Zayed University research points to Hashgraph DLT replacing blockchain

Zayed University research points to Hashgraph DLT replacing blockchain

UAE  Zayed University researchers have published a new research report under the title, “Investigating the Failure of the Blockchain Technology and Suggested Recommendations”, recommending the consensus algorithm underlying the Hedera network, hashgraph, as the best Distributed Ledger Technology (DLT) to utilize.

Ala’ Al Hilal a Professor at UAE Al Zayed University, and his colleagues undertook a comprehensive investigation of the strengths and shortcomings of blockchain technology, while showcasing DLT as an alternative that can offer more viable solutions than blockchain to both public and private.

As per the research, one of those promising alternative DLT platforms is hashgraph. Unlike traditional blockchain platforms, which use a chain of blocks to record transactions and rely on miners to validate those transactions, hashgraph uses a Directed Acyclic Graph (DAG) to record transactions and relies on a consensus algorithm to validate them. A thorough comparative analysis was conducted between these two technologies to determine which would emerge as the dominant technology in the market. The research found that the primary distinction between Hashgraph’s DLT and traditional blockchain technology is in their approach and structure. While blockchains store data in blocks linearly, hashgraph uses a directed acyclic graph to store and process information. Both DLTs are decentralized, with each node having a copy of the ledger and sharing any changes.

The research report compares speed, efficiency, fairness, and awareness between traditional blockchain platforms and DLT solutions. In terms of speed, it was found that hashgraph can process approximately 500,000 transactions per second by utilizing the Gossip method. On the other hand, some blockchain networks can only achieve a maximum speed of around 10,000 transactions per second. As such, hashgraph is faster than blockchain as it requires less information to be disseminated across the network as more events occur.

When it comes to efficiency on blockchain networks, users may encounter difficulties when working on a block, particularly when two blocks are submitted simultaneously. In such cases, one of the blocks must be discarded, which can lead to a less efficient network. In contrast, hashgraph does not require block creation and instead relies solely on events, making it a more efficient option.

Regarding fairness, researchers found that on a blockchain, users can select which orders they want to process or halt. This can lead to a lack of fairness for those who are using the network or who are connected to it in any way. Conversely, hashgraph approaches fairness differently. It randomly allocates nodes and uses consensus time stamping to prevent interference and enhance the effectiveness of transaction ordering.

Ala’ Abu Hilal stated, “The primary motivation behind my research was to explore decentralized technologies and their potential applications for enhancing the security and scalability of decentralized applications. Thus, I chose Hashgraph specifically for its unique consensus mechanism, high throughput capabilities, and notable features.” He adds, “As for future research, I do indeed plan to delve deeper into the applications and implications of hashgraph technology, aiming to provide a more comprehensive understanding of its capabilities and potential impact.”

The research paper assesses that “Hashgraph has the potential to supplant traditional blockchain platforms as the leading technology. We anticipate that hashgraph will achieve widespread success and popularity without necessarily replacing existing technologies due to its patented algorithm, superior scalability, and faster consensus mechanism; hashgraph has the potential to overcome many of the shortcomings of blockchain.”

Kamal Al Youssefi, commenting on the Zayed University research report, stated, “This research report backs up what we know to be true about the advantages of Hedera’s DLT. The Hashgraph Association’s work in the MENA region to support startups, government, and enterprise projects both in terms of funding as well as technology and business advisory services will help increase adoption of hashgraph. As concluded by the researchers, we are firm in our belief of the power of hashgraph technology to offer an impactful substitute to blockchain.” 

Hedera and Dar Blockchain launch Web3 hackathon in Tunisia

Hedera and Dar Blockchain launch Web3 hackathon in Tunisia

Tunisia is set to witness the first Hedera Hackathon taking place from January 26th to 28th, 2024. The event is a collaborative effort between Dar Blockchain, The Hashgraph Association, ESPRIT University, and SUP’COM University. The aim of the Hackathon, backed by the Hedera Network, is to boost the adoption and understanding of Distributed Ledger Technology (DLT) in the country.

