The World Bank Group has invited HLC blockchain project to participate in” Securities Commission Malaysia — World Bank — IOSCO Asia Pacific Hub conference 2019”, with a view to enabling Islamic finance to present its inclusive financial capabilities with new technologies. On April 29th, the World Bank Financial Conference will be held in Kuala Lumpur, Malaysia. In 2019, HLC was invited to give a keynote speech in the summit, which is the first public chain serving global Islamic finance.
It is understood that the World Bank Financial Conference will discuss how to integrate the huge Islamic financial assets into global financial liquidity guidance. Datuk Syed, Chairman of the Malaysian Securities Commission, and Abayomi Alawode, head of the Islamic Finance Organization, were invited to participate. It is worth noting that the conference invited three experts from the blockchain field, HLC co-founder Abdullah Han, co-sponsor Dr. Sulaiman and co-founder Professor Abdussalam, which are also projects representing the new technology blockchain field.
The World Bank is the world’s largest financial development institution and a subsidiary of the United Nations. It consists of five member institutions: the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency and the International Investment Dispute Resolution Center. The purpose of the World Bank is to provide loans and investments to member states, promote the balanced development of international trade, and seek sustainable development in poverty reduction and shared prosperity in developing countries.
At present, the wave of inclusive finance promoted by the World Bank is targeting a huge Muslim world. As an indispensable part of the inclusive finance sector, the development of Islamic finance has also attracted more and more attention. The World Bank has been actively supporting ethical thinking and simple practice of inclusive finance in Islamic finance. This universal feature of the HLC public chain has won the attention of the World Bank Financial Conference.
It is understood that in mid-April, the HLC Foundation wrote the world’s first public chain project focusing on serving Muslims into its charter. It also clarified the use of a new generation of blockchain technology DAG to establish a public chain, thereby using financial grade. The trading capacity to promote the docking of Islamic finance and inclusive finance. “We will announce at this meeting that the HLC public chain focuses on the foundation of Islamic finance, and at the same time, our stable currency research and development, the chain reform of the SUKUK bond, the blockchain transformation of Islamic insurance, and the global precision application of the day class. A block of Islamic finance blockchain projects will be disclosed for the first time at this conference,” said Mr. Abdullah Han. He also said that through the combination of blockchain technology and traditional Islamic financial instruments, it is possible to create a digitally vibrant Islamic financial ecosystem that encourages the physical assets of Muslim countries to participate in blockchain financial transactions and promote liquidity prosperity.
The HLC public chain has now completed the underlying transmission test based on BLOCKCHAIN and Block DAG, and plans to open source at the end of June. The HLC public chain is based on the new distributed ledger DAG (Directed Acyclic) as the underlying technology to achieve high-frequency concurrent transactions under the premise of ensuring security and decentralization, which will be applied to Islamic financial products and services, halal products, zakat donation, property rights and inheritance registration, cultural education and other fields will have an impact on the future of the global Islamic financial ecosystem.
(This article was reported from china.com)
HalalChain is the first public blockchain company that focuses on serving Muslim countries and regions. By implementing blockchain technology into the Halal supply chain and Islamic financial industry they will help to increase transparency and traceability in Islamic financial products and services, traceability of halal and healthy products, Zakat donations, heritage and property registration, cultural communication etc.
HalalChain is built on the newly distributed ledger Directed Acyclic Graph (DAG). This underlying technology guarantees security and decentralization while achieving “High Throughput”. Advanced DAG technology with unique use cases enables HalalChain to build across the multi-layer payment system within the Islamic economy ecosystem.
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