In the latest cryptocurrency news, we are focusing on a blockchain-enabled waste permit portal which will be launched in Sharjah, a city in the United Arab Emirates (UAE). According to the country’s official news agency and the reports by the Emirates News Agency (WAM).
The blockchain-based waste permit portal will be developed by environmental, recycling and waste management company Bee’ah and the Hamriyah Free Zone Authority (HFZA) which is the city’s trade zone. According to WAM, this platform is the first in the city to employ blockchain technology to validate, process and store transactions.
As the report mentioned, the platform will cut costs for customers applying for permits within HFZA as well as reduce the permit-issuing time from several days to only a few hours. The statement also claims that “all transactions are completely secured, essentially eliminating any human error or fraud.”
The CEO of Bee’ah said that he expects the technology “will not only facilitate seamless operations, but also increase trust between customers and operators.”
As we reported in December, the UAE central bank is collaborating with the Saudi Arabian Monetary Authority to issue a cryptocurrency accepted in cross-border transactions between two countries.
With this, the UAE confirmed that it is looking to join the list of leading destinations for blockchain-related businesses in 2019 due to the promising new crypto-related legislation.
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