Dar Blockchain, a pioneer in the blockchain technology space, dedicated to redefining the digital landscape toward decentralization, and The Hashgraph Association, a non-profit organization that supports training and education programs across multiple industry verticals through broad adoption of Hedera-powered, enterprise-grade solutions, have partnered with two leading universities in Tunisia to establish a platform that explores the latest in Web3 technologies. 

ESPRIT University, a distinguished institution specializing in engineering and technology, and SUP’COM, the Higher School of Communication of Tunis or Engineering School of Communication of Tunis, will utilize the Hedera Hackathon to emphasize the innovative possibilities offered by the Hedera Network.

Participants will have the opportunity to learn, collaborate, and contribute to the transformation of industries through engaging activities and access to a specialized Web 3.0 Decentralized Academy.

Mohamed Mnif and Jaafar Saied, the Co-founders of Dar Blockchain, said: “ We are proud to be launching the first Hedera Hackathon at two reputable universities as part of our aim to set up chapters in local universities and offer training as we lay the foundation for a real understanding of DLT and blockchain. Tunisian youth and university students will be equipped with the skills and knowledge needed to foster Web3 adoption, not only in MENA but globally.”

The Hedera Hackathon will offer tracks that include DeFi (Decentralized Finance), revolutionizing finance with accessible and secure financial services for the Tunisian and African community, DAOs (Decentralized Autonomous Organizations), reimagining organizational structures for innovative university organization management and collaboration across the country, as well as tracks on the metaverse and NFTs (Non-Fungible Tokens). 

Teams of three to five members are eligible to participate and must send in their applications no later than January 20th , 2024. At least one member of the team needs to be certified on the Hedera ecosystem.

Participants will be required to build solutions that leverage Hedera’s DLT, addressing real and current needs within the African community and showcasing practical applicability and positive impact.

At the end of the Hackathon, teams will need to submit a live and functioning project which includes a URL, a PowerPoint presentation outlining the business case and functionalities, and a three to five minute demo video demonstrating the project’s key features.

Selection criteria for the best projects will be based on relevance to the Hedera Hackathon’s themes, effective usage of the Hedera DLT Network, technical functionality, clear business case, scalability, team composition and collaboration, and effective presentation capabilities.

Kamal Youssefi, President of The Hashgraph Association, added, “Our support of the proliferation of innovative DLT solutions in the African continent is one of our key objectives. We believe that it is through the utilization of the Hedera Network and distributed ledger technology that we can empower future generations to build enhanced economies, technologies, and societies. Working with DAR Blockchain and future-driven universities such as ESPRIT, and SUP-COM is a privilege and an honor.”

In 2023 Dar Blockchain and The Hashgraph Association signed a partnership agreement to develop blockchain in Tunisia and the African continent.

Qatar to attract Blockchain and digital asset entities

Qatar to attract Blockchain and digital asset entities

The Qatar Central Bank( QCB)  sets to attract Big Tech and Fintech entities in the fields of Blockchain, AI, Tokenization, Digital assets and crypto to the country.

As per its third financial sector strategy launched by HE Prime Minister Sheikh Mohamed Bin Abdulrahman Bin Jassim Al Thani, the Qatar Central Bank recommended enhancing financial inclusion, measures to facilitate building a world-class shared market infrastructure and establishing a financial technology talent center of excellence.

The third financial sector strategy is to make Qatar a leading ecosystem embracing emerging technologies to accelerate digital transformation supported by adaptable and consistent regulatory frameworks and trusted market infrastructure. The regulatory framework is one of the key initiatives and aims to develop framework for DLT ( Distributed Ledger Technology), Blockchain, Crypto and digital assets as well as Decentralized Finance (DeFi). The regulations will ensure a trusted, legal and economic environment for AML, IP rights, and KYC KYT.

Growth areas include payments ecosystem specifically retails, as well as introduction of solutions such as robo advisory, Blockchain, artificial intelligence, digital assets and tokenization.  It also includes digitization in Islamic Finance and ESG (Environmental Social Governance).

The strategy contains 48 actionable items with 20 high priority ones as per the strategy.

