What's The Recent News On Sharjah's Blockchain Portal Permit?

by 99Crypto

A waste permit portal that is blockchain-enabled will be launched soon in Sharjah, which is in the United Arab Emirates. Their national news agency, Emirates News Agency, reported this on February 17, 2019. The blockchain waste permit portal will be a joint development through the United Arab Emirates environmental, recycling and waste management company Bee'ah and the Hamriyah Free Zone Authority. These are firms that are within the Sharjah free trade zone. The Emirates News Agency explains that the platform is the first one in the city to make use of a blockchain platform in order to validate, process and store financial transactions. According to the news agency's international press release, the blockchain platform will reduce costs for customers who are applying for waste and recycling permits within the Hamriyah Free Zone area. It will also reduce the amount of time that it takes to issue a permit. Currently, issuing a permit takes several days. Once the blockchain platform goes into effect, the permits should be available within a couple of hours. The Emirates News Agency also explains that all transactions will be completely secured, which should eliminate human errors or fraudulent activities. Khaled Al Huraimel, who is the CEO of Bee’ah, stated that he expects the blockchain platform to facilitate seamless operations at the waste and recycling authority. He also expects that the platform will increase the level of trust between the agency's operators and customers. It is also important to note than in December 2018, the United Arab Emirates' central bank began to collaborate with the Saudi Arabian Monetary Authority. They set up this collaboration in order to facilitate cross-border transactions between the two nations. In February 2019, six commercial banks had joined the project. Also in December 2018, news broke that the United Arab Emirates was planning to join the list of the top destinations for blockchain-related businesses in 2019. This is because the United Arab Emirates is at the forefront for modern cryptocurrency legislation. Other countries may have to take a look at their plan in order to analyze how well it works for them.