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Here's how Middle East startups are bringing innovation to blockchain

Innovative blockchain startups are paving the way to applications for a variety of industrial sectors and vertical markets including insurance, finance, digital content, gaming and more.

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When blockchain came on the scene in 2008 as the public transaction ledger of the cryptocurrency bitcoin, the tech world was abuzz about how the technology would revolutionize the financial world. As blockchain development progresses, many young entrepreneurs in the Middle East are testing the technology’s limits, and exploring blockchain-supported opportunities that go far beyond fintech. 

Here is a selection of some of the most innovative blockchain startups paving the way to applications for a variety of industrial sectors and vertical markets in the region.

Addenda (UAE)

Addenda, a blockchain startup incubated in the Dubai International Financial Centre (DIFC), aims to leverage a distributed ledger network to streamline insurance claims. Addenda provides a user-friendly interface to report tasks in real-time, and these tasks are then timestamped on the blockchain, keeping claims both verifiable to parties that need to be privy to the information, and encrypted to keep out potential bad actors.

According to Addenda’s website, once an insurance company joins the Addenda network, their existing systems will connect at specified data points. Then, the data is validated and logged on the blockchain. As in other blockchain systems, each block contains a timestamp and a cryptographic hash of the previous block, creating a chain of records that is distributed to all stakeholders. Finally, the data is analyzed and authenticated.

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