TRAIN, Switzerland, September 15, 2022 /PRNewswire/ — The BSV Blockchain Association (Switzerland) and the university Sharjah (UAE) have launched a joint research project to develop a blockchain-based Metaverse system to preserve the UAE’s culture and heritage and preserve its property as a digital asset and finally a flagship platform as a trading marketplace for the exchange of the physical originals as well as the virtual heritage assets as non-fungible tokens [NFTs] in the Metaverse environment.
prof. Maamar BettayebVice Chancellor for Research and Graduate Studies, stressed the importance of this project in strengthening the relationship between the university and industry, while offering very useful use cases for the latest technologies such as blockchain, metaverse and the NFTs, which not only contribute to the heritage and culture of the UAE, but the entire Arabic and Islamic heritage in the region. In addition to research and development, UoS serves the community and national economy by delivering the vision of Emirates of Sharjah and the United Arab Emirates to document and preserve the history and heritage of the Emirates in its various tangible and intangible forms.
Comment on today’s announcement, Mister. Jimmy Nguyen – Founding President of the Bitcoin Association for BSVsaid, “With a firm government mandate to build and implement world-leading blockchain technologies for the benefit of all its citizens, the UAE represents one of the most forward-thinking and innovative blockchain and data technology destinations in the world. We are very excited and Delighted to partner with a leading UAE institution such as UoS to develop an innovative solution utilizing the latest technologies to preserve the values and history of the nation in the UAE and the region.Founding a new start -ups will help create many jobs for the new technology graduates and create a new economy for trading antiques, historical and modern works of art in a digital format and virtual marketplace as NFTs”.
DR Mohamed Al Hemairyadded the lead researcher: “UAE has a very rich culture and human heritage characterized by numerous physical inheritances when the new generation and expatriates do not know much about it, and it has an intangible value and is considered a tangible asset. Therefore, our research focused on how we can leverage the immutable properties of the blockchain to preserve the intellectual property and ownership of the inherited treasures of the Emirati families and create a virtual art gallery for Arabic and Islamic culture, heritage, To design antiques, historical and modern works of art in a state-of-the-art condition. art digital format and refer to their intellectual property as non-fungible tokens [NFT] and showcase them in a virtual art gallery in the Metaverse and based on and powered by BSV Blockchain. We will also save the extraordinary moments of our rich history, rich culture and achievements of the great UAE leaders and founding leaders and bring them to the attention of generations to come. We will use the smart contracts to regulate the transfer of these inheritances without third party involvement in an automated and fully decentralized environment. From an economic point of view, the Metaverses have received a lot of interest over the past few years, with many brands and organizations showing interest in being in this virtual environment that is expected to contribute 500 million dollars to Dubai’s economy, while studies predict that its global market size will increase by $27 billion in 2020 to more than $824 billion until 2030″.
The agreement sees the University of Sharjah undertake a multi-phased research and development program, starting with the creation of a novel solution to preserve heritage and modern possessions, and offer a state-of-the-art trading platform that leverages the latest technologies such as blockchain and the virtual reality environment “Metaverse”. This is followed by the development of a proof-of-concept application resulting from the R&D phase and used commercially at a university startup to trade in the Metaverse for the public and to serve the community.
DR Manar Abu TalebResearch group member, added: “The integrated system will use an open source solution that will be shared with a huge community of programmers for further improvements, extensions and community engagement. Inheritance can be transferred as NFT transfers and to relatives as evidence of rightful ownership for generations to indefinitely. In the long term, it will make sustained efforts for this solution and will have a positive impact on the UAE’s economic sector. This is our second time working with the BSV Blockchain’s Association and our research group to build impactful utilities for our community and local economy.”
BSV Blockchain is used as an “open source” public blockchain that has thousands of peers distributed around the world that validate the transactions and store the ledger in a decentralized environment. The BSV blockchain has many unique features and properties such as stability, massive block size scaling, and fast transaction rate with the lowest transaction fees. These functions are so important to stakeholders and users that they are adopted the Platform to store their special assets and collections in digital format and allow them to share them with others in a 3D format in the Metaverse and even trade them if they prefer.
Mister. Muhammad Anyumthe Head of BSV Hub for MESA, also commented, saying, “Developing relationships and supporting the academic institutions is a key goal of our regional BSV Hub and a powerful way for blockchain technology to grow in the future middle East. The University of Sharjah has put in a lot of effort
i.e Fall to leverage the powerful capabilities of the BSV blockchain. The Dubai Metaverse Strategy is an innovative initiative and an important step to make the UAE the first country in the world to adopt and use the Metaverse. We are confident that we will see numerous engagements between the BSV Ecosystem and the University of Sharjah soon.”
About BSV Blockchain Association
The BSV Blockchain Association is the Switzerland-based global industry organization working to advance the BSV blockchain business. It brings together essential components of the BSV ecosystem – corporations, start-up ventures, developers, traders, exchanges, service providers, blockchain transaction processors (miners) and others – to collaborate with them and drive them in a representative capacity to drive further usage of the BSV -Blockchain and inclusion of the digital currency BSV.
The Association works to build a regulation-friendly ecosystem that encourages lawful behavior while facilitating innovation using all aspects of blockchain technology. BSV is more than a digital currency and a blockchain, it is also a network protocol; Just like the Internet Protocol, it is the fundamental set of rules for an entire data network. The Association supports using the original Bitcoin protocol to run the world’s only blockchain on Bitcoin SV.
About the University of Sharjah
For more than twenty years, the University of Sharjah has rendered its academic, scholarly and research services as a comprehensive public university for all academic disciplines. The university was founded in 1997 under the kind patronage of His Highness Sheikh Dr. Sultan bin Muhammad Al-QasimiMember of the Supreme Council, Ruler of Sharjahand President of the University of Sharjah. It is currently considered one of the major universities locally and regionally and ranks high nationally according to the latest international rankings.
The University of Sharjah comprises fourteen colleges and offers 112 accredited academic programs in various academic disciplines, including fifty-seven bachelor’s programs, 38 master’s programs, 15 PhD programs and 2 postgraduate diploma programs. The number of students at the university Sharjah in the various stages of undergraduate, graduate and postgraduate studies is more than 16,400,000 students, and the number of graduates exceeds 32,000 graduates from different regions of the world.
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SOURCE BSV Blockchain Association