A leading institution of higher learning in the United Arab Emirates (UAE), the University of Sharjah (UoS) and the BSV Blockchain Association have entered a partnership to create a blockchain platform and immortalize the country’s culture and traditions in Web 3.
The joint venture between the university and the Swiss-based organization will involve the development of a non-fungible token (NFT) marketplace to showcase collectibles about the UAE’s rich cultural heritage. This will also serve as a virtual art gallery for Islamic and Arabic culture at large while relying on the immutable properties of distributed ledger technologies (DLTs).
“We are very excited and pleased with the partnership with a premier institution in the UAE such as the UoS to develop an innovative solution that utilizes the latest technologies to preserve the nation’s values and history,” said Jimmy Nguyen, founding president of Bitcoin Association for BSV.
The inheritance of these collectibles will be governed via smart contracts without the need for the meddling of third parties. Dr. Mohamed Al Hemairy, a leading researcher at the university, noted that the partnership would offer Sharjah a slew of benefits apart from preserving culture. Thousands of jobs are expected to be created through the joint venture, and since the metaverse is a key feature, it could contribute its quota to the expected $500 million to Dubai’s economy.
The deal will herald the development of a “multi-phased research and development program,” which will be followed by a proof-of-concept stage. To test the effectiveness of the platform, a university startup will serve as a sandbox for its use in the metaverse, and members of the public can interact with the platform. Furthermore, an open-source code solution will be used to allow for improvements and further community engagement.
Like peas in a pod
This is not the first time both parties are collaborating on a project, as back in June, the University of Sharjah turned to BSV to assist in eliminating academic fraud. Dr. Mohamed Al Hemairy, Head of Technology at the university, noted that the institution would eradicate the scourge of fake certificates by issuing them on the BSV enterprise platform.
“In cases where employers want to verify academic certificates of potential candidates, this BSV-enabled verification system performs the job in just a couple of steps,” said Dr. Hemairy.
The BSV Blockchain Association runs the BSV blockchain, and part of its core objective is to ensure all components in the ecosystem complement each other. Furthermore, the body collaborates with regulators to promote the lawful use of innovative distributed ledger technology.
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