The Qatar Financial Centre Regulatory Authority and QFC Authority have jointly developed a QFC digital assets framework, as well as launched their digital assets lab which will work as a sandbox for incubating startups.

QCB governor Sheikh Bandar bin Mohamed bin Saoud al-Thani. Stated,”We believe in the importance of digital finance ecosystem in supporting the development process. As a result, we have adopted this ecosystem as a third pillar within our strategy to lead the digital financial transformation for the sector to be pioneer in the adoption of modern technologies.”

R3 latest council member of Emirates NBD digital asset Lab

R3 latest council member of Emirates NBD digital asset Lab

UAE Emirates NBD bank chooses R3, the blockchain and DLT infrastructure provider as latest council member of its digital asset Lab. R3 will join PwC, a professional services firm, and Fireblocks, a digital asset transfer and direct custody technology platform, as the founding council members of the Lab.

R3’s Corda offers distributed application and tokenization platforms powering regulated digital finance. Only Corda offers a permissioned ledger, asset modelling capabilities and a multi-party workflow engine in one interoperable and scalable distributed platform.

By adding R3, Emirates NBD is strengthening the new collaborative ecosystem by leveraging R3’s regulated markets expertise to drive transformative advancements in digital assets, currencies and banking services. The new membership marks a pivotal step in Emirates NBD’s journey towards redefining the future of banking, using R3’s technology to enhance security, efficiency and customer-centricity.

Abdulla Qassem, Group Chief Operating Officer at Emirates NBD, commented: “We are pleased to welcome R3, a technology pioneer, to the Digital Asset Lab. The platform is significant to Emirates NBD’s innovation strategy as it serves as a testing ground for new financial technologies and digital assets. As a digital banking leader, the Lab demonstrates Emirates NBD’s commitment to stay at the forefront of innovation in a rapidly evolving financial landscape.”

David Rutter, Chief Executive Officer at R3, noted, “R3 is delighted to be partnering with Emirates NBD by participating in its new Digital Asset Lab. The region continues to go from strength to strength in global financial innovation, and the creation of the Lab marks another significant milestone in the growth of its burgeoning FinTech sector.”

The Digital Asset Lab launched in May 2023 at the Dubai FinTech Summit, with the goal of enabling and accelerating digital asset and financial services innovation in the UAE.

R3 has been expanding aggressively in the MENA region in the past months.

IOTA to launch its regulated DLT Foundation in Abu Dhabi UAE

IOTA to launch its regulated DLT Foundation in Abu Dhabi UAE

IOTA an open-source distributed ledger and cryptocurrency designed for the Internet of things announced that it will be establishing its IOTA regulated foundation for digital infrastructure in Abu Dhabi UAE. This is as per their blog is a move that underlines their commitment to the UAE and their growth plans globally. Prior to this IOTA had announced in September it would launch its headquarters in UAE.

As per the blog post, the purpose of this entity is to become one of the primary organizations to foster the growth, adoption, and global expansion of IOTA. The post states, “As we open up a new chapter with IOTA, we need to match technology with the right support to establish IOTA as a global ecosystem. We can only do this by operating out of the right environment. We are convinced that the UAE will offer IOTA the best environment to realize its global ambitions.”

It adds,” We want IOTA to be a public goods infrastructure that will power our digital society and economy. With the new foundation in Abu Dhabi, we are confident that we will achieve this vision of the future.”

This announcement comes just after ADGM (Abu Dhabi Global Market) regulatory authority (FSRA) announced its new DLT Foundation regulatory framework. So IOTA could be the first entity to launch under this new regulatory framework.

According to Dominik Schiener, Chairman of the IOTA Foundation: ”From the very beginning, we have experienced a very warm welcome and unwavering support from leaders, regulators, and businesses in Abu Dhabi. I am simply amazed at how the country operates and how it is being led by visionary and open-minded leaders. This “can-do” mentality is the perfect environment for us to take IOTA to the next level. We are excited to play a role in helping to establish the UAE as a hub for technology innovations.”

The newly established foundation will operate under the guidance of a dedicated board of directors. One of its primary objectives will be to provide essential funding and support to the rapidly growing IOTA ecosystem. This commitment aligns with our mission to foster innovation and development within the broader DLT space.

