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UDIA Global joins hands with South Korean firm
By inayat-ur-Rahman May 18, 2018
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DUBAI: The Dubai Silicon-based company, UDIA Global has signed an agreement with the South Korean Technology firm, B&C co. Ltd to produce cryptocurrency called Udia-coin.

The agreement was signed between both companies recently in Dubai.

Zafar Iqbal Zafar, Director, UDIA Global and Jung Hyun Woo, Director, B&C signed the deal in the presence of other top officials recently in Dubai.

Zafar Iqbal Zafar while talking to The Gulf Today during an exclusive interview mentioned that UDIA Global is an entrenched firm in executing blockchain technology.

He disclosed that they are planning to open two new centre platforms for Udia-coin in the UAE, adding that the first outlet would be operational in Dubai in October and the other would start functioning in Abu Dhabi next year.

Zafar stated that the Korean technology is very reliable in blockchain technology and it has proved successful in Korea and other economies.

“We are employing Korean technology to anchor Udia-coin and blockchain based transactions in the UAE. The users will save a lot on the service fee they currently meet on remittances and other payments. We shall encourage them to contribute part of their huge savings to charity and good causes ,”

Securities companies have already decided to adopt a blockchain through a consortium, and institutions around the world have also announced that they will intensively invest in block chain technology. In addition, Accenture, a global management consulting and professional services company that provides strategic, consulting, digital, technology and operational services, announced that using block chains could reduce $12 billion annually.

Block chaining is a technology that allows you to trust content without someone’s warranty. Bitcoin can send digital money without bank guarantee. Because transaction details are replicated to a large number of nodes, bitcoin users do not have to worry about deleting or forgery their transactions. The block chain is to provide personal trade trust.

In the case of bit coin, smart contracts are not supported, but only one money transfer application in which a bit coin asset is moved is a block chain. Udia-coin has a transaction archive database that changes the status of smart contracts and a smart contract database that keeps the latest status of smart contracts.

The smart contract is an application that can change its status. The status of the smart contract is a variable used by Udia- coin, and the input value for changing it is included in the transaction.

Udia coin’s smart contract will be used for services such as foreign exchange remittance, P2P loan / investment, and settlement.

Payment can be done in your real life as actual exchange rates are applied on a real -time basis because UDIA cards are interlocked with cards such as VISA, master.

UDIA cars support different currencies and codes. Coins which will be used in payment are set up through applications before using cords. Coins are used in actual payment as exchange rates of UDIA coins are applied on a real-time basis in it after setup.

This UDIA payment platform can be done by cooperating with financial institutions and exchanges, create safe and quick payment and inexpensive charges, and provide the refund service.

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