market, product, and business overview; identification of target users and services provided; explaining reasons for tokenization; token utilities; tokenized ecosystem participants breakdown; usage of the token and it’s value for users; incentive policy, and more.

With expertise in mathematical analysis, Zokyo Econ Lab designs comprehensive token models to maximize value and ensure sustainable growth. By scrutinizing distribution, utility, governance, and incentives, Zokyo Econ Lab identifies and capitalizes on optimization opportunities. It aims to craft robust ecosystems that drive stakeholder engagement and project resilience. This proactive approach positions blockchain projects at the forefront of the industry, ready to adapt and thrive in a rapidly evolving digital economy.

The audit process was structured in two phases: an initial report to identify areas of concern and recommend improvements, followed by a collaborative workshop with the IOTA team. The final report, post-remediation, confirmed IOTA’s compliance with the ADGM DLT Foundations 2023 regulations.

Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation, said: “Zokyo was an instrumental partner in helping to navigate the new regulatory framework of the Abu Dhabi Global Market (ADGM) in the United Arab Emirates. Zokyo’s expertise and thorough processes helped a great deal in successfully getting the IOTA Ecosystem DLT Foundation registered as the first foundation under the new DLT Foundations Regulations, enabling us to start our next chapter of global expansion.”

Hartej Sawhney, Founder and CEO of Zokyo, added, “The inauguration of Zokyo Econ Lab marks a pivotal moment in demystifying the complex realm of both blockchain regulation and token modeling. Our commitment to offering bespoke compliance solutions extends beyond ADGM, as we support blockchain enterprises in dozens of jurisdictions.”

Zokyo’s collaboration with VAF Compliance, a consultancy company specializing in regulatory compliance within the blockchain and virtual asset sector, further underscores the lab’s dedication to providing superior compliance services.

UAE Crypto mining entity Phoenix Group orders $380 million of crypto mining hardware

UAE Crypto mining entity Phoenix Group orders $380 million of crypto mining hardware

UAE Crypto mining entity, Phoenix Group, which recently launched the first crypto blockchain IPO in the MENA region, has purchased $380 million of crypto mining hardware from Whatsminer.

The contract exceeding $380 million marks the largest order for Whatsminer in the last two years, underlining Phoenix Group’s dominant position in the Middle East’s tech and blockchain sector.

The agreement entails an immediate delivery of mining equipment valued at $136 million, with an additional option worth $246 million.

Phoenix Group, already partnered with and the exclusive distributor of WhatsMiner, is taking a significant leap forward by integrating hydro cooling miners in collaboration with WhatsMiner. This initiative, already underway, marks a pivotal step towards establishing world-class High-Performance Computing (HPC) data centers. The established partnership with WhatsMiner, now further enhanced by this deal, demonstrates Phoenix Group commitment to sustainable mining technologies, leading the industry towards a greener future.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, shares, “This collaboration with Whatsminer is a milestone for Phoenix Group, reflecting our strategic foresight and commitment to pioneering in the tech industry. Our successful listing on the ADX has further empowered us to pursue such significant partnerships, enhancing our capabilities in the blockchain and cryptocurrency sector.”

Munaf Ali, Co-Founder & Group MD, adds, “Our partnership with Whatsminer and the development of hydro cooling technologies are key components of our vision for sustainable and innovative mining operations. These advancements are not only a leap in our technological capabilities but also align with our commitment to environmental responsibility.”

UAE Crypto mining entity, Phoenix Group, which recently launched the first crypto blockchain IPO in the MENA region, has purchased $380 million of crypto mining hardware from Whatsminer.

The contract exceeding $380 million marks the largest order for Whatsminer in the last two years, underlining Phoenix Group’s dominant position in the Middle East’s tech and blockchain sector.

The agreement entails an immediate delivery of mining equipment valued at $136 million, with an additional option worth $246 million.

Phoenix Group, already partnered with and the exclusive distributor of WhatsMiner, is taking a significant leap forward by integrating hydro cooling miners in collaboration with WhatsMiner. This initiative, already underway, marks a pivotal step towards establishing world-class High-Performance Computing (HPC) data centers. The established partnership with WhatsMiner, now further enhanced by this deal, demonstrates Phoenix Group commitment to sustainable mining technologies, leading the industry towards a greener future.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, shares, “This collaboration with Whatsminer is a milestone for Phoenix Group, reflecting our strategic foresight and commitment to pioneering in the tech industry. Our successful listing on the ADX has further empowered us to pursue such significant partnerships, enhancing our capabilities in the blockchain and cryptocurrency sector.”

