UAE Waste Management Firm Launches Blockchain-based Platform To Validate, Store And Process Transactions

Blockchain technology has amazing use cases in data management and supply chain management. Recently, many brands and countries started exploring the implementation of blockchain technology in these sectors and other sectors beyond cryptocurrencies. The UAE is among others that has started exploring blockchain.

Blockchain-based Waste Management Systems

According to Emirates News Agency, WAM, the UAE is set to launch a waste permit portal in Sharjah. This platform will be based on blockchain technology. The portal will be developed by Bee’ah, the waste management and recycling company, in collaboration with Hamriyah Free Zone Authority (HFZA). According to the reports, the platform is the first waste management platform based on blockchain technology that would be used to store, validate and process transactions in Sharjah.

This platform is going to reduce the costs attached to applying for permits in the HFZA and save time. The issuing process which usually takes days to complete will be completed in a few hours thanks to this new blockchain-based system. Apart from saving time and resources, the transactions will also be secure as there is no room for fraud or human error on the blockchain. The CEO of Bee’ah, Khaled Al Huraimel, said that he doesn’t expect the technology to be flawless but he expects it to increase trust. In his words:

“I don’t expect the blockchain-based system to be flawless but I expect it to increase trust between operators and customers.”

This isn’t the first move the UAE is making in the blockchain space. In December 2018, the central bank entered into a partnership with the Saudi Arabian Monetary Authority. The partnership was meant for the development of a cryptocurrency that would be accepted as a means of payment during cross-border transactions between the UAE and Saudi Arabia. The project welcomed six commercial banks this February.

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Still, in December, media outlets reported that the United Arab Emirates is working on becoming one of the top blockchain hubs in the world in 2019. This will be possible with the new cryptocurrency-related legislation.

Do you think the UAE can still make the list of top friendly countries for blockchain-related businesses? Share your comments below.


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