The Hashgraph Association and DIFC Courts launch digital assets Will built on Hedera

The Hashgraph Association and DIFC Courts launch digital assets Will built on Hedera

The Dubai International Financial Centre (DIFC) Courts in partnership with The Hashgraph Association and its partner in the UAE Deca4 Consultancy have launched a DLT Hedera network enabled Digital Assets Will solution. Unveiled at GITEX Global 2024, live demonstrations showcased new service platforms, accessibility, functionality, and security protocol features.

The Digital Assets Will empowers individuals to distribute their digital assets using a non-custodial DIFC Courts wallet. A non-custodial wallet also allows an individual the freedom to reallocate the assets to the desired beneficiaries within their wallet, and for full control to mobilize in and out of the wallet in their lifetime, with assets finally distributed as ‘specific gifts’.

Digital format assets recognized by the wallet include ETH; BTC; MATIC; USDC; USDT; and HBAR. Future enhancements to the system will include supported NFT standards ERC 721; ERC 115; Ordinals; and HTS (Hedera Token Service).

The new Will template joins the extensive legacy Will types offered by the DIFC Courts, including the Full Will, the Property Will, the Financial Assets Will, the Business Owners Will and the Guardianship Will. An existing online automated Will drafting service, and a Virtual Registry reinforce a 360 digitally accessible service, allowing those living domestically and overseas to create and register a DIFC Courts Will. Investors and residents can access it from anywhere in the world and be connected, via video link, to a compliance officer sitting in Dubai.

Wills can also then be added to the global digital vault, tejouri. Launched in 2022, tejouri provides a unique platform that functions simultaneously as a cloud vault and an online safe for data, supported by a state-of-the-art onsite DIFC data centre and a secondary UAE-based backup data centre. Access to all data is restricted to the ‘vault holder’ and the listed intended recipients, guaranteeing zero knowledge proof privacy principles.

All uploaded life admin files are secured under the highest standards of security regulation, using multiple factors of authentication, encrypted data, personalized biometric information and safe-keeping ledgers through advanced cryptography. Using Distributed Ledger Technology (DLT), tejouri can ensure the transmission of your entire portfolio to your designated stakeholders, or loved ones, at a key time.

Also announced as part of the new upcoming digital services is the Notary Service, which will be the notarizing English documents only and is the first-of-its-kind service in the UAE. The service will provide three (3) options for users; an automated self-service; a live virtual system; and an in-person service. Users of the service will also have the option to utilize an authentication service through primary source verification (PSV).

An electronic or physical stamp and seal will be issued with each document and notarized documents will be verified using advanced cryptographic methods, powered by Hedera Blockchain, by logging notarization events with a timestamp on the blockchain. Preservation and integrity of documents will be ensured using distributed ledger technology (DLT) by converting documents to NFTs, in compliance with ERC20 standards. User privacy will be maintained at all times through advanced encryption methods and privacy-preserving protocols, ensuring that sensitive information is fully protected throughout the entire process.

Document types accepted for attestation and notarization will include, but is not limited to, affidavits, witness statements, Wills, power of attorney, trade licenses, title deeds, health certificates, marriage certificates, and bank statements.

As part of the mission of the DIFC Courts to provide an effective portfolio of dispute resolution mechanisms, a new alternative dispute resolution avenue will also be provided. The Mediation Service Centre will enable parties to negotiate resolution of their dispute with the help of DIFC Courts Part III registered mediators.

Parties will be able to choose the mediators and agree fees and terms in advance, as well as the choice to conduct mediation meetings online using the newly upgraded and AI-enabled Court Management System (CMS), or in-person at the DIFC Courts premises.

His Excellency Justice Omar Al Mheiri, Director, DIFC Courts, said: “In our new digitally driven societies, individuals and businesses are demonstrating increased desire for easily accessible public services. The strong growth momentum arising from the implementation of the Dubai Economic Agenda D33, and the Dubai Digital Strategy, has touched a diverse range of sectors, including government legal services. Our obligation is to deploy the latest emerging technologies to facilitate this growth and demand. Breaking down the boundaries of access to justice sits at the core of our operations and these new digital services provide ease of process across administrative tasks, such as notarisation, to more complex matters involving alternative dispute resolution and inheritance. The DIFC Courts, together with its public and private sector partners, is proud to spearhead some of the UAE’s most progressive government legal services, supported by smart technology implementations.”

