Photo has been used for illustrative purposes.

Sohaila Ahmed, Staff Reporter

Mohammed Abdul Salam, Founder and CEO of the first digital currency platform in the UAE, ‘BURENCY’, said that the platform is 100% made by Arabs, and a fully secured one. Dubai has been always supportive and encouraging to all innovative companies, which contributed in the launch and success of BURENCY in the Arab market, earning the trust of various users and traders.

A Blockchain Technologies centre has been established at the company for research and development, and to help overcome all challenges faced. The centre focuses on the making of smart contracts which facilitate trading process with local companies.

Moreover, Dubai’s digital Blockchain strategy 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.

“The Blockchain Development Centre facilitate the process of making smart detailed contracts for high quality services that involve multiple parties, and can also be used in the process of multiple transactions such as e-commerce systems for contracts,” he said.

Abdul Salam, added that risks of digital trading through the Blockchain certainly exist, especially with the constant value change of digital currencies, but the cryptocurrency exchange is an international network, and is in full control of currency exchange. Nowadays, cryptocurrency exchange is as important as stock exchange, food exchange, etc.

In addition, the smart contracts used in the Blockchain centre are made between the seller and buyer; enlisting all rules and penalties for the made agreements with great similarity to other types of contracts, but the only difference is that obligations are automatically imposed, and contracts are terminated once certain criteria are met.

“Blockchain technologies are guaranteed future tools that widely spread since 2010, and helped enhance various transactions of many companies and government entities, boosting economics level in a notable way.