According to reports by the official news agency of the country ‘Emirates News Agency’ (WAM) on February 17, A waste permit portal enabled with blockchain has been launched in Sharjah, the United Arab Emirates (UAE). Reports suggest that this blockchain based waste permit portal will be developed by a collaboration of two environmental, recycling and waste management company’s namely, Bee’ah and the Hamriyah Free Zone Authority (HFZA) – Sharjah’s free trade zone.
According to WAM, this platform is the first of its kind in the city to use blockchain technology in order to validate, store and process transactions. Reports also note that this platform will radically cut costsC for customers who are applying for permits within HFZA along with bringing down permit issuing time from several days to a few hours.
The statement also mentions that ‘all transactions are completely secured, essentially eliminating any human error or fraud.’ The CEO of Bee’ah, Khaled Al Huraimel said that he believes that the technology ‘will not only facilitate seamless operations but also increase trust between customers and operators.’
As reported previously, The central bank of UAE will be joining hands with the Saudi Arabian Monetary Authority in order to issue a cryptocurrency for cross border transaction between the two countries. According to reports, a total of six commercial banks have collaborated with the project this month.
Last year in the month of December, there was a piece of news surfacing that some experts in the UAE are seeking to join the list of leading destinations for blockchain related businesses in 2019, due to the new crypto related legislation.