Halal Chain: Medicine, Beauty & Food Certification Blockchain?
According to the Islamic teachings, a person’s purity of soul is strongly related to their consumable goods, particularly the edible goods. This makes Halal food an essential in people with Islamic faith which has led to segments of the Halal food sector creating produce of the highest quality as can be seen in the rise of Halal organic food from both Islamic and non-Islamic world.
The global halal economy is estimated to be valued at USD 3.9 trillion which grows by about 20% every year. However, this industry is plagued with problems and challenges to overcome. Some of the problems are:
- Lack of globally organized Halal certification system.
- Inaccurate and unauthentic data of Halal products
- Poor regulation of raw materials for Halal products
Halal-Chain aims to overcome these problems.
What Is Halal Chain?
Halal-Chain is a decentralized global monitoring solution for product safety and integrity which is achieved by harnessing the technology of consortium chain, with particular attention in the field of Halal industry, including food, medicine and cosmetics. It is a consortium blockchain tailor-made for Halal products traceability. The underlying framework comprises of multi-specifications and standards of Qtum, Halal-Chain, and Hyperledger Fabric which has been optimized and upgraded based on the actual business cases of the industry.
The decentralized platform for the traceability of halal products is established as niche market based on Halal-Chain ecosystem. A variety of technical solution would be offered to enterprises, regulators, end-consumers, developers and other industry stakeholders, enabling the users to trace halal products across the entire supply chain.
Solutions Offered By Halal Chain
- Reliable data acquisition: There is no manual intervention during the automatic collection and uploading of product information in the supply chain which removes the chances of human error and ensures accuracy of the data.
- Distributed halal food supply chain: Based on the blockchain and smart contracts, the product information data on the chain is unique and resistant to modification.
- Decentralized product traceability platform: The platform data is ensured safely and reliably through the optimization of the PBFT protocol and separate deployment of the central and enterprise node.
- Leading cross chain protocol: The cross chain data exchange and transmission between blockchain and consortium chain is realized through the adoption of cross chain multi-chain protocol.
Halal Chain Coins
The economic model of Halal-Chain is based on qcross- chain protocol and consortium blockchain. In the ecosystem, the token Halal-Chain Coin(HLC) will be issued on Qtum to act a the utility token. The token holder can transfer the tokens safely to a certain Halal-Chain sovereign consortium blockchain which will be generated and managed by the ASCC correspondingly.
They can be circulated freely by means of direct transfer or triggering smart contracts. Users can also transfer tokens back to Qtum securely, if need arises. The total number of HLC is 1 billion, of which 50% will be utilized in token issuing, 20% will go to founding team and contributors, 10% is the developer incentives and 20% is the reserve fund. They intend to raise 130,000ETH or other equivalent digital currencies.
Halal Chain Conclusion
The future of Halal-Chain looks promising as they have already partnered with International Center of Islamic Economy, Al-Sadiq Consulting Ltd, ehalfresh.com, and many more with reach in UAE, Malaysia, Pakistan and Australia. In an industry which is bound to be valued at about USD 7 trillion by 2019, their prospects looks bright. More on Halal-Chain can be found out on halalchain.ae/