Quantstamp, a Y Combinator-backed blockchain security company, won first place at the Smart Dubai Global Blockchain Challenge 2019. Organized by Smart Dubai and 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.
Smart Dubai is a government office running seven key initiatives in order to makeDubai "…the happiest city on earth through technology innovation." One of these initiatives is the 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. 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.