Blockchain has recognized as a "transforming force" in halal regulation


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.

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