IOTA aims to work closely with leading institutions out of the UAE, and building a thriving DLT ecosystem in the UAE and beyond.  

This announcement comes as the IOTA Foundation was chosen as a key participant in the UAE’s official startup delegation at CEATEC in Japan.

“We are thrilled to announce that the IOTA Foundation has been chosen as a key participant in the UAE’s official startup delegation at the upcoming CEATEC conference, scheduled from October 17th to 20th and held at the Makuhari Messe in Chiba, Japan. This recognition is an immense honor and a testament to IOTA’s pivotal role in pioneering Web3 and Web2 innovations.”

In May 2023, UAE Minister of State for Foreign Trade Thani AlZeyoudi and the Founder of Iota, Dominik Schiener, met announcing that the IoTa Blockchain platform has now been ushered into the UAE’s digital ecosystem.

Is R3 Corda DLT platform coming to Kuwait soon?

Is R3 Corda DLT platform coming to Kuwait soon?

As many know the R3 team developed Corda the first native private, permissioned DLT platform that is not only secure and regulatory-compliant by design, but has facilitated hundreds of networks across financial services.

As per R3 applications developed on their tokenization platform Corda, harness the power of R3’s distributed ledger technology (DLT), connected networks and regulated markets expertise all aimed at driving transformation in digital finance.

R3 has been a strong proponent in the Middle East and GCC region working with governments and enterprise on several projects, most prominently the CBDC projects in Saudi Arabia and UAE.

In addition the Qatar Financial Centre Authority and R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology) back in April 2023.

So it was not surprising to read on LinkedIn that Bryan D’Souza, Strategic Alliances & Partner Ecosystem Lead for EMEA at R3 stated, “I am thrilled to have experienced my first trip to Kuwait over the last couple of days as part of a mini GCC tour. I am grateful for the warm welcome from our great partners and potential clients. The hospitality of the Kuwaiti people left a lasting impression; warm, friendly, and eager to collaborate.”

He added, “Exciting opportunities ahead and looking forward to returning back to Kuwait soon!”

It sounds like the beginning of a project or several in Kuwait, which has been slow when it comes to blockchain adoption and implementation.

It seems Kuwait’s stance on Blockchain is changing as recently Salman Salah Bader Ali Naqi, who began his PhD study in the Department of Economics in January 2023, has been awarded the 2022 Kuwaiti Economic Student Award for his research titled “Digitalizing the Trade Finance Industry in Kuwait: A Transaction Cost Perspective of Blockchain-based Letters of Credit”.

The Central Bank of Kuwait (CBK) held a ceremony to honor the top three winners of the Kuwaiti Economic Student Award on November 9th 2023. The CBK Governor and Chairman of the Institute of Banking Studies (IBS), Basel Ahmed Al-Haroon, attended alongside a number of key figures from the banking and finance sector.

The winners were presented with certificates of merit and commemorative gifts, and Salman’s paper, as first-prize winning research paper, will be printed, published and distributed “to serve as a reference for those wishing to benefit from sound research”.

The Kuwaiti Economic Student Award is part of the Kafa’a initiative, set up to encourage scientific research in the economic and banking fields through motivating young people to enhance their research competence in the banking and finance areas.

UAE Gold tokenization pioneers applaud HSBC gold tokenization initiative furthering growth

UAE Gold tokenization pioneers applaud HSBC gold tokenization initiative furthering growth

Recently HSBC announced that it would be tokenizing physical gold using Blockchain technology. The tokenized gold stored in HSBC London Bank vaults, will offer tokens that represent 0.001 troy ounce traded on HSBC Evolve platform to institutional investors, with UAE Gold tokenization pioneers applauding this effort and believe this will grow the precious metal tokenization sector further.

Mark Williamson, global head of FX and commodities partnerships and propositions, confirmed the launch of the platform in a Bloomberg interview.

Gold has become a safe haven for many investors and this has also been pushed by the demand for real world tokenization solutions.

