UAE Embraces Blockchain: $ 16K Granted By UAE Social Ministry For Blockchain Contest

UAE Embraces Blockchain: $ 16K Granted By UAE Social Ministry For Blockchain Contest

Blockchain News
October 7, 2019 Editor's Desk
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In order to encourage the use of Blockchain for the educational sector and even for social and recreational purposes, the MOCD announced its “Social Blockathon” competition with a total prize fund of $16,300. It has been reported that the contest submissions are open till Feb. 20, 2020, and the Blockathon will have various programmers, graphic
Blockchain

In order to encourage the use of Blockchain for the educational sector and even for social and recreational purposes, the MOCD announced its “Social Blockathon” competition with a total prize fund of $16,300.

It has been reported that the contest submissions are open till Feb. 20, 2020, and the Blockathon will have various programmers, graphic and interface designers competing against each other in building blockchain software in the areas of awareness and social care. 

The announcement was made by the MOCD during GITEX Technology Week which took place at the Dubai World Trade Center from Oct. 6 to Oct. 10.

The MOCD will reward the contest winners in UAE’s fiat currency, the dirham (AED), granting the first-place winner 30,000 AED ($8,200). 20,000 AED ($5,400) and 10,000 AED ($2,700) will be rewarded to the second place and the third place winners, respectively. 

The announcement of who the winners are will be done during the UAE Innovation Month in February 2020.

The “Social Blockathon” competition will see participants being challenged to develop blockchain-enabled apps within a set time period. The catch here is, they cannot make use of pre-designed software and applications.

The MOCD is responsible for developing and implementing social policies and the legislations made for these social policies in the UAE. It also is in charge of social welfare institutions and sets certain policies in Emirates which revolve around the institution of marriage and other aspects of life. 

UAE TAKES STEPS TOWARDS EMBRACING BLOCKCHAIN

In order to bring social development, the MOCD is set to meet objectives of the national development agenda, Emirates Vision 2021. The major objectives mentioned in the agenda revolve around social and economic upliftment of the UAE and also mentions the need to bring in a change that is leaning towards a more diversified and knowledge-based economy.

Back in November 2018, the ministry rolled out a proof-of-concept based on the ProximaX Sirius blockchain with the idea of wanting to implement blockchain initiatives.

In September, the UAE Ministry of Health and Prevention launched a blockchain system for recording and sharing healthcare data. Earlier this year, a Blockchain-based mortgage platform was up for release for which the Dubai Land Department, the real estate division of the Executive Council of Dubai had teamed up with UAE-based Mashreq Bank.

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