Sustainability company Bee’ah and the Hamriyah Free Zone Authority (HFZA) have jointly launched a blockchain-based Waste Permit Portal in the free trade zone of the United Arab Emirates (UAE) city of Sharjah.
The portal is reportedly the first such platform in Sharjah to embrace blockchain technology in the validation, processing, and recording of permit transactions, reported Emirati media (Feb 17). The platform also focuses on optimizing cost and timescales for customers, granting HFZA-issued permits within hours instead of days, with guaranteed protection from human inaccuracies or scams.
Group CEO of Bee’ah, Khaled Al Huraimel, has high expectations for the distributed ledger’s performance, and solid cooperation between clients and operators on the platform. He also said, “Using proven state-of-the-art technology will not only facilitate seamless operations, but also increase trust between customers and operators, and reduce valuable time and resources.”
Since the UAE’s central bank partnered with the Saudi Arabian Monetary Authority to legalize a bilaterally accepted cryptocurrency last year, six commercial banks from both countries have reportedly come aboard the project.
At the same time last year, it emerged that the UAE is making its way to the list of prominent blockchain venture venues in 2019 for its openness on cryptocurrency, reported Cointelegraph.