Global Tech Leaders Unpack the True Value and Impact of the Web3 Economy at GITEX GLOBAL 2022

International pioneers of the Web 3.0 economy are in Dubai, bringing a host of never-seen-before experiences and technology innovations to propel the next digital revolution at the world's largest tech event, GITEX GLOBAL 2022.

From Oct 10-14, Dubai World Trade Centre (DWTC) is hosting the global tech ecosystem, with over 1,000 thought-provoking speakers and more than 5,000 companies from 90 countries spanning 26 halls and two million sq. ft. of exhibition space.

H.E. Omar Bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, delivered the opening keynote speech at the Sheikh Rashid Hall Main Stage today. He highlighted that the UAE and Dubai believe in the power of globalization and creating an ecosystem that allows people to thrive. H.E Al Olama highlighted how GITEX GLOBAL has continued to grow despite the global technology sector undergoing turmoil and uncertainty. He concluded his speech by reiterating that conversations taking place at GITEX GLOBAL will create ‘sparks’ that will change the world.

New Paradigms of AI

Speaking in the Middle East for the first time, Dr. Tian Qi, Chief AI Scientist, Huawei Cloud, delivered an informative session on the new paradigms of AI on GITEX’s main stage on Day 1. Dr. Qi focused on the vast potential that AI can have for the scientific community, highlighting that AI can speed up computation time by a factor of at least 10,000, and can help better predict weather patterns and support in discovery of new medications.

Unlocking the potential of the metaverse

Issues of virtual asset ownership came under the spotlight during an interview between Sébastien Borget, Co-Founder & COO of The Sandbox, and Mike Butcher, Editor at Large at TechCrunch. Borget said the future of the metaverse had to involve users owning their digital assets with the freedom to decide how these assets are used or sold. Web 3.0 and blockchain is a chance to take back ownership of assets, he added. One of Sandbox’s goals was to showcase its possibilities and this is why it was co-creating with brands such as Atari, so they could own their own space, launch their own gamified experiences and launch content with the community, co-creating and expand their brand creatively.

Building trust in virtual assets

Speaking at the GITEX main stage, Dimitrios Dosis, President of Eastern Europe, Middle East and Africa at Mastercard, said Mastercard’s investment in CipherTrace gives insight into cryptocurrencies and provides transparency rather than anonymity, which in turn reinforces greater consumer trust. In addition, Mastercard, strategic sponsor of Fintech Surge 2022, which is taking place until 13th October as part of GITEX GLOBAL, is also working with small- and medium-sized companies to help them access cyber security insurance, he added.