The blockchain technology has evolved by leaps and bounds since it first came as the underlying technology to Bitcoin (BTC). In addition to all the financial use cases that the technology has to offer the world, it is also revolutionizing the industries that aren’t aimed at the moneymaking aspect. And it is one of the many reasons that different countries are embracing blockchain in various sectors.
The United Arab Emirates, like many Muslim countries, might be skeptical about Bitcoin and other cryptocurrencies, but that skepticism doesn’t extend to blockchain technology. In fact, the country’s official news agency, Emirates News Agency (WAM), reported on Feb. 17 that UAE is all set to launch a waste permit portal that will be powered by the blockchain technology.
As per the reports, the new waste permit portal will be launched in the city of Sharjah. Furthermore, the it’s development will be joint venture between the environmental, recycling and waste management company Bee’ah and the Hamriyah Free Zone Authority (HFZA), which is the city of Sharjah’s free trade zone.
This platform is apparently the first of its kind in the city that will leverage the blockchain technology in order to validate, process as well as store transactions.
One of the main aims of the platforms is cost cutting for customers who are applying for permits with HFZA. The blockchain-powered platform will also will also significantly reduce the time it takes to issue a permit, which currently takes about several days.
All transactions are completely secured, essentially eliminating any human error or fraud.
The statement added.
The CEO of Bee’ah, Khaled Al Huraimel, is hopeful that the technology, in addition to facilitating seamless operations, will also lay the foundation of increased trust between customers and operators.
The gulf region has been making quite a few headlines recently when it comes to blockchain technology and cryptocurrency. Only two months ago, in December last year, UAE’s central bank announced its collaboration with the Saudi Arabian Monetary Authority, for the purpose of issuing a cryptocurrency accepted in cross-border transactions between the two countries.
And only in this month, six commercial banks from both the countries have jumped onboard and joined the project. For further updates stay tuned to BlockPublisher.