The advanced platform creates a ‘digital twin’ representing loco London gold, which facilitates trade through the HSBC Evolve platform or an API. This innovation generates a permissioned digital representation of clients’ physical gold holdings, which is integrated into HSBC’s operational infrastructure. The system enables efficient tracking of allocated and unallocated gold positions corresponding with physical holdings.

Richard Bibbey, HSBC’s Global Head of FX, EM rates and Commodities, said: “As one of the earliest adopters of DLT, we are pleased to reinforce our leadership position in the gold market by tokenizing physical gold. We continue to pave the way for improving the post-trade market infrastructure of capital markets.”

Apart from facilitating potential fractionalization of loco London gold bars and direct retail investor participation, the platform also allows clients to view their tokenized gold trades.

John O’Neill, Global Head of Digital Assets Strategy, Markets and Securities Services, HSBC, said: “Tokenising physical gold represents a further advance in HSBC’s overall digital assets strategy. In addition to demand for native digital assets, we are seeing appetite for tokenisation solutions that can maintain a link to specific real-world use cases, such as gold. Our approach to gold tokenisation complements HSBC Orion, and is part of our commitment to creating a world-leading set of digital asset capabilities to best serve the needs of our clients.”

While the tokenized gold market is primarily dominated by Tether Gold (AUT) and PAX Gold (PAXG), both having market capitalizations around $490 million and $480 million, respectively, there are several companies based out of UAE who are also offering gold tokenization solutions.

LaraontheBlock spoke with tokenized gold experts in UAE to view how this will help tokenization of precious metals and their thoughts on this.

Navin Dsouza Co-Founder & CEO at UAE based Comtech Gold told LaraontheBlock, “This is really good news for the Gold Tokenization industry. With Global Banks like HSBC offering Tokenized Gold it reemphasizes the importance of blockchain and digitalization in Gold along with the need for De-Dollarization in the current era of high inflation.”

He adds,” Comtech has the complete infrastructure along with the Governance framework with DMCC (Dubai Multi Commodities Center) to offer Gold Tokenization product to any financial institutions who want to offer Tokenized Gold to its customers in a form of Comtech white labeled solution. We will see many players and banks joining the Tokenization race because of the strong use case benefit to the Industry.”

Ahmed Bin Sulayem Executive Chairman and Chief Executive Officer of DMCC explained, “As a long-standing advocate for gold tokenization, HSBC’s entry to blockchain will not only support much-needed transparency, but provide greater accessibility and security for investors. Having launched our own tokenization mechanism in November 2022 in partnership with Comtech Gold Bullion, backed by our internal DMCC Tradeflow platform, we’ve already tokenized 144kgs of gold for investors, while providing a value-added service that has the capacity to expand into other precious metals in the near term.”

Mark Gesterkamp, Business Development Director at Aurus Gold headquartered in UAE commented, “We applaud the step HSBC is taking by joining gold tokenization as gold has an important role in the transition to on-chain finance. It is no surprise they have done so, as it will surely open up the market through smaller traded denominations and improve liquidity and tradability.

He explained how already Aurus’ Tokenization-as-a-Service allows for any financial institution to use its technology by minting a digital representation of its bullion from gold, silver to platinum. This entails banks and family offices looking to join the digital space and finding new distribution channels.  He adds, “The decentralized nature of gold tokenization is key here, whilst being a supplying partner of the Aurus ecosystem it allows clients to benefit from trading transactions.”

UAE was one of the first countries globally to begin tokenization of gold and other precious metals. Startups from the region and globally are setting up in the country as gold-backed tokens witness a growth surpassing that of cryptocurrencies. The market cap of gold-backed tokens has exceeded $1 billion — a far cry from $100 million in 2020.

Most of the entities developing gold tokens have chosen the UAE because of its positive crypto stance, its regulations, its gold hub, and the region’s affinity to Shariah compliant commodities. With this new announcement by HSBC, the UAE is poised to become a more formidable hub for tokenization of precious metals.

