HalalChain and Kingdom of Saudi Arabia Team Up to Enhance Haj Economy base on Blockchain Technology

  • Aug 10, 2018
HalalChain and Kingdom of Saudi Arabia Team Up to Enhance Haj Economy base on Blockchain Technology

The leading blockchain company HalalChain had a successful meeting on Wednesday 8th August 2018 with His Royal Highness Prince Talal Bin Badr Bin Saud Bin Abdulaziz Al Saud at HalalChain headquarter in Dubai Airport Free-zone Authority (DAFZA), United Arab Emirates (UAE). Mr. Abdullah Han, co-founder and chairman of HalalChain has explained that HalalChain is a public company limited by guarantee specialized in technologies of blockchain, artificial intelligence, big data, cloud computing, etc. HalalChain has issued tokens and completed ICOs in the jurisdiction of Singapore in  the year of 2017.  The token has been listed more than 15 global exchanges and traded worldwide.

In Halal industry, it focuses on building alliance chains of traceability of halal products; And in Islamic finance industry, it mainly concentrates on developing Islamic financial products and stable cryptocurrency; All above is striving to establish an ecosystem combined with development of the underlying technologies and practical applications.

His Royal Highness Prince Talal explained that the kingdom need a technology that will enhance the Haj economy and stable cryptocurrency. Mr. Han responded that HalalChain will provide the Kingdom the Haj-Chain solution which will act as a traceability system for Hajj services and operations, it will be part of entire Islamic economy ecosystem. In addition, the ecosystem also will consist of Tokens/Coins issued on HalalChain’s public blockchain and its relevant economic model, as well as the cross-chain protocol between other Chain.

Mr. Han emphasized the key important areas where the blockchain technology and stable cryptocurrency can improve and increase capacity of Kingdom of Saudi Arabia to welcome Umrah and Hajj visitors from 8 million to 30 million every year. H.R.H Prince Talal appreciated the interest and confidence HalalChain shown towards investment in Haj economy. Both parties have reached a common understanding that there are vast opportunities of cooperation in the area of blockchain based e-payment, Haj Tokens, stable cryptocurrency, social impact financing which could enhance the financial inclusion in the GCC and beyond.