UAE-Based Telco Etisalat Partners With Tech Startups To Develop Blockchain Solutionsbr>
Future Now, the innovation program of UAE-based telecom giant Etisalat, has partnered with four tech companies to develop solutions using artificial intelligence (AI) and blockchain technology.
Launched in October 2018, Future Now introduces new ways of innovating and collaborating with tech startups. It has four key pillars: a co-creation lab, an Internet of things (IoT) partner ecosystem, an innovation center, and scale-up program, which opens doors to tech startups to accelerate their business in the UAE.
Future Now recently signed agreements with Yitu Technology (China), Com IoT Technologies (UAE), 300cubits (Hong Kong), and Tradefin (USA). These companies will participate in the Future Now scale-up program with access to Etisalat Digital resources and experts, office space, and support needed to deliver joint projects to Etisalat’s client base.
The companies were reportedly selected after their participation in the Dubai Future Accelerators program in July 2018, where Etisalat Digital launched three challenges for startups across the world. One of the challenges involved using blockchain technology to simplify and reduce transaction costs between different enterprises, such as banks, government agencies and private institutions, by 40% over the next five years. 300cubits from Hong Kong was selected for this challenge.
Tradefin was selected for the challenge that focuses on the adoption of blockchain to enable exchange across various loyalty currencies and to transform a loyalty currency into a cryptocurrency that can be used to perform online and physical transactions.