The Fantom Foundation recently announced a partnership with Sheikh Saeed bin Ahmed Al Maktoum. The Fantom foundation is a blockchain based infrastructure company that provides smart services to cities. Fantom partners with Dubai to provide public services in a decentralized manner.
With the establishment of a partnership with Sheikh Saeed bin Ahmed Al Maktoum, the company will formally build its presence in Dubai.
In a blog post announcement on Medium, the company stated that –
The Fantom Foundation is pleased to announce a partnership with The Private Office of Sheikh Saeed bin Ahmed Al Maktoum. This partnership will see the Fantom Foundation establish an operational presence in Dubai.
What is the Fantom Foundation?
Fantom is a distributed ledger technology stack. At its foundation, it is a DAG-based distributed ledger incorporating new methods of scalability, combined with a high-performance virtual machine and safe, secure smart contract execution.
Fantom Foundation uses the blockchain distributed technology to implement decentralized application development. These applications are called DAPPlications. The plan is to harness the many IoT devices that are flooding the market to implement a completely secure and decentralized IT infrastructure for smart cities.
Usually, cities have a centralized and slow IT setup that hinders public involvement and development of public utilities. Fantom proposes the use of distributed applications using blockchain technologies to create secure, fast and decentralized public utilities that can scale to any size. This is a novel idea as the increased traffic will not affect the functioning of the IT infrastructure as more devices will automatically be added to the blockchain. From the point of view of scalability, Fantom solves the problem of number by design. The growth of the city will never hinder the development of it.
FANTOM DAG platform is uniquely positioned to become the IT infrastructure backbone for smart cities. With the ability to collect large quantity high speed data transmission with scalable solutions across multiple smart city service providers.
By 2020 it is estimated that smart cities will have 90 Billion IoT devices sending data that needs to be stored securely whilst also being accessible to stakeholders for smart city data-driven smart contracts and Dapplication. Fantom partners with Dubai to provide public services using this distributed technology.
Fantom and Dubai
The recent announcement of a partnership between Fantom and Sheikh Saeed bin Ahmed Al Maktoum opens a world of possibilities for DAPPlications. The technology will power the smart cities infrastructure and provide public utility support via a distributed ledger technology.
The announcement is significant as it will be the largest city to implement DAPPlications on a city-wise basis. Fantom will be setting up a base of operations in Dubai, bringing DAPP’s closer to mainstream adoption.
Dubai has committed to becoming a world leader in blockchain adoption as part of Smart Dubai initiative. Dubai aims to be the “first city fully powered by blockchain by 2021.” The Smart Dubai initiative was founded following the vision of His Highness Sheikh Mohammad bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to collaborate with the private and government sectors to empower and deliver efficient and happier city. Its goal is to achieve efficiency by using blockchain in 100% of applicable government services; creating and enabling blockchain ecosystem for startups and businesses and to become a global thought leader. Fantom partners with Dubai to provide these public services in a decentralized manner.
Hisham Al Gurg, CEO of Seed Group and The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, formalised the partnership with Fantom Foundation at a signing ceremony in their Dubai head office with Fantom Foundation represented by Ashton Hettiarachi and David Freuden.
“We are super excited to partner up with The Private Office of Sheikh Ahmed bin Saeed Al Maktoum to bring innovation and build solutions for Dubai to create new economic opportunities and deliver better user experience for UAE citizens.”
ASHTON HETTIARACHI, HEAD OF INNOVATION LAB, FANTOM FOUNDATION.
“This day marks the beginning of a new partnership that lays the groundwork for integrating Fantom Foundation’s technology and expertise into the vision of Dubai to become a blockchain city. Given their extensive experience in technology R&D and working with partners, we look forward to seeing how this will significantly benefit the Smart Dubai initiative strategy.” HISHAM AL GURG, CEO, SEED GROUP AND THE PRIVATE OFFICE OF SHEIKH SAEED BIN AHMED AL MAKTOUM.