Two environmental, recycling and waste management companies join together to introduce the first ever blockchain-based waste permit portal in Sharjah, as reported yesterday. Bee’ah, UAE’s leading integrated environmental company and Hamriyah Free Zone Authority (HFZA), a free trade zone area in Sharjah form a partnership to provide consumers a platform which will validate, process and store transactions for them.
The group CEO of Bee’ah, Khaled Al Huraimel announced the establishment of the inaugural blockchain platform in Sharjah stating:
In support of the digital revolution in the UAE, we are proud to launch Sharjah’s first blockchain platform. Bee’ah’s journey in engineering these powerful tools for our customers and collaborators, like the HFZA, is paving the way for better solutions, whose rewards are even more pronounced in serving businesses and society.
Mr. Khalid Al Huraimel explains how the organization has contributed towards the betterment of the industry including integrated businesses and consumers, bringing positive and revolutionary changes in the market with blockchain technology.
Blockchain is a decentralized platform designed for users to perform their activities under no central authority with equal resources for all classes. The introduction of this technology in the waste management sector will prove fruitful for organizations involved, the customers and the environment as well. Blockchain will help reduce the cost incurred for the application of a permit as it will reduce the need for manual intervention allowing institutions to redesign their costly trade reconciliation and settlement processes.
Blockchain will lessen the permit issuance time from days to hours by diminishing the need for permit applications to travel through multiple sources. Bee’ah’s CEO said:
Using proven state-of-the-art technology will not only facilitate seamless operations, but also increase trust between customers and operators, and reduce valuable time and resources.
He also points out the fact that the technology can help increase the trust factor between businesses and their consumers and that happens due to blockchain’s ability to provide an open network for users where all the information is transparent and the activities performed will be supervised. It maximizes security since cybercriminals cannot make the slightest of change without invalidating the whole block, making data storage safe and secure. The statement outlines the security of transactions, highlighting:
As the digital ledger is built on a blockchain network, all transactions are completely secured, essentially eliminating any human error or fraud.
Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority (HFZA) also described the importance and need of blockchain technology in the field, saying:
In our line of business, accuracy and quick turnaround are instrumental factors that underline our success. However, delays in processing applications, testing and issuing permits can be some of the major factors jeopardizing our credentials. At Hamriyah Free Zone, we have always been committed to ensuring that our business policies are well-aligned and offer quick set-up models to ensure customer satisfaction.
He identifies the loopholes in the operations of the environmental sector currently and explains how the company has always looked to bring in constant innovation and betterment in its policies to ensure that the operations run smoothly and the customers are satisfied. According to Mr. Saud Salim Al Mazrouei, blockchain can assist in overcoming these loopholes:
Digitizing processes like permit applications is a new step toward innovation, and with the use of blockchain technology, we are confident that the processes will witness enhanced security, efficiency and productivity.
Blockchain is definitely not a 100% safe but nothing in this world is. The financial institutions such as banks where millions and billions of fiat currency is kept also do not guarantee complete protection and so it can be seen in the past, following numerous bank robberies and what not. It provides an opportunity for users to carry out their activities on an open network where everything happens in front of everyone and all tasks performed are followed. Transparency, even in waste management permits, is what blockchain is all about.