Munaf Ali, Co-Founder & Group MD, adds, “Our partnership with Whatsminer and the development of hydro cooling technologies are key components of our vision for sustainable and innovative mining operations. These advancements are not only a leap in our technological capabilities but also align with our commitment to environmental responsibility.”

Blockchain Agritech company Dimitra working with Saudi Arabia to develop Coffee business

Blockchain Agritech company Dimitra working with Saudi Arabia to develop Coffee business

Blockchain Agritech company, Dimitra, is working with Saudi Sustainable Union Trading company (SUT), an organization that develops innovative agriculture solution to establish a program for Jazan Coffee producers with Connected Coffee Platform for 700 farms.

Dimitra and SUT aim to promote the coffee industry within the country. By assisting in developing coffee farms in the Jazan region of Saudi Arabia, these farmers can further capitalize on their unique coffee heritage in Saudi Arabia.

The Jazan Coffee Cooperative (CCJ), a leading agricultural development institution and national expertise house in the agriculture sector, is using Dimitra’s Connected Coffee platform. The tailored Blockhain enabled platform provides straightforward, actionable insights to increase the quality and quantity of coffee yields, all sustainably and with longevity in mind. The platform also offers real-time track and trace capability throughout all levels of the supply chain, ensuring farmers’ produce is transparent and credible.

The project’s initial phase starts with 200 farms in 2023 and will reach 350 by the end of 2024. The project’s full scope is to implement the Dimitra Connected Coffee platform for 700 farms in 6 coffee provinces in the Jazan region that cultivate Arabica and Khawlani coffee beans.

Specifically, Dimitra’s Connected Coffee platform will help the farmers establish quality control measures. It will also assist with monitoring and maintaining the quality of coffee produced. Moreover, it will also encourage farmers to adhere to international quality standards. The app will also motivate farmers to consider obtaining certifications such as organic to enhance marketability.

Maged Elmontaser, Dimitra’s MENA regional Director, says, “The Jazan province is packed full of advantages. The six mountainous governorates have many investment opportunities, especially in agriculture and heritage sites. Exploring opportunities to integrate coffee farms into the Dimitra Connected Coffee platform will transform the coffee industry. In addition, it will revolutionize the history, cultivation, and brewing of Saudi Arabian coffee. They are leveraging knowledge exchange, access to markets, and improving the overall competitiveness of Saudi Arabian coffee”.

Qatar Investment company invests $15 million in Layer1 Blockchain platform QAN

Qatar Investment company invests $15 million in Layer1 Blockchain platform QAN

UK QANplatform, the quantum-resistant Layer 1 blockchain, receives $15 million investment from Qatar investment company MBK Holding. In September 2023, MBK holding publicly expressed their support for QANplatform.

The QANplatform unveiled its private blockchain on September 12th 2023. The platform which is both quantum resistant and compatible with Ethereum’s EVM received support from Qatar ruling family member H.E. Sheikh Mansoor Bin Khalifa Al Thani.  In a privately held partner event prior to the public launch of QANplatform, H.E. Sheikh Mansoor Bin Khalifa Al-Thani, Member of the Qatari Ruling Family, Chairman of MBK Holding, and former ICT Director for The Council of The Qatar Ruling Family Affairs stated, “We always evolve but not everyone leads the way. I’m proud to support the introduction of a cutting-edge deep tech project, such as QANplatform, in the Gulf region and on the global market.”

Today MBK holding has gone a step further and announced their $15 million investment in QANplatform days before the launch of its testnet.

MBK Holding, an investment holding company with its main office in Qatar and a subsidiary in the United Kingdom, focuses on investing in technology startups. The Founder and Chairman, H.E. Sheikh Mansoor Bin Khalifa Al-Thani, member of the Qatari ruling family, formerly served for a decade as the director of information technology for The Council of The Qatar Ruling Family Affairs.

In addition MBK Holding will offer growth services to facilitate global market access and expansion for QANplatform. MBK Holding’s focus extends to various regional markets, including Qatar, Saudi Arabia, United Arab Emirates, Turkey, and United Kingdom while also encompassing other global opportunities.

