Blockchain and AI must work together for credibility, trust

Blockchain and artificial intelligence (AI) must work together in order to increase the trust and credibility of the data used by the AI, industry experts said on Thursday.While speaking at the Blockchain in Banking Fest organised by Dubai AI & Web 3.0 Campus at DIFC Innovation Hub, Pierre Samaties, partner at Roland Berger, said the two technologies need to work together, firstly, because AI is eating up all of the data, and secondly, people are not 100 per cent sure of what is fake and what is real. While, on the other hand, blockchain is a truth machine that is ensuring that whatever is generated has a digital ID and can be traced back to a valid source.“We are now entering a new phase of the internet – Web 3.0. Web 2.0 was read and write while Web 3.0 would be read, write and own. If you log onto Twitter, you own your tweets in Web 3.0. Also, blockchain will incentivise you for sharing your data if AI wants to access it. Blockchain will make sure that it can be traced back and you get an incentive for that,” he said during a panel discussion on the “Confluence of blockchain and AI and its impact on banking”.Samaties stated that the combination of AI and blockchain will increase credibility and trust.“AI can help human prosperity if we have other counterbalances in check and it is a win-win game because we know that data AI is using is valid. At the same time, AI can produce more high-quality results if they know their personal data wallet,” he added.Olivier Crespin, strategic adviser, Giift, also stressed that the two technologies offer massive opportunities if combined.Dr Farhan Ujager, senior lecturer and programme leader (AI) at De Montford University Dubai, said blockchain provides transparency and traceability but it lacks intelligence parts and synergy with AI can give intelligence as well.“Blockchain offers trust while AI has the potential to make smart decisions but the inherited problem with AI is what if the source data is wrong. And when it comes to banking, there is a need for accuracy and smart decision.”He added that a major bank was using AI for money laundering and the foundation was blockchain, hence substantially improving its anti-money laundering process.In another panel discussion, Paul Dawalibi, CEO, Holodeck Ventures, Vasseh Ahmed, managing director, Enjinstarter and Husain Kayyal, chief revenue officer, FOO, highlighted the challenges of why blockchain is mainstream yet.

THE LIST partners with authentication platform Stitchain

Dubai: Global online commerce THE LIST has appointed the Middle East's first authentication platform, Stitchain, to solidify authenticity and ownership within the luxury fashion sector. Headquartered in New York, and with a presence in Dubai and Lisbon, THE LIST identified the Dubai-based ID authentication platform due to its proprietary protocols to connect physical products and assets to the digital world. This represents a significant milestone for Stitchain as the company aims to further showcase the region's advanced technologies globally for use across all verticals. The partnership further demonstrates the continued emergence of blockchain technology in "traditional" sectors. Businesses, consumers, and governments can easily access and verify product and asset data profiles. As the first social commerce platform for luxury fashion, THE LIST enables immediate access for consumers to a network of leading global brands and retailers, where they can discover and shop personalized content and access "hard-to-find" items. The partnership supports THE LIST's mission to ensure the authenticity of every product listed on the platform. By embedding NFC (Near Field Communication) tags linked to Stitchain's blockchain-based authentication system, customers can also use the platform to verify the provenance and ownership of their purchases, fostering trust and confidence in the platform's offerings.Each asset registered on the platform is allocated a unique, encrypted digital ID stored on the blockchain. This digital ID is then linked to a physical NFC tag that can be embedded or attached to the asset. As a result, users can easily authenticate and verify ownership by tapping the NFC tag on their smartphone via mobile application.Samir Al Andari Founder of Stitchain, said, "By partnering with THE LIST we are able to showcase our cutting-edge solution for asset authentication and management that well-align with THE LIST's commitment to quality, authenticity, security and transparency. Not only does this showcase the technology pioneered from the MENA region, but it also aims to set a new standard in the luxury goods industry."Andreas Skorski Founder of THE LIST, said, "At THE LIST, we are committed to giving our customers the highest level of authenticity and transparency. We are thrilled to work with Stitchain and take advantage of their ground-breaking authentication platform to boost our customers' trust in the legitimacy and ownership of the high-end goods we offer on our platform”

