How Universa Blockchain Is Tokenizing the Islamic Enterprise and Governments The Universa Blockchain offers a technological base for the Islamic market
By John Stanly
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
There are 57 Islamic countries in the world where Islam is a state religion. It is approximately 1.9 billion Muslims of the world population: more than 230 million of Muslims live in Malaysia and Indonesia, 200 million in India.
According to Bloomberg, the Top National Ulema Council of Indonesia has reportedly noted that digital asset commodities must match Sharia principles and demonstrate clear benefits in business practice.
What are the real business cases of using blockchain technologies in countries with a Muslim population? Universa Blockchain highlights the tokenization's potential.
Blockchain to Governments: Commodity Tokenization
Al Khaleej Sugar, the world's biggest sugar refinery in the United Arab Emirates, pays attention to blockchain technology since it launched digital sugar trading platform DigitalSugar.
As warrants are tied to up to 1M tonnes of raw sugar, with the help of the Universa blockchain, traders can benefit from low exchange fees and decent yearly storage fees.
The launch of a blockchain-based commodity trading platform is in line with the wider goals of UAE Blockchain Strategy, which Highness Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched in 2018.
On the report of Bloomberg, Universa Blockchain also signed a cooperation agreement with State Geological Holding RosGeo for the tokenization and application of modern blockchain technologies in geological exploration.
The blockchain technology would be applied to tokenization of the mineral resource base, transport, logistics, and smart geological exploration contracts in the Holding subsidiaries.
Alexander Borodich, serial Entrepreneur and Founder of Universa Blockchain stressed: "It is a great honor for our company to be a technology partner of Islamic Enterprises and Governments. We have more great intentions on this matter. Our platform provides high speed and reliability of tokenization, which is necessary for the implementation of blockchain technology at production facilities of this scale."
What about halal?
Halal food is that which adheres to Islamic law, as defined in the Koran. Food and drinks must be free of intoxicants, poisons, harmful ingredients, or unhygienic elements.
A blockchain project "Halal Digital Ecosystem' has been announced at the 12 th International Islamic Summit.
This solution decreases the spread of counterfeit products and makes consumers confident in the safety, quality, and authenticity of the products they purchase.
The project will help manufacturers to get Halal certificates, issue digital passports and bring their product to the market. All data is stored via Universa Blockchain secure and convenient for both farmers and buyers
The ecosystem includes digital certificates for halal, a blockchain passport with a QR code to verify food status and a trading platform.
Long story short, the Universa Blockchain offers a technological base for the Islamic market. UTN token covers everything from real estate and commodity tokenization to getting Digital Passport.