H.E. Sheikh Mansoor Bin Khalifa Al-Thani, Founder and Chairman of MBK Holding commented, “MBK Holding proudly backs QANplatform, the game-changing quantum-resistant blockchain platform and nominates Johann Polecsak as the Director of Blockchain of MBK Holding. Blockchain technology in general, is still an untapped area with many opportunities and potential to transform entire value chains, sectors, and business processes. As a deep tech startup, QANplatform can lead the next wave of blockchain platforms with its remarkable features, including multi-language smart contracts and quantum-resistant security. QANplatform is a great fit for our portfolio and partner companies to discover and benefit from the potential of its technology.”

Johann Polecsak, Co-Founder and CTO of QANplatform added, “Working alongside MBK Holding and their team is truly an honor. QANplatform is driven by the vision of creating the safest and most user-friendly blockchain platform, enabling the development of numerous real-world robust applications that bring tangible value to various industries.”

MBK Holding recently signed a strategic partnership with the Ministry of Investment of Saudi Arabia to support entrepreneurial growth and innovation in Saudi Arabia by developing growth services that seek to create market-leading investment opportunities.

QANplatform will be the first EVM-compatible, quantum-resistant Layer 1 hybrid blockchain platform where developers can code smart contract, DApp, DeFi, DAO, token, NFT, Metaverse, CBDC, tokenized asset, and robust Web3 solutions on top of the QAN blockchain platform in any programming language.

As a hybrid blockchain, QANplatform will have a private and public blockchain as well. In September 2023, QANplatform marked a new era of Web3 OS (Operating System) with the launch of the QAN Private Blockchain. QANplatform has unveiled the world’s first private blockchain that is both quantum-resistant (using NIST primary recommended post-quantum algorithm), and compatible with Ethereum’s EVM, while also enabling developers to code smart contracts in any programming language.

QANplatform’s ecosystem is building up with renowned companies such as Hacken, Beosin, or Alpine Esports. In February 2023, Alpine Esports, a Group Renault brand, and inter alia in the Formula 1® Esports Series signed QANplatform as its Official Blockchain Partner. In September 2023, QANplatform was selected to the Ernst & Young Startup Program as one of the nine selected promising startups in the technology and finance sectors, chosen from among hundreds of applicants globally.

This announcement comes as Qatar enters the blockchain era, with the launch of its digital assets lab, as well as partnerships with R3, Settlemint and others.

UAE Tech Innovation Institute launches Blockchain carbon tracking & trading platform at COP28

UAE Tech Innovation Institute launches Blockchain carbon tracking & trading platform at COP28

UAE Technology Innovation Institute (TII), a leading global scientific research center and the applied research pillar of Abu Dhabi’s Advanced Technology Research Council (ATRC), has launched a blockchain-powered carbon tracking and trading platform, which will facilitate international trade in carbon tokens. Verifiable and trustworthy carbon trading can play a vital role in driving green investment and accelerating the road to net zero emissions.

TII’s Cryptography Research Center (CRC) designed the new platform that aligns with both the UAE Vision 2021’s aim of fast-tracking a sustainable environment and achieving net zero as well as the goal of COP28 to “accelerate a transition that puts our economies on the path toward a new low-carbon, high-growth, sustainable economic model in a way that is both transformational and just. The platform will support the global carbon market and allow better tracking of carbon emissions and carbon emission trading. Using a lightweight, efficient blockchain implementation that is not computationally wasteful, as opposed to existing blockchain projects, tracking and trading activities can be verified publicly at little to no cost, either in carbon emissions or other resources. 

Dr. Ray O. Johnson, CEO, Technology Innovation Institute, said, “We are proud to announce this digitized tracking and trading platform at COP28, which represents the UAE’s drive to become a technology and innovation powerhouse and its commitment to leading the world’s climate action agenda. The UAE has provided the tool to ensure that trading can be done in confidence while mitigating human impact and maximizing the benefits to the environment.”

While other organizations are also developing digital carbon trading platforms, TII is the first to implement a blockchain-enabled Proof of Concept as it continues to prepare the platform for global trading. The platform will accurately track carbon emissions by registering the emissions from any worldwide public or private organization. Auditors can then establish a chain of trust from emissions from capture to storage to trading. These audited transactions can be made transparent while keeping intact the privacy of the user – emitter, buyer, or third party. 

TII’s new platform will allow for the creation of tokens that represent a quantity of carbon dioxide that has been removed from the environment. The token can then be stored and traded transparently and securely. The trade-in tokens will create incentives to drive investment in green projects such as forestation and carbon capture and allow entities to offset hard-to-decarbonize activities – further incentivizing green investment. Specifically, blockchain can track and trace products throughout their supply chain journey, enable peer-to-peer energy trading, and create a transparent and immutable ledger of waste disposal and recycling activities. It can also help track water and forestry management efforts.

