Blockchain is the latest buzzword being used among public and private sector companies. The technology is growing so fast that Middle East and Africa spending on blockchain will more than double to $80.8 million by the end of 2018 from a year earlier, according to US-based International Data Corporation (IDC).
We take a look at what this technology is all about.
What is blockchain?
Blockchain is a growing digital chain of transactions that are linked with each other using cryptography - a mechanism for secure communications - that creates an open ledger to record transactions in a fast and efficient manner. It is a database technology behind cryptocurrencies such as Bitcoin and can work as a real-time archive for recording the history of financial transactions, contracts, physical assets and supply-chain information.
There is no one person or entity in charge of the entire chain. It is an open network and everyone in the chain can see the details of each record. Every block is encrypted and can only be edited by its owner with a private key. If any change or edit is made the entire chain is updated in real time.
How does it work?
Each transaction is digitally encoded to certify its legitimacy and protect it. It ensures the digital security of transactions while reducing operational cost and speeding the decision-making process. The UAE plans to use blockchain for digital transactions, giving each customer a unique identification number that points to their information on the secure chain.
It is being adopted in a variety of commercial applications and it ensures that information and data on the blockchain cannot be hacked.
How does it help companies and governments?
Besides adding transparency, blockchain technology will help public and private sectors save time, effort and resources. It allows them to process their transactions at their preferred time from any place. Smart Dubai’s blockchain-powered Payment Reconciliation and Settlement System, which went live in October this year, allows transactions to be performed accurately and in real time, vastly increasing efficiency.
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What is the UAE’s strategy on blockchain?
UAE unveiled the Emirates Blockchain Strategy 2021 in April this year. It aims to switch almost 50 per cent of government transactions into the blockchain platform in three years. By adopting blockchain, the UAE is expected to save 77 million work hours annually, Dh11 billion in transaction costs and regular document processing and 398 million printed documents a year.
The UAE plan includes four pillars focusing on citizen and resident happiness, government efficiency, advanced legislation, and global entrepreneurship.
The Dubai Government has its own blockchain strategy that aims to help the emirate become the first city fully powered by blockchain by 2020.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
Brief scoreline:
Liverpool 2
Keita 5', Firmino 26'
Porto 0
THE POPE'S ITINERARY
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
Read more from Kareem Shaheen
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
