While blockchain and crypto have seen mixed attitudes from different regions of the world, they have received a warm welcome from the Middle East as several blockchain and crypto initiatives have taken foot within that region and are generally seen as a very crypto-friendly part of the world. This has seen several initiatives to make use of blockchain in the sending of funds, setting up crypto business ventures and exchanges and so on and just like places like Europe and Malta, the Middle East has been very enthusiastic to embrace cryptocurrency across-the-board.
It has been reported on October 6, 2019 by the Emirates news agency that the government of the UAE will be developing a blockchain competition through which grants will be given.
This new development is being pushed by the UAE’s Ministry for Community development and has been called a ‘social blockathon’ for which the grand prize is $16,300 and this will be rewarded to participants for developing blockchain innovations in the sectors of recreation, social development and so on.
Submissions for the blockathon will be open till February 20, 2020, and will involve designers, developers, and programers and they will be required to use blockchain technology to develop various applications that can be used for social purposes within the country. While a lot of blockchain application focuses on its use in commercial sectors, there is a lot of social good that can be done using the technology and it is obvious that the UAE wishes to explore this aspect.
The winners of this competition will be announced during the UAE’s innovation month is February 2020 and the winners of this prize will receive $8,200 $5,400 and $2,700 respectively and would require them to create a new innovation within a small period of time without making use of any pre-designed software. The ministry is responsible for developing and enforcing policies regarding social life within the UAE and this includes welfare, family life and so on and it is rather interesting the Community ministry is taking a keen interest in blockchain and it will be interesting to see what comes out of this blockathon and which ones are implemented around the region.