The establishment of a global carbon credit market was approved at COP21 in Paris in 2015 and a supervisory body was set up to oversee its regulation. The entity aims to finalize its recommendations for approval during COP28, which will trigger a more robust international carbon market than currently exists.

By employing the use of PKI and advanced consensus algorithms, this blockchain solution ensures secure transactions without the resource-intensive proof of work algorithms, resulting in a seamless and eco-friendly network where the decentralized transactions can unfold minimal transactional impact.

Dr. Najwa Aaraj, Chief Researcher at TII’s Cryptography Research Center (CRC), said: “This tracking and trading platform was designed by our talented team of international experts and allows large numbers of verified users to carry out carbon tracking and trading transactions in confidence. It protects the integrity of the transactions and the privacy of the user while ensuring auditability and transparency, making it a perfect tool for a new era of confident carbon trading.”

The TII blockchain offers a verifiable multi-tenant, multi-transaction solution with public key infrastructure (PKI) permissioning built into its core design in addition to a high-security cryptographic stack. The blockchain features a consensus algorithm and a smart contract platform which are designed as pluggable components with integrated practical complex fault tolerance. The permission-based blockchain uses a lightweight, efficient implementation that makes it easy and affordable to transact, track, and trade.

UK Blockchain platform ZERO13 wins UAE Central Bank COP28 Techsprint

UK Blockchain platform ZERO13 wins UAE Central Bank COP28 Techsprint

The UAE Central Bank announced the result of the Cop28 UAE Techsprint, where UK Blockchain solution provider ZERO13, was recognized in the category of “Innovative blockchain solutions in sustainable finance to scale up climate action. ZERO13 blockchain driven platform facilitates issuance, trading, clearing and settlements of carbon credits linked to tangible ESG (Environmental Sustainable Goals) using interoperable blockchains and APIs.

As per ZERO13 website, ZERO13 is helping to achieve Net Zero by combining AI and blockchain to restore trust in carbon credit markets, addressing green washing, double counting, price transparency, vertical silos and market fragmentation.

UAE TechSprint launched by The UAE Central Bank, COP28 presidency, the Bank for International Settlements (BIS), and the Emirates Institute of Finance (EIF); is a global initiative that promotes  technology innovation in scaling sustainable finance, aligned with the CBUAE’s goals to drive digitalization, advanced technologies, and sustainability in the financial sector.

COP28 UAE TechSprint attracted 126 proposals from across 31 countries, engaging participation of financial innovators and developers from around the world. Following the submissions of proposals, 15 finalist teams were shortlisted and presented their prototypes to an independent panel of judges who selected the best solution in each of the three categories below.

Other winners included Intensel, from Hong Kong,  which was recognized in the category of “Innovative artificial intelligence solution to scale up sustainable finance and climate action” with their climate analytics platform that leverages artificial intelligence, satellite imagery and climate and financial models to measure and translate climate hazards into financial risk at the asset level.

In addition to  Evercomm, from Singapore, which was recognized in the category of “Innovative IoT and sensor technology solutions in sustainable finance to scale up climate action” with their IoT-powered digital emission disclosures and verification for industrial emission reduction strategies supporting compliance and sustainability-linked financing.

The teams behind these solutions along with the shortlisted participants will each be eligible to receiving an award to help them fund further development.

His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, said: “Effectively managing climate change demands finance that is both easily attainable, accessible, and economically feasible. I congratulate the teams behind these technological solutions aimed at fostering sustainable finance standards and instruments. These innovations have the capacity to enhance investor trust and more effectively channel capital to those most in need. COP28 remains steadfast in collaborating with its partners to implement tangible solutions, accelerating the expansion of climate action and expediting global initiatives for sustainable finance.”

His Excellency Khaled Mohamed Balama, Governor of CBUAE and Chairman of EIF, said: “The COP28 UAE TechSprint highlighted the crucial role of advanced technology innovations in sustainable finance to contribute to a more sustainable future. The initiative has brought to the fore innovative solutions from around the world that can be deployed to drive progress in scaling sustainable finance in line with CBUAE’s strategy with an emphasis on advancing digitalization, innovations, and sustainability in the financial sector. On behalf of the CBUAE, I am pleased to congratulate the participants for their innovative solutions and look forward to the impact of pioneering technological solutions to scale up sustainable finance.”