Plans have been revealed to establish a Centre of Blockchain Excellence in Masdar City, Abu Dhabi.
The Department of Economic Development - Abu Dhabi and Algorythma, a UAE-based technology service company, have signed a memorandum of understanding (MoU) with the aim of implementing projects, initiatives and strategies related to digital transformation.
The MoU seeks to launch the Centre at Krypto Labs, Masdar City, for enabling best practices and latest technologies in line with the Abu Dhabi government’s goal of supporting investment in technologies and innovative solutions and blockchain, state news agency WAM reported.
Under the terms of the MoU, the Centre will provide services to both government and private entities as well as provide leadership, best practices, research, support and training.
Under the terms of the agreement, the two parties are working to strengthen the blockchain service platform on a national level in the UAE.
Further areas of collaboration outlined in the MoU comprise AI capabilities such as computer vision, natural language processing, and machine learning.
Khalifa Bin Salem Al Mansouri, Under-Secretary of the DED, said the agreement comes as the government focuses on transforming Abu Dhabi into the ideal destination for investment and making it a major centre for entrepreneurship in the region.
Dr Saleh Al Hashemi, CEO at Algorythma, added: "As a technology and innovation company, we are keen to achieving the objectives of this strategic MoU with the DED as well as other local and federal government entities by adding value to the technology and AI sectors in the UAE."