Created using blockchain tech, cryptocurrencies have made a name for themselves as virtual cash which is almost impossible to counterfeit. This has been followed by development of crypto tokens which are digital certificates of ownership for art and other assets registered on a blockchain.

The rising demand of crypto coins has also led to the creation of Middle East's very own Arabianchain, which recently launched Dubai's virtual currency the DubaiCoin. The quickly developing space has now prompted UAE-based telco Etisalat to ring in a new blockchain, specifically designed to churn out digital trade invoices which can't be faked.

The UAE Trade Connect will also be equipped with machine learning tech to read through trade related documents so that financial organisations can be protected against scams. Permanent invoices will be registered on the blockchain, to ensure security through use of encryption similar to that used for crypto cash.

Lenders which have come on board to use the new blockchain include the UAE's central bank, and the service will be extended to other industries once bills and similar documents are created through it.

In line with its welcoming approach towards innovation in the digital world, UAE was early to announce that it'll use blockchain tech for half of all government transactions by end of this year. Dubai's licensing authority has already started accepting Bitcoin as payment, and the city has also launched its own crypto cash.

A separate crypto centre has been set up in the country to support startups working on developing blockchain-based businesses including trading platform. The ecosystem will even provide training for professionals aspiring to develop the tech further.

Although the Emirates and its neighbour Saudi Arabia are collaborating on their own digital currency Aber, another gulf economy Kuwait is raising an alarm against cryptocurrency. The country has warned against comparing virtual coins with real money, and described them as a threat to the global financial system.