As part of its efforts to adopt the latest technologies and innovation practices at the global level, Dubai Future Foundation has announced the establishment of the Global Blockchain Council to explore, discuss current and future applications, and organize transactions through the Blockchain platform. Blockchain records every transaction made by the digital currency Bitcoin.
The Council will highlight the implications of this innovation on the future of business and finance sectors, and its role in facilitating transactions within the various sectors of financial and non-financial sectors as well as to increase efficiency and reliability levels.
Transactions on Blockchain can only go through if all the members approve, which limits the chances of fraud and money laundering, as the digital currency cannot be forged or damaged and can be moved across borders with ease. It also facilitates the shopping process across social media and websites.