In the recent release State of the Global Economy Economy Report 2018/19The authors found that blockchain is the main megatrend and the main technological engine in the Islamic economy, and in particular in the Halal food sector.
"[As] blockchain becomes widespread, favors decentralized and secure transactions and transparent data storage, and because Internet connectivity extends to physical matter, a potential impact could exceed $ 3.9 trillion by 2025. "The report said.
"Blockchain can be a transformation force that raises the status of halal regulation".
Key to the growing importance of blockchain are its key features: decentralization and sharing.
These features are very applicable for halal regulation, especially in terms of compliance and traceability.
"Blockchain promises to make halal compliance more traceable and products more easily traded"The authors said.
"Through halal products – the technology can quickly confirm halal compliance at every stage of production, this application can eliminate fraud and, with the support of regulators, can increase the perception of the halal market compared to other certifications in the food sector.
"[Also]Bitcoin-enabled marketplaces can allow easy and immediate trading of halal and lifestyle products, facilitating exchanges and improving supply chain management. "
In addition to the Halal food sector, the importance of blockchain technology for the areas of Halal pharmaceuticals, cosmetics and modest fashion has also been recognized.
Blockchain applications in halal food and trade
In Singapore, the MyOutlets Global Halal Hub supermarket covers 10,000 square meters and transports products from 41 countries.
As for their website, MyOutlets also has what it considers to be a "Value Halal Supply Chain Platform" that serves as a platform for Halal food producers and exporters to distribute their products.
At the start of this year, the company launched the "Halaldinar" blockchain currency, with an initial $ 86 million offering. The report states that its purpose is to develop a "Digital halal B2B and B2C market".
Different tracking technologies that surround halal food products and incorporate blockchain technology have also been developed in countries such as Dubai and the United Kingdom.
According to the authors of the report, these technologies '[have] replaced the need for inspectors Incorporating "Blockchain, AI and IoT to track every step of the supply chain with unalterable data".
"Visibility of the supply chain for products […] it is enhanced by the broad application of the blockchain, which allows clear verification and accountability. "
Other important technological drivers
In addition to the blockchain, the report also listed automation, sustainability and increased sense as key technological drivers for the halal food industry.
Automation here should be guided by the development of artificial intelligence and big data.
"[Artificial] intelligence [will drive] the potential automation of 800 million jobs by 2030 e]big data]it is expected that by 2025 there will be a $ 123 billion industry that will automatically synthesize heterogeneous data sets into usable insights "The report said.
The authors also predicted that sustainability will be driven by renewable energy and 3D printing, while the increase in meaning will be from the Virtual Reality (VR) and Augmented Reality (AR) technology that & # 39; Enable an enhanced, immersive and multisensory experience & # 39;.