Last Updated on May 6, 2021 by cryptocreed
Project Oaken was awarded the top prize during a presentation at the world government summit, a Dubai government-sponsored event focused on smart governance held this week in Dubai.
Unveiled in late November the blockchain virtual GovHack was aimed at promoting blockchain-based solutions for advancing smart city applications. The initiative was organized by AngelHack, with support on the technology side from ethereum startup ConsenSys.
Project Oaken was one of three finalists presented during the event’s ceremony. According to the event’s organizers, there are 131 projects are submitted, encompassing more than 1,000 total participants. In the end, 9 are shortlisted. Two other teams -Team Land Registry and Health Blocks- also made the final round.
In its official pitch of the competition, Project Oaken moduled the use of smart contracts to automatically pay for tools, a Tesla as a test vehicle.
As the startup explains:
The tesla tells the toll gate that it wants to pay the toll,causing the booth to trigger a smart contract transaction.The toll booth takes the raw Tesla data and comminicates it the blockchain in the form of an IDFS hash.
While the hackathon is concluded, that doesn’t mean that Dubai is finished with blockchain.
Last week, gov agencies within Dubai announced an expansive trade finance-focused blockchain trial, being conducted in partnership with IBM. Also involved are Banco Santander and NBD Emirates, two banks have that also worked with the tech in the past