Sidra Chain is a blockchain platform designed for Shariah-compliant financial transactions. It operates on a Proof-of-Work model and was launched in 2022.
Islamic Finance Principles on the Blockchain
Sidra Chain's core operations are centered around Shariah compliance: prohibiting interest, excessive uncertainty, and investments in prohibited industries. The platform offers financial instruments like Sukuk and Murabaha, which align with these principles by providing transaction transparency through a public ledger.
The Three Main Components of the Sidra Ecosystem
The Sidra ecosystem encompasses the Sidra Chain Network, Sidra Coin (SDA), and Sidra Bank. The Sidra Chain Network supports smart contracts and KYC integration through KYCPort. Sidra Coin is used for transactions and user rewards. Sidra Bank provides low-fee and transparent services via the Sidra Chain app.
Practical Applications of Sidra Chain Technology
Sidra Chain offers groundbreaking solutions for cross-border payments, significantly reducing costs and time through blockchain technology. It also allows for tracking of halal products across supply chains and provides Islamic startups avenues to raise Shariah-compliant funds.
Sidra Chain represents a significant step in integrating Islamic finance principles with blockchain technology. Enhancing information accessibility and resolving technical issues will boost its impact in the industry.
