UDIA Global joins hands with South Korean irm

Dubai Sil­i­con-based com­pany to pro­duce cryp­tocur­rency Udia-coin

The Gulf Today - Business - - UAE - BY INAYAT-UR-RAH­MAN

DUBAI: The Dubai Sil­i­con-based com­pany, UDIA Global has signed an agree­ment with the South Korean Tech­nol­ogy irm, B&C co. Ltd to pro­duce cryp­tocur­rency called an­chor 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 ofi­cials re­cently in Dubai.

Za­far Iqbal Za­far while talk­ing to The Gulf To­day dur­ing an ex­clu­sive in­ter­view men­tioned that UDIA Global is an en­trenched irm 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 irst 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 inan­cial in­sti­tu­tions and ex­changes, cre­ate safe and quick pay­ment and in­ex­pen­sive charges, and pro­vide the re­fund ser­vice.

Top of­fi­cials dur­ing the sign­ing cer­e­mony in Dubai.

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