Giant letters, reading the word "blockchain", are displayed at the blockchain centre, which aims at boosting start-ups, on February 7, 2018 in Lithuania's capital Vilnius.
Britain's divorce with the European Union is paying off for Lithuania as it strives to become a northern European hub for financial technology, or "fintech" firms, and blockchain-based start-ups. European Parliament member and entrepreneur Antanas Guoga launched the blockchain centre in Vilnius to boost start-ups and establish connections with Asia and Australia. / AFP PHOTO / Petras Malukas
Blockchain is a growing chain of blocks linked with each other using cryptography. AFP

Quicktake: Blockchain set to change the public and private sectors



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.

COMPANY PROFILE

Company name: Znap

Started: 2017

Founder: Uday Rathod

Based: Dubai, UAE

Industry: FinTech

Funding size: $1m+

Investors: Family, friends

57 Seconds

Director: Rusty Cundieff
Stars: Josh Hutcherson, Morgan Freeman, Greg Germann, Lovie Simone
Rating: 2/5

Indoor Cricket World Cup

Venue Insportz, Dubai, September 16-23

UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty

Dunki

Director: Rajkumar Hirani 

Starring: Shah Rukh Khan, Taapsee Pannu, Vikram Kochhar and Anil Grover

Rating: 4/5

UAE currency: the story behind the money in your pockets
The pillars of the Dubai Metaverse Strategy

Encourage innovation in the metaverse field and boost economic contribution

Develop outstanding talents through education and training

Develop applications and the way they are used in Dubai's government institutions

Adopt, expand and promote secure platforms globally

Develop the infrastructure and regulations

Reading List

Practitioners of mindful eating recommend the following books to get you started:

Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung

How to Eat by Thich Nhat Hanh

The Mindful Diet by Dr Ruth Wolever

Mindful Eating by Dr Jan Bays

How to Raise a Mindful Eaterby Maryann Jacobsen

The specs

Engine: Dual synchronous electric motors
Power: 660hp
Torque: 1,100Nm
Transmission: Single-speed automatic
Touring range: 488km-560km
Price: From Dh850,000 (estimate)
On sale: October

SPECS

Engine: Supercharged 3.5-litre V6
Power: 400hp
Torque: 430Nm
On sale: Now
Price: From Dh450,000

The specs

Engine: 6.5-litre V12 and three electric motors
Power: 1,015hp
Torque: 1,500Nm (estimate)
Transmission: Eight-speed dual-clutch auto
On sale: Early 2024
Price: From Dh2 million (estimate)

Company Profile

Company name: myZoi
Started: 2021
Founders: Syed Ali, Christian Buchholz, Shanawaz Rouf, Arsalan Siddiqui, Nabid Hassan
Based: UAE
Number of staff: 37
Investment: Initial undisclosed funding from SC Ventures; second round of funding totalling $14 million from a consortium of SBI, a Japanese VC firm, and SC Venture

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

Tailors and retailers miss out on back-to-school rush

Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”

A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.

“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”

The biog

Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates

Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.

Favourite pastime: travelling and experiencing different cultures across the globe.

Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.

Favourite Movie: Mona Lisa Smile 

Favourite Author: Kahlil Gibran

Favourite Artist: Meryl Streep

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

SPECS

Engine: Twin-turbocharged 4-litre V8
Power: 625 bhp
Torque: 630Nm
On sale: Now
Price: From Dh974,011

The five pillars of Islam
CONFIRMED LINE-UP

Elena Rybakina (Kazakhstan)
Ons Jabeur (Tunisia)
Maria Sakkari (Greece)
Barbora Krejčíková (Czech Republic)
Beatriz Haddad Maia (Brazil)
Jeļena Ostapenko (Latvia)
Liudmila Samsonova
Daria Kasatkina 
Veronika Kudermetova 
Caroline Garcia (France) 
Magda Linette (Poland) 
Sorana Cîrstea (Romania) 
Anastasia Potapova 
Anhelina Kalinina (Ukraine)  
Jasmine Paolini (Italy) 
Emma Navarro (USA) 
Lesia Tsurenko (Ukraine)
Naomi Osaka (Japan) - wildcard
Emma Raducanu (Great Britain) - wildcard

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Porsche Macan T: The Specs

Engine: 2.0-litre 4-cyl turbo 

Power: 265hp from 5,000-6,500rpm 

Torque: 400Nm from 1,800-4,500rpm 

Transmission: 7-speed dual-clutch auto 

Speed: 0-100kph in 6.2sec 

Top speed: 232kph 

Fuel consumption: 10.7L/100km 

On sale: May or June 

Price: From Dh259,900  

The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction. 

The Lowdown

Kesari

Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra

 

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.

Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

What is a black hole?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

RESULTS

5pm: Al Bateen – Maiden (PA) Dh80,000 (Turf) 2,200m
Winner: Ma’Aly Al Shahania, Bernardo Pinheiro (jockey), Mohamed Daggash (trainer)
5.30pm: Al Khaleej – Maiden (PA) Dh80,000 (T) 1,400m
Winner: AF Rami, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,400m
Winner: Bant Al Emarat, Bernardo Pinheiro, Qaiss Aboud
6.30pm: Al Nahyan – Handicap (PA) Dh80,000 (T) 1,600m
Winner: AF Rasam, Marcelino Rodrigues, Ernst Oertel
7pm: Al Karamah – Handicap (PA) Dh80,000 (T) 1,600m
Winner: Zafaranah, Bernardo Pinheiro, Musabah Al Muhairi
7.30pm: Al Salam – Handicap (TB) Dh80,000 (T) 1,400m
Winner: Nibras Passion, Tadhg O’Shea, Ismail Mohammed

The Sandman

Creators: Neil Gaiman, David Goyer, Allan Heinberg

Stars: Tom Sturridge, Boyd Holbrook, Jenna Coleman and Gwendoline Christie

Rating: 4/5