UAE Reveals Blockathon Competition Amid Dubai's Blockchain City Efforts

UAE Reveals Blockathon Competition Amid Dubai's Blockchain City Efforts

The government of the United Arab Emirates (UAE) revealed "The Blockathon Social Competition." This is the country's latest effort to make Dubai the world's first "Blockchain City."

The competition was revealed at GITEX Technology Week 2019, a technology conference taking place in Dubai, by the Ministry of Community Development (MOCD).

As part of the competition, software developer teams and UI / UX developers will compete for the first prize of AED 30,000 ($8,200), awarded to the team developing the best social enterprise blockchain venture. The second prize will receive AED 20,000 ($5,400), while the third will receive AED 10,000 ($2,700).

The submission deadline is February 1 2020, and winners will be announced later in the month. Applicants will be evaluated on reliability, creativity, security, scalability and connectivity, among other criteria.

Furthermore, all applicants will have to grant the MOCD intellectual property rights. Saeed Abdulla, IT advisor at the Ministry of Community Development, said that the Blockathon Social Competition is intended to "transform ministry objectives" which are drawn from the country's UAE 2021 vision and 2071 centennial goals.

This move is about turning the UAE into a "competitive knowledge-based economy" and introducing "high-value industries," according to the UAE's website.

Last year, the UAE announced plans to accept crypto as security in 2019 sometime, making it easier for companies to file ICOs. Nevertheless, there is no news that supports the regulations.

Dubai's ambitions of being the "World's Blockchain City" are not far from reach but the country better get a crack on with it,

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