Blockchain technology the future of transaction - GulfToday

Blockchain technology the future of transaction


Photo has been used for illustrative purposes. File / Reuters

Sohaila Ahmed, Sahar Ejaz, Staff Reporters

Dubai’s digital Blockchain strategy continues to contribute in achieving the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, of transforming Dubai into a fully managed Blockchain Emirate by 2020, and be the first smart run by Arab minds.

Being the first international and fully-insured cryptocurrency platform, Mohammed Abdul Salam, Founder and CEO of Burency, said that the Blockchain centRE will dedicate a section for newly established projects to support their development. However, the centre focuses on the making of smart contracts which facilitate trading process with local companies.

“All electronic transactions will soon be run by Blockchain technology, whether through the Central Bank, exchange shops, customs, traffic and patrols departments, government entities; relying on the full security and safety of such technology,” Abdul Salam added.

Mohammed Abdul Salam also mentioned how the Blockchain technology will contribute in developing the medical facilities for all residents, through securing all types of medical records; which means that the patient’s medical history can be accessed from anywhere around the world without the need of using actual documents.

Moreover, the Chief Operating Officer at Burency, Moayyad Yousef, stated that the used cryptocurrency is utility-based, which means it can be used to buy flight tickets or book hotels through certain travelling websites.

“Blockchain technology has no risks, impossible to be hacked, and it is decentraliSed. Money can be safely transferred from one digital wallet to another, and every 8-10 minutes a new block is generated to ensure maximum safety of any process. In the near future, the Blockchain technology will be used worldwide, with zero possibility of forgery or theft,” Moayyad said.

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