The name Loyyal may not ring a bell for most blockchain enthusiasts right now. Even though the company is focusing on global loyalty reward schemes, they have been flying under the radar. That was until earlier this week when the company announced they would participate in the Dubai Future Accelerators program. A big step for this blockchain startup, that much is certain.
What is so interesting about this announcement is how Dubai Future Accelerators came to be. This initiative is launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum and several other higher-ups. With US$275m in backing for this accelerator, Dubai wants to position itself as a leader in the innovative technology race.
A Big Step Forward For Loyyal
As one would expect, the primary purpose of this accelerator is to identify emerging technologies. Blockchain can address the world’s challenges and hurdles, and provide a much better ecosystem for all. Participants of the Dubai accelerator will receive support to develop prototypes. Assuming these developments are fruitful, deployment of the service across Dubai is on the agenda as well.
For Loyyal, participating in the Dubai Future Accelerators program is invaluable. The blockchain startup will work with Dubai Holding, who focus their attention on hospitality and real estate sectors, among other things. Reducing paperwork and cutting out intermediaries wherever possible is their primary objective. A perfect fit for Loyyal and their blockchain-based development ideas.
Loyyal CEO and Co-Founder Greg Simon told the media:
“Loyyal is humbled and honored to be one of only a handful of technology companies selected for this historic opportunity. This program is unique as the objective to hand-select 31 of the most cutting-edge technology providers from around the world, bring them together to find solutions to specific government challenges, and rapidly deploy those solutions into society. People will be surprised how quickly what now is considered to be far-off futuristic technology will be real, thanks to the vision of the leadership of Dubai and the Future Foundation”.
The participation of the startup in this Accelerators program is not entirely surprising. Loyyal is a member of the Dubai Global Blockchain Council, and they have been working to develop national blockchain-based solutions for tourism. The company uses their own native blockchain for all services and aims to incentivize voluntary behavior. It will be interesting to see what this company plans to develop over the coming years.
Header image courtesy of Shutterstock