HalalChain, a blockchain based platform specialized in traceability of halal industry, has successfully launched the first ever Halal blockchain satellite. This is geared towards establishing a solid technical infrastructure for a consolidated and forward-thinking global Islamic economy ecosystem.
The inaugural satellite was launched on 2nd February 2018 at Jiuquan Satellite Launching Center in Jiuquan in China, in partnership with Qtum, a blockchain project;and Spacechain, a space exploration initiative based in Singapore, and it has been confirmed today that the satellite has successfully taken its orbit. This significant technological breakthrough will enable HalalChain platform to run its full quantum chain node into orbit, and empower the Dubai-based company to provide secure and comprehensive solutions to Halal industry traceability, Islamic finance, instant e-payment and e-commerce on a global scale.
Simply put, the node is an essential component (deployed server) on the HalalChain platform, which allows for secure and documented data transfer and exchange among multiple users connected with an accessible IP address. Sending the node into space will extend the reach of the HalalChain network all over the world, thus covering geographical places, which have limited or no internet access.
Saad Mohib, CEO and Co-Founder of HalalChain, said the launching of the satellite is another milestone in Dubai’s journey towards becoming the Capital of Islamic Economy. “This will also assert the Emirate status not only as an international hub for Halal trade but also as a global technology leader and the preferred destination for top technological talent from across the world,” said Mohib.
“This historical accomplishment for the Halal industry worldwide, has been made possible thanks to the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, who has identified the massive trade opportunities for the Halal market serving over 1.65 billion Muslims and which is also gaining increasing recognition and approval among non-Muslims consumers. We look forward to seeing how blockchain technology will create new contexts for the Halal industry both in the UAE and around the world,” Mohib added.
Mohib noted that launching of the Satellite is in-sync with HalalChain goals of stimulating innovation among existing and future entrepreneurs in the UAE and enabling them to produce innovative products and develop practical applications of the Islamic Economy, which has a huge local and regional market. Dubai government was the first government to launch the Blockchain strategy in October 2016, targeted at making Dubai the first blockchain-powered government in the world by 2020. This aim will contribute to the greater goal and the overall vision of making every-day experiences safer, seamless, more efficient and impactful for all residents and visitors of the City.
Abdullah Han, MD of HalalChain said that the Satellite which aims to trace the end-to-end supply chain for Halal food, medicine and cosmetics, will fortify the global halal product ecosystem against any breach or failure; thus, not only enhancing governments efforts to regulate the Halal food industry certification system, but also will usher in economic opportunities for both Halal and financial sectors to expand, through Dubai, into the global blockchain industry.
“HalalChain Satellite will pave the way for a more flexible and collaborative approach between participants in the Halal private sector and their respective jurisdictions by increasing transparency, trust and efficiency, which are important ethical considerations both in Islamic and blockchain transactions. The Platform could allow smaller entities a stake in some of the biggest and most powerful industries on the planet, and embrace the opportunity of economic growth in the global Islamic economy,” Han added.