Ripple expands in the Middle East

Dubai : On the back of strong growth in the Middle East, Ripple, the leader in enterprise blockchain and crypto solutions, is expanding its presence in Dubai by opening a new office location in the heart of Dubai International Financial Centre (DIFC) and bringing Swell Global 2023, the seventh edition of its annual customer conference, to Dubai on November 8-9.Ripple has long focused on serving customers around the world with over 90% of the company’s business outside the US. The Middle East and North Africa (MENA) region is a key market for the company, with around 20% of all RippleNet customers, such as SABB, Qatar National Bank, Lulu Financial Holdings, Al-Ansari Exchange, and RAK Bank, based here. Over half of Ripple’s MENA payment volume consists of cross-border payments such as remittances from the UAE, Bahrain and Saudi Arabia to India. In 2020, the company chose the DIFC as the location for its MENA headquarters due to Dubai’s innovation-forward regulations, expansive network and reputation as a leading global financial centre.“We chose Dubai as both a key office for Ripple, and to bring Swell Global to the city, in large part due to its forward-thinking regulatory environment. Regulators here have risen to the challenge of establishing a framework that allows the local crypto industry to thrive, create jobs and increase economic growth, while also ensuring participants act in a responsible manner, ” said Brad Garlinghouse, Ripple CEO. “Dubai is playing an important part in shaping the world’s future economy. By demonstrating truly visionary leadership, the Emirate has positioned itself as an exciting fintech hub that is embracing crypto and blockchain technologies to bring innovation and foreign investment into the space.“In late 2021, Ripple announced the launch of its first-ever On-Demand Liquidity (ODL) deployment in the Middle East, with Pyypl, the international blockchain-based financial services technology company in the Middle East and Africa. ODL leverages the digital asset XRP to underpin instant and low-cost cross-border payments. By using ODL, financial institutions and Small- and Medium-Sized Enterprises (SMEs) can leverage previously trapped, pre-funded capital to grow and scale their businesses. Billions of dollars have been transacted to and from MENA customers through ODL since launch.“In a hyper-global connected world, the need for cross-border payments is on the rise, with an estimated $156T worth of cross-border payment flows in 2022 alone. As a region containing a number of significant remittance markets and corridors, the Middle East’s financial institutions are focused on making payments faster, cheaper and more efficient for the people who need it the most. This is where Ripple excels. We were the first enterprise company to leverage crypto to tackle the trillion-dollar challenges associated with cross-border payments – expertise that we have been bringing to our customers in the Middle East for a number of years. Ripple is proud of its presence in the UAE and we are excited about what the future holds for our business in the region,” said Navin Gupta, Managing Director, South Asia & MENA, at Ripple.When Swell Global lands in Dubai, it will follow previous successful events which saw hundreds of Ripple’s customers and partners come together in London and Singapore, two other major global financial centres. The conference announcement comes as Ripple’s CEO Brad Garlinghouse arrives in Dubai to appear as a keynote speaker at Dubai Fintech Summit 2023. Garlinghouse will take the main stage alongside other global thought leaders, decision-makers and policymakers from the worlds of fintech, finance and crypto.

Republic Crypto establishes its MENA headquarters in the UAE

Dubai, UAE: Republic Crypto, a global blockchain firm that provides end-to-end white glove advisory services to accelerate the best crypto companies from seed to liquidity, has expanded to the UAE with an aim to grow its presence and offer its services across the MENA region.Obtaining a license from the DIFC in 2022, Republic Crypto is now extending its tech advisory services to the UAE market. This is the first step towards its plan to deliver its full stack of products and services with an intention to enrich and further develop the local and regional web 3 landscape. The company is also committed to contributing to the regional regulatory framework by collaborating with all relevant governmental entities, starting within the UAE.Bringing its extensive experience advising companies and protocols on tokenization, smart contract development, marketing, fundraising, and more, Republic Crypto will help the region's startups and businesses tap into and leverage the web 3 industry to further realize their full potential. Avalanche, Dappradar, and Zed are a few of the company's many successes thus far.In order to unlock the potential within the UAE's web 3 market, Republic Crypto is partnering with Ghaf Labs, a UAE-based incubator focused on blockchain consultancy services. Ghaf Labs will help Republic Crypto identify and support exciting new projects as well as build a strong presence within the UAE. Together, the two firms aim to provide the highest quality service and support for the UAE's web 3 needs.Ghaf Labs is the sister company of Ghaf Capital Partners, a prominent Web3 private investment firm in the UAE market, which supports the growth and development of innovative blockchain-based startups in the region by leveraging its multifaceted expertise in the Web3 domain. Ghaf Labs is well-positioned to help navigate blockchain startups through the local ecosystem, allowing them to find new areas of collaboration and supporting them throughout the way.In launching the partnership between Republic Crypto and Ghaf Labs, Republic Crypto has signed an agreement with MyCo ( formerly MContent ), a Dubai-based web3 streaming platform, to help build their web 3 strategy, making MyCo the first advisory project from the region. MyCo is the first-of-its-kind vertically integrated streaming platform that empowers creators and users alike and offers a diverse content slate, including film, tv shows, influencer content, live sports, and UGC. Anwaar AlMahmeed, Managing Director of Republic in MENA, stated, "At Republic, we have been evaluating the MENA landscape, building our network, and having consistent conversations with investors, startups, and regulators for our various lines of business. We determined early on that the UAE is a regional leader in the web 3 space. I am excited to finally announce Republic Crypto's local presence and services, along with our partnership with the wonderful team at Ghaf Labs, a leader in the local UAE market, whom I trust will help build our vision for this market according to our shared values and dreams. I am confident that this partnership will be able to foster a robust ecosystem of quality and innovation and help shape the future of the industry in the region."Feras Al Sadek, Founder and CEO at Ghaf Labs, commented on the partnership, stating that “The expansion of Republic Crypto into the UAE market and its partnership with Ghaf Labs is a significant step forward for the local blockchain industry. By leveraging each other's networks and experiences, we shall create a very precise strategy based on growth, acceleration, advisory, and consultancy services. This will allow us to provide cutting-edge solutions to our clients and further enrich the blockchain ecosystem around us."