Qatar launches “QFC Innovation Dome” for Digital assets to tokenize securities, real estate, bonds, shares on Blockchain

Qatar launches “QFC Innovation Dome” for Digital assets to tokenize securities, real estate, bonds, shares on Blockchain

On Sunday October 29th, Qatar announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. As per the live event keynotes, the digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

Present at the launch was His Excellency Sheikh Bandar bin Mohammed bin Saoud Al-Thani, Governor, Qatar Central Bank, and His Excellency Sheikh Mohammed Bin Hamad Bin Qassim Al-Abdullah Al-Thani, Minister of Commerce and Industry.

Bandar bin Mohamed bin Saud Al-Thani, The Governor and Chairman of the Board of Directors of Qatar Central Bank noted in his speech, “ It is my pleasure to be at the launch of the Digital Assets Lab where as a country we are working to discover new tools to increase, enhance our competencies and capabilities in the digital sector. We have achieved strides in digital technology through a number of initiatives chief among them is electronic KYC ( Know your Customers) ad are working to develop and establish an ecosystem for startups and new companies to enhance the role of KYC.”

He added, “We are encouraging entrepreneurship as part and parcel of new financial technology strategy with local, regional and international customers with initiatives such as blockchain and digital assets. These are steps in the direction with initial modules for digital assets, modern databases, and increased internet speed as such as welcome collaboration for the sustainable development of the state of Qatar.”

Yousuf Mohamed Al-Jaida Board Member and Chief Executive Officer of Qatar Financial Centre in his speech offered a detailed explanation on the technology relevant to this lab, the benefits, pillars and the coding system and tokenization process. He explained, “The digital assets projects leans on three Qatar National strategies, the Qatar National Vision 2030, the Qatar Financial Center strategy and the fintech strategy of the state of Qatar, which aims to make the country a financial commercial hub 2030.”

He explained, “Tokenization is the process of creating tokens that represent tangible and intangible assets using DLT. The tokens could represent tangible assets such as real-estate or intangible assets such as securities. We will also work on fractionalization of assets, and will allow property to be part of those tokenized assets democratizing the process of investment.”

He added, “Smart contract, which are self-implementing contracts built on cryptographic programming systems, will allow the transfer of property, in distributed format.”

He discussed how DLT is an innovative technology that registers transactions, and can be expanded to include investment opportunities. As per Al Jaida, in the first phase tokenization will verify property, second will entail economy of tokens, third will entail development of smart contracts and the application which will manage these digitized tokens after which they will be offered on secondary markets.

As per the objectives of the digital assets lab, it will reinforce innovation and research as well as the establishment of DLT enabled startups, and companies, helping participants transform their ideas into tangible reality. Al Jaida states, “Participants in the digital assets lab will have three to six months to test their ideas, where they will have to meet feasibility requirements, benefits towards fintech ecosystem in Qatar before they graduate.”

The Digital asset lab will offer technology support, operational support, where startups and companies can cooperate with experts, regulators, test their use cases and register their businesses and receive licenses, offering the support from pilot to company formation allowing them to operate in Qatar’s fintech ecosystem.

Al Jaida announced that one of the first use cases to be explored within the digital assets lab will be tokenized carbon assets. He goes on to state, “Secondly will be tokenizing private company shares to facilitate trading and management of these shares, as well as transforming Sukuk bonds into digital assets in addition to tokenized real estate to facilitate the buying and selling of real estate assets.”

He called for continuous suggestions on what else can be tokenized moving forward as well as input into the regulations for digital asset ecosystem.

He then announced the name of the lab, which is the “QFC Innovation Dome”

Michael G. Ryan, the Chief Executive Officer at Qatar Financial Center Regulatory Authority, believes that the digital asset economy has a transformative nature and cooperation will be essential because as promising as it is, it also faces challenges.

He believes that with the equilibrium between innovation and regulatory oversight, confidence and trust will prevail among investors and firms. This is why the digital assets framework that QFCR has developed requires the engagement of all participants. He called for feedback on the digital assets public consultation paper announced in early October 2023, which will be open until January 2nd 2024, as these feedback will play a strong role in their policy decisions.

