As reported by the local news agency, Emirates News Agency (WAM), on 17th Feb, Bee’ah, has collaborated with the Hamriyah Free Zone Authority (HFZA) and successfully commenced the first phase of a state-of-the-art Waste Permit Portal, the first of its type in Sharjah., the United Arab Emirates (UAE).
The blockchain-based waste permit portal would be developed jointly by Bee’ah Company which is the Middle East’s sustainability pioneer and whose main area is to deal with the management of the environment and recycling waste and by the Hamriyah Free Zone Authority (HFZA) – Sharjah city’s free trade zone.
Further, as reported by WAM, such a platform would be the first of its kind to deploy blockchain technology for validation, processing and storing transactions. The advanced portal is a component of a series of fifteen services that Bee’ah would be rendering along with HFZA.
Further, the report also stated that the platform would reduce the cost to the customers who are submitting their application for permits within HFZA and even cut on the application processing time to few hours wherein initially it took several days to process the application and issue the license. The statement alleged that “As the digital ledger is built on a blockchain network, all transactions are completely secured, essentially eliminating any human error or fraud. The customised portal will not only save customers operating within the free zone time and money when applying for permits, but also reduce the downtime it takes for permits to be issued from several days to only a few hours.”
The CEO of Bee’ah, Khaled Al Huraimel, stated that “In support of the digital revolution in the UAE, we are proud to launch Sharjah’s first blockchain platform. Bee’ah’s journey in engineering these powerful tools for our customers and collaborators, like the HFZA, is paving the way for better solutions, whose rewards are even more pronounced in serving businesses and society. 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.”
Huraimel further added that “As part of a long term-strategic initiative we have in place, we hope to provide the HFZA with accessible, integrated and environmentally conscious solutions. The model we have developed can easily be integrated into other economic zones, across the UAE; supporting business growth, digital innovation, and better customer experiences, “
Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority and Sharjah Airport International Free Zone added his comments by saying that, “In our line of business, accuracy and quick turnaround are instrumental factors that underline our success. However, delays in processing applications, testing and issuing permits can be some of the major factors jeopardizing our credentials. At Hamriyah Free Zone, we have always been committed to ensuring that our business policies are well-aligned and offer quick set-up models to ensure customer satisfaction. Digitizing processes like permit applications is a new step toward innovation, and with the use of blockchain technology, we are confident that the processes will witness enhanced security, efficiency and productivity”.
As reported during the last December, the central bank of the UAE was in talks of collaborating with the Saudi Arabian Monetary Authority to issue a cryptocurrency that would be accepted in cross-border transactions between the two countries. Moreover, In the current month, six commercial banks from different countries have joined the initiative.
Also, at the end of the last year, few experts opined that UAE is getting excited for the businessmen as a leading destinations to invest in blockchain – related businesses in 2019 as a result of the newly introduced crypto regulation.