The new suite of services were launched with the support of The Hashgraph Association, specialists in building Distributed Ledger Technology ecosystems, with Hedera technology utilised by the DIFC Courts to construct a bespoke DLT architecture and establish access to a decentralised trust application.

Kamal Youssefi, President, The Hashgraph Association, said: “We are proud to be part of this impactful journey and reaffirm our continued support to the DIFC Courts in launching both the Digital Assets Will, as well as the Notary Service, powered by Hedera DLT platform. This project underscores our commitment to strengthening decentralised infrastructures contributing to digital innovation across UAE. Through our partnerships and projects across the MENA region, with a focus on the GCC, we are committed to propelling the Web3 ecosystem and fostering the growth of Hedera network, with innovation programmes and strategic initiatives launched in Saudi Arabia, Qatar, Morocco and beyond. Working with trusted partners such as Deca4 Advisory and the DIFC Courts is a testament to the strength of public-private sector cooperation.”

Deca4 Advisory also supported the DIFC Courts with architecting the new digital services, as well as support from the DataFlow Group, who specialise in Primary Source Verification (PSV) solutions and background screening and provided a checkpoint for tamper-proof, verifiable credentials of documentation entering the DIFC Courts service systems.

Mohammed Mahfoudh, CEO, Deca4 Advisory, said: “The DIFC Courts is pioneering the integration of advanced technologies, setting a benchmark for government and semi-government entities in the UAE, the region, and globally. Our partnership with The Hashgraph Association and Hedera has been a key pillar in the success of this project, allowing us to build a deep architecture on Hedera and develop cutting-edge solutions. We are creating unique and practical use cases that will drive broader market adoption, especially with the Courts leading this transformative journey.”

Sunil Kumar, Chief Executive Officer, DataFlow Group, said: “At DataFlow, we are proud to collaborate with the DIFC Courts to introduce a new era of digital public services aligned with the UAE’s vision for digital transformation. By integrating our advanced AI-driven solution for document tampering detection and image forensics, we enhance the security and efficiency of these services, enabling fraud detection within seconds. This partnership strengthens our long-standing relationships with government authorities and represents a crucial step toward combating document fraud, reducing processing times, and increasing confidence in decision-making. As a leading verification and digital services organization, we remain committed to delivering innovative solutions that promote trust, transparency, and convenience in public services.”

The DIFC Courts is currently operating on a new roadmap for the years 2022 – 2024, which includes a strategic work plan that brings more national cohesion to the Courts’ projects and initiatives in line with the ‘D33’ economic agenda and the Dubai Digital Strategy. This in turn is providing effective support for both the federal and local Dubai strategic goals.

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.” 

The Hashgraph Innovation Program partners with Digipharm to redefine healthcare technology in MENA

The Hashgraph Innovation Program partners with Digipharm to redefine healthcare technology in MENA

Digipharm, a value-based healthcare ecosystem dedicated to transforming healthcare procurement and patient engagement, today announces its participation in the “Hashgraph Innovation Program” driven by The Hashgraph Association, the not-for-profit accelerating adoption of the Hedera network globally. As a revolutionary step in blockchain technology and decentralised application development, this partnership will significantly bolster the capabilities and outreach of Digipharm’s Reimburse and Digihealth platforms.

DigiPharm works with UAE based Burjeel Medical City. In 2022, Burjeel Medical City (BMC), and Digipharm joined hands to design and validate a new model for patient care in the UAE. The new platform, will focus initially on the Bone Marrow Transplantation program and will later expand to other specialties at the hospital.

Digipharm is an industry leader in the value-based healthcare arena. Its flagship product, Reimburse, stands out as a pioneering value-based procurement platform which has been adopted by government clients spanning from the UK to the Middle East.

