University of Sharjah and BSV Blockchain’s Association are set to develop a Blockchain-based Metaverse System

The BSV Blockchain Association of Switzerland and the University of Sharjah at UAE have set up a joint research project for formulating a blockchain-based Metaverse system that can preserve the UAE culture and heritage while maintaining its ownership as a digital asset.

The project furthermore covers a showcase platform as a trading marketplace to exchange the physical originals as well as the virtual heritage assets as Non-Fungible Tokens [NFTs] in the Metaverse Environment.

The Vice Chancellor for Research and Graduate Studies, prof. Maamar Bettayeb has highlighted how significant this project is in strengthening the relationship between the university and the industry. It delivers very beneficial use cases of the recent technologies such as the Blockchain, Metaverse, and the NFTs that help not only in preserving the heritage and culture of the UAE, but also the entire Arabic and Islamic legacy in the region.

In addition to the research and development, the UoS is also helping the community and the national economy by translating the vision of Emirates of Sharjah and the UAE to document and preserve the Emirati history and heritage in its varied tangible and intangible forms.

While commenting on today’s announcement, Mr. Jimmy Nguyen – the founding president of Bitcoin Association for BSV has said that With the government’s strong mandate to develop and implement world-leading blockchain technology for the benefit of all citizens, the UAE embodies one of the most forward-thinking and innovative destinations for blockchain and data technology globally.

According to him, they are all very excited and happy about their partnership with such a premier institution like UoS in the UAE for developing a visionary solution that utilizes the latest technologies to preserve the nation’s values and history and the region. He believes, Launching a new startup will help create various jobs for new technology graduates and create a new economy for trading antiques, historical and modern artefacts as NFTs in digital format and virtual marketplace.

Dr. Mohamed Al Hemairy, the leading researcher has added that the UAE has a very rich culture and human heritage, characterized by numerous physical inheritances that the new generation and expatriate don’t know much about. According to Dr. Mohamed, it holds intangible value and is considered as tangible assets. Therefore, their research focused on how they could deploy blockchain’s immutable properties to preserve the integrity and ownership of inherited wealth from Emirati’s families and Designing a virtual art gallery in a state-of-the-art digital format for Arabic and Islamic culture, heritage, antiques, historical and modern artworks and its intellectual property as a Non-Fungible Token [NFT] and presenting them in a Virtual Art Gallery on Metaverse and BSV Blockchain, based and supported by blockchain.

He added that they plan to preserve the rich history, rich culture and exceptional moments of achievements of the great leaders and founding leaders of the UAE and make the next generation aware of it.

He also said that they will use the Smart Contracts to supervise the transfer of those inheritance without any third-party involvement in an automated & fully decentralized environment. From an economic point of view, Metaverse has seen a lot of interest in previous years, with many brands and companies showing interest in being in this virtual environment, which is expected to contribute about $500 million to Dubai’s economy, while research predicts that its global market size will increase from $27 billion in 2020 to more than $824 billion by 2030.

The agreement will see the University of Sharjah develop an innovative solution to maintain heritage and modern goods and offer a state-of-the-art trading platform that will undertake a multi-phased research and development programme. The state-of-the-art platform will leverage latest technologies such as blockchain and the virtual reality environment “Metaverse”. This will then be followed by the development of a proof-of-concept application resulting from the R&D phase and will be commercially used at a university startup for operating the trading at the metaverse for the public and serving the community.

The BSV blockchain will be used as a public blockchain “open source” with thousands of peers distributed around the world validating transactions and storing the ledger in a decentralized environment. The BSV Blockchain has various unique features and characteristics such as stability, massive scaling for the block size, and a rapid transaction rate with the lowest transaction fees. These features are crucial to make the stakeholders and users embrace the platform for storing their special assets and collections in a digital format. This will help them share the assets with others in a 3D format in the Metaverse and even trade them if that is what they prefer.

Source- Unlock Media

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