Quantstamp, a Y Combinator-backed blockchain security company, won first place 
at the Smart Dubai Global Blockchain Challenge 2019. Organized by Smart Dubai ( 
https://c212.net/c/link/?t=0&l=en&o=2429461-1&h=1014524425&u=https%3A%2F%2Fwww.smartdubai.ae%2F&a=Smart+Dubai 
) and Dubai Future Accelerators ( 
https://c212.net/c/link/?t=0&l=en&o=2429461-1&h=1815234440&u=https%3A%2F%2Fdubaifutureaccelerators.com%2Fen%2F&a=Dubai+Future+Accelerators 
), the Smart Dubai Global Blockchain Challenge is part of the government's 
Blockchain Strategy 2020, where blockchain will be used to enhance the quality 
of life of its citizens.

Photo - 
https://mma.prnewswire.com/media/858705/Smart_Dubai_Blockchain_Challenge.jpg 

Smart Dubai is a government office running seven key initiatives in order to 
make Dubai "...the happiest city on earth through technology innovation ( 
https://c212.net/c/link/?t=0&l=en&o=2429461-1&h=38865502&u=https%3A%2F%2Fwww.smartdubai.ae%2Fabout-us&a=%22...the+happiest+city+on+earth+through+technology+innovation 
)." One of these initiatives is the Dubai Blockchain Strategy ( 
https://c212.net/c/link/?t=0&l=en&o=2429461-1&h=2423889344&u=https%3A%2F%2Fwww.smartdubai.ae%2Finitiatives%2Fblockchain&a=Dubai+Blockchain+Strategy 
), which aims to cement Dubai's reputation as a global leader in technology 
innovation and the smart economy. The Dubai Blockchain Strategy also aims to 
make Dubai the first blockchain-powered city by 2020 and the global capital of 
blockchain technology. 

The core goals of the Dubai Blockchain Strategy include:

     - Increasing government efficiency by using blockchain in 100% of 
       applicable government services, 
     - Creating an active and enabling blockchain ecosystem for startups and 
       businesses, and 
     - Leading the strategic thinking on the global progress of blockchain 
       technology.

The United Arab Emirates, the national government, also has an aggressive 
blockchain strategy ( 
https://c212.net/c/link/?t=0&l=en&o=2429461-1&h=3229335742&u=https%3A%2F%2Fgovernment.ae%2Fen%2Fabout-the-uae%2Fstrategies-initiatives-and-awards%2Ffederal-governments-strategies-and-plans%2Femirates-blockchain-strategy-2021&a=an+aggressive+blockchain+strategy 
), By 2021, the UAE aims to record over 50% of government transactions using 
blockchain technology.

"The United Arab Emirates and the city of Dubai are pioneering the use of 
blockchain technology to make concrete improvements in the lives of their 
citizens," said Richard Ma, CEO of Quantstamp. "Now that Quantstamp has won the 
Smart Dubai Blockchain Challenge, we will actively engage with our new network 
in the UAE in an effort to ensure that Quantstamp plays an active role in the 
implementation and security of their blockchain strategy."

As one of 20 shortlisted startups, Quantstamp flew to Dubai to pitch its 
blockchain solutions at the Future Blockchain Summit. In the process, 
Quantstamp met with investors, networked with government officials, and 
connected with potential customers. 

In his presentation, Quantstamp Head of Business Don Ho discussed why 
Quantstamp is essential for the mainstream adoption of smart contracts and 
blockchain technology. Smart contracts act as the back end code of blockchain 
technology that power most blockchain applications.
 
Don Ho explained that, although smart contracts experienced exponential growth 
over the last two years, smart contract security still needs to be addressed. 
Over the same two year time period, over $350 million USD worth of 
cryptocurrency was either lost or stolen due to security vulnerabilities in 
smart contracts. If blockchain security is not addressed, economies will be 
unable to realize the potential growth enabled by blockchain technology. 

Don Ho then described how Quantstamp aims to facilitate the proliferation of 
blockchain technology by developing tools and services that protect smart 
contracts throughout their entire lifecycle. Before smart contracts are 
published, Quantstamp offers full service white glove audits. Leading 
crypto-native companies like OmiseGO, Chainlink and Sharespost trust Quantstamp 
to address their security needs. 
 
Quantstamp also offers tools and services that enhance smart contract security 
post-deployment. Quantstamp's monitoring tools detect irregular activity and 
malicious attacks on live smart contracts. Quantstamp is also developing the 
Assurance Protocol that allows security experts to assure the correct behavior 
of live smart contracts. 
 
About Quantstamp

Quantstamp is a blockchain security company that conducts manual audits and 
automated scans and is developing security products, services, protocols, and 
other automated security tools powered by QSP. The Quantstamp protocol aims to 
enhance smart contract security and the reputation of projects that create 
smart contracts by producing openly accessible scan reports. Get an audit or 
run a security scan today at https://quantstamp.com/

Contact: Jared Harrill, jared@quantstamp.com, 415.579.8976

Source Quantstamp