One of the Blockchain entities participating in QFC Innovation dome is R3. Bryan D’Souza Strategic Alliances & Partner Ecosystem Lead for EMEA at R3 stated in a comment made on the live LinkedIn event, “R3 is proud to be partnering with the QFC for this exciting Digital Assets Lab initiative.” Settlemint Blockchain is also one of the participants.

Prior to this The Qatar, Ministry of Finance, signed an agreement  with the World Economic Forum (WEF) to establish a “Centre of Excellence for the Fourth Industrial Revolution” in Qatar that will help to foster an environment for research and development in technologies that include AI ( artificial intelligence), blockchain, IoT (Internet of Things), renewable energy and others.

The Hashgraph Association at Gitex 2023 Showcases stablecoin studio as UAE issues stablecoin regulations

The Hashgraph Association at Gitex 2023 Showcases stablecoin studio as UAE issues stablecoin regulations

The Hashgraph Association (THA), the non-for-profit accelerating adoption of the Hedera network globally, will be participating at Gitex 2023 between October 16th and 20th at the Dubai World Trade Center in Dubai UAE, as well as the Future Blockchain Summit being held between October 15th-18th at Dubai Harbour, announcing the launch of its stablecoin studio amidst VARA’s ( virtual asset regulatory authority) latest regulations regarding stablecoins.

The Hashgraph Association will be present at Gitex 2023, inking a groundbreaking partnership with Du Telecom this summer at Envision 2023.  The partnership harnesses the potential of the Hedera network to offer secure, traceable, and scalable solutions on the platform.

Hedera’s distributed ledger technology (DLT) ensures a trusted and reliable foundation for the newly developed solutions. Target sectors include manufacturing, healthcare, education, smart cities, and agriculture, catering to a wide range of industries seeking secure and efficient applications.

The Hashgraph Association will also be participating alongside AgNext, one of 12 projects offered grants by THA in 2022. The Hashgraph Association’s grant funding enables projects to scale globally. AgNext has innovated and developed a full-stack integrated algorithm, software, and hardware platform that address quality assessment issues across the agri-value chain, enabling businesses to analyze food supply chains on the spot in just 30 seconds.

THA had also previously worked with DIFC (Dubai International Financial Centre) Courts, on Tejouri. The first phase of Tejouri was launched at Gitex 2022. Tejouri is a global digital vault that enables the upload and secure storing of documents ranging from insurance contracts, title deeds, wills, and financial certificates to images and multimedia files. Tejouri can be utilized by all individuals globally and is built on Hedera’s DLT, establishing a decentralized trust application.

Alongside Gitex 2023, Jeffrey Tchui, Head of Advisory, at The Hashgraph Association, will be speaking on Hedera’s ecosystem and its stablecoin accelerator, Stablecoin Studio, at Bharat Blockchain Yatra (BBY) sessions under IDS at the Future Blockchain Summit. BBY sessions are powered by Hedera and supported by AICTE.  BBY has arrived in UAE after an awe-inspiring journey that spanned 25 series of events, spreading its wings across 18 states in India as part of a tech tour on Web3 and blockchain, narrating India’s Web3 story.

IDS has been a pioneer in the enterprise blockchain space, providing cutting-edge blockchain solutions to governments and corporations worldwide across nine industry verticals.

With over 17 years of technology and consulting experience, Jeff has a wealth of experience in blockchain and DLT at leading global organizations, Hitachi, Infosys, Cognizant, and even TOKO, an asset tokenized exchange and custodian that recently received a license in Dubai, UAE from VARA (Dubai Virtual Asset Regulatory Authority).

TOKO solves the inefficiencies of today’s capital markets, leveraging DLT technologies of Hedera Consensus Service and the Hyperledger Fabric plug-in. TOKO is a digital asset creation engine created by DLA Piper, a Hedera Governing Council member that couples the compliance and regulatory rigor of a global law firm with the innovative technology solutions of tomorrow. TOKO has also been a grant candidate for THA.

Kamal Youssefi, President of The Hashgraph Association, on the participation of THA at Gitex 2023, stated, “We are here at Gitex and in the UAE because we believe that the MENA region and UAE, in particular, is the new Web3 and crypto powerhouse of the world. We are happy to be launching our upcoming grant fund in Abu Dhabi at ADGM and we are ready to discuss the DLT solutions we can offer SMEs, governments, and enterprises in the region.”

