The Dubai government is known to be backing a technology initiative that has launched a $275m startup investment fund. The organizers say the fund is expected to support blockchain projects.
According to the information from the previous week, the Dubai Future Foundation officially launched the Dubai Future Accelerators initiative, what is a 12-week startup program with its seat in the United Arab Emirates. This program is focused on seeking innovations in “strategically important” industries.
In a cooperation with global investment firm Dubai Holding, this effort is focused on promoting the development of business ideas around six “challenges” in areas like transportation, law, education and public utilities. These days, the program is accepting applications from companies seeking to prove a product-market fit for their ideas.
All the approved applicants will have three months for the development of pilot projects that are then eligible for additional funding. Organizers said initial applications include efforts focused on smart meters, smart cities and business process improvements using distributed ledger tech.
This is the latest step of Dubai Future Foundation, which is supporting the development of blockchain tech. This foundation has been among the mostly active government agencies in the world, which was examining blockchain technology, mostly through the Global Blockchain Council (GBC) overseen by its Museum of the Future project.
The Isle of Man Testing blockchain prototype for IoT
The government of the Isle of Man has informed about its latest blockchain proof-of-concept, according to the report in Financial News.
The project is a collaboration with blockchain startup Credits that finds the two partners exploring whether the technology can be used to help keep Internet of Things (IoT) devices from being compromised.
Credits co-founder Nick Williamson stated that the idea behind the project is to assign unique identities to physical items, thereby creating a way of affirming their authenticity.
“The idea behind [the experiment] is that IoT has a promise of assigning a unique, non-forgeable identity to physical items and what the blockchain provides is the way of managing and maintaining an identity,” Williamson said.
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