Additionally, esteemed private hospital groups are leveraging Reimburse to redefine their healthcare offerings. Digihealth, another element of Digipharm’s offering, is curated as a patient engagement ecosystem. Its primary aim is to enhance patient preference and engagement, ensuring that healthcare decisions resonate with the needs and insights of the very individuals they impact.

The Reimburse and Digihealth platforms, key innovations by Digipharm, align perfectly with the core objectives of the Hashgraph Innovation Program. These platforms, built to redefine patient-centric care and healthcare finance, will greatly benefit from the innovation program. With the support from the Hedera network, both platforms will undergo extensive ideation, proof-of-concept modelling, and minimum viable product (MVP) development, ensuring that they stand at the forefront of healthcare technology.

Kamal Youssefi, President of The Hashgraph Association, said; “We are thrilled to welcome Digipharm to the “Hashgraph Innovation Program”, pioneering the way towards value-based healthcare. This partnership will catalyse new and innovative ways to accelerate decentralised solutions on the Hedera network, while identifying real-world use cases. We’re confident that by providing the funding and support to Digipharm, we’ll help bring the benefits of DLT to healthcare systems worldwide.”

Speaking on this significant partnership, Ahmed Abdulla, CEO at Digipharm, commented, “Joining the Hedera Hashgraph Innovation Program is a monumental leap for Digipharm. We are eager to harness the extensive resources and expertise from this collaboration to further enhance Reimburse and Digihealth, ensuring we deliver unmatched solutions in healthcare.”

As part of this esteemed group, Digipharm is set to benefit from the vast network, financial support, and unparalleled expertise provided by the Hashgraph Association. This collaboration solidifies Digipharm’s commitment to integrating top-tier blockchain solutions into healthcare, creating a brighter and more sustainable future for the sector.

UAE Deca4 partners with Hedera powered HashPack to bring Web3 to the MENA sports industry

UAE Deca4 partners with Hedera powered HashPack to bring Web3 to the MENA sports industry

UAE based Deca4, a specialised blockchain consultancy studio, and HashPack, a non custodial wallet built on Hedera Hashgraph DLT (Distributed Ledger Technology) platform have partnered together to bring Sphera World, which is leveraging the largest football and sports fans community in the Arab world with the latest technology and trends of Web3 NFTs, and Blockchain, into the world of non custodial wallets and the Hedera network.

Sphera world is powered by the largest sports media website in the Middle East, Kooora.com, and is backed by the Hashgraph Association. Sphera World is also incubated and managed by UAE Deca4.

May Chan, Co-Founder, and CEO of Hashpack stated, “This partnership is a monumental step towards our shared vision of expanding the reach of Web3 technology and bridging the gap between traditional Web2 users and the progressive Web3 ecosystem.”

She adds, “At HashPack, it has always been our mission to deliver an unparalleled user experience, exploring the transformative power of Web3 technology as a unique advantage for conventional companies and digital brands.”

Chan believes the alliance with Deca4 is a significant landmark as it goes beyond the tech stack and engages with community members and companies. The utilisation of Distributed Ledger technology needs to be harnessed effectively and this is done thoroughly by Hedera Hashgraph.

Mohammed Mahfoudh, Founder and CEO of Deca4 consultancy adds, “Working with HashPack to bring Sphera World, powered by Kooora, with a staggering 30+ million active users, will provide a unified platform that meets the needs of Web savvy users while introducing Web2 natives to the Web3 world.”

Above all, the project is supported by Hashgraph Association, a non profit organisation that promotes and provides funding for innovation, research and development for the benefit of economic inclusion and with a positive environmental, social, and governance (ESG) impact.

Kamal Youssefi, President of The Hashgraph Association, explained, “We are proud to be supporting organisations in the MENA region, especially those in the sports and gaming industries which are set to grow by 8.7% by 2026 according to The World Economic Forum. Our association is here to support companies in their journey towards Web3, helping them deliver unmatched value to stakeholders and users.”