He adds, “One of the biggest discussions we believe to be relevant to the region is the new stablecoin regulations recently released by VARA. This is especially important given the launch of Stablecoin Studio on the Hedera network. Stablecoin Studio is an open-source stablecoin issuance and management toolkit that makes it easy for Web3 stablecoin platforms, institutional issuers, enterprises, and payment providers to build stablecoin. Stablecoin Studio provides organizations worldwide with an all-in-one toolkit that enables stablecoin issuers to quickly configure, issue, and manage bespoke stablecoins on the Hedera network.” 

Dubai’s Virtual asset reglatory authority recently announced what it calls Fiat referenced virtual asset ( FRVA) regulations better know to most as virtual assets pegged to a stable value, or stablecoins.

The Hashgraph Association partners with Dar Blockchain to develop Web3 Ecosystem in Africa

The Hashgraph Association partners with Dar Blockchain to develop Web3 Ecosystem in Africa

The Hashgraph Association, the non-profit organization accelerating the broad adoption of the Hedera network globally, has partnered with Dar Blockchain to nurture projects, facilitate growth, and profoundly shape the MENA technology landscape. The partnership focuses on the education and nurturing of Web3 talent within the region through facilitating meetups, hackathons, and university groups, as well as publishing a monthly podcast. Through their focus on Web3 talent, The Hashgraph Association and Dar Blockchain will strive to advance innovation within the region, furthering the expansion of Distributed Ledger Technology (DLT) and blockchain across the globe.

Together, Dar Blockchain and The Hashgraph Association will work to provide insight into blockchain ecosystems, as well as promote the Hedera network, the most innovative, sustainable, enterprise-grade public ledger for the decentralized economy. To foster curiosity and capabilities within the MENA region, Dar Blockchain and The Hashgraph Association are partnering to host four hackathons, starting in October 2023.

These events are part of a broader strategy that includes community-building activities and a sourcing phase for an upcoming incubation program tailored for the North African community. This incubation program, to be announced soon, will further support and nurture promising projects emerging from these hackathons. In addition to the hackathons, the collaboration will offer bespoke training sessions, fueling the growth of communities and enterprises, while showcasing the endless possibilities of Web3.

Mohamed Mnif and Jaafar Saied the Co-founders of Dar Blockchain, said: “At Dar Blockchain, our foundation is built on the belief that education is the cornerstone of innovation. We were established with a clear vision: to support and nurture local talents while forging a vital connection between our local Web3 ecosystem and the global blockchain landscape. By providing training sessions that dive into the Hedera Network, and setting up chapters in local universities to connect students from different backgrounds, Dar Blockchain and The Hashgraph Association will lay the foundation for the true realization of DLT. This partnership underscores our commitment to empowering the next generation of innovators across the MENA region, equipping them with the skills and knowledge to drive the widespread adoption of Web3 technologies on a global scale.”

Recently, the MENA region has been a frontrunner for Web3 growth and innovation. In October 2022, it was announced that the region was home to the world’s fastest-growing cryptocurrency markets. In August 2023, the Dubai AI and Web 3.0 Campus committed to cutting license fees of Web3 and AI firms by 90% in an effort to encourage the move of companies and organizations to the city. 

Kamal Youssefi, President of The Hashgraph Association, said: “The Hashgraph Association’s partnership with Dar Blockchain will accelerate the mass adoption of DLT in the MENA region. With the favorable outlook on crypto in the region, we wish to support this growth and ensure its continued upward momentum. It is a result of this openness to Web3 that we are partnering with Dar Blockchain and committing to advance the MENA Web3 industry.”

With each event and initiative, Dar Blockchain and The Hashgraph Association hope to provide a starting point for those interested in the world of Web3. By establishing ways to support Web3 talent in MENA, The Hashgraph Association and Dar Blockchain will further advance MENA’s blockchain boom and its position as a leader in the field. More details about the collaboration can be found at: Darblockchain.io