Nine hundred million dollars reported - an exclusive interview with Mr. Sultan Al Howymel, co-founder of Dubai on the Halal Chain (Green Food Chain) project. Sultan is the Economic Director of Dubai International Islamic Center and has a deep and unique political background and financial resources in the Middle East countries.
According to statistics, the global Halalfood market has grown from 2.3 trillion U.S. dollars in 2014 to 3.2 trillion U.S. dollars now. At the same time, this figure is still growing. It is estimated that the annual Halal industry output in the world will increase to 6.4 trillion U.S. dollars in 2018. With the rapid growth of market demand, Halalfood in the market is waiting to be tapped.
So what is the size of the Halal industry? Halal is a legal act alleged by sharia law. Especially the Halal on the basis of the development and the formation of the world's Muslim diet commonly used protocol.
Halal Industry Information Asymmetric Issues Serious Trust Establishes Difficulties
Halalfood, food that meets the Islamic HALAL food standards. In China, Halalfood usually refers to Halal-compliant diet products that have been slaughtered, processed and prepared according to the Chinese Muslim diet. However, there are many obstacles to the development of this vast market. First, there is a lack of Halal product certification system. With nearly 2 billion Muslims scattered around the world, each region has a relatively closed market for Halal products, resulting in many of Halalfood's outstanding domestic industries being unable to connect with international markets. Halal product information, there is a serious problem of information asymmetry, leading to many ordinary users can not identify the purchase of the product is indeed Halal products, especially for small and medium brands, their HALAL products can not get the trust of consumers, which is the product Sales and circulation created obstacles. The lack of a viable regulatory portal for regulation allows regulators to systematically control the entire supply chain from raw material supply to sales. For some centralized management mechanism is not perfect The state laws and regulations on Halalfood market regulation has not yet promulgated, will lead to Halal industry problems.
In response to this series of questions, an international team is using blockchain technology to address the painful Halal industry. Halal Chain came into being. Blockchain is inherently deconcentrated, traceable, tampered with, and so on, all of which can solve the pain points in Halal's industry.
Halal Chain Upcoming Chinese investors can join
Mr. Sultan said the Halal industry will see tremendous growth at the upcoming critical juncture.The Halal industry includes more than just Halalfood (halal food) but also all Halal industries involved. The volume of Halal-related products in 2021 will double in 2014. Investors who expect to invest in Halal products in the near future will be rewarded with huge returns. One of Halal's plans for Dubai's industrial development is Halal Chain, which will debut in Dubai on November 21 and the Halal Chain project will be officially launched to the public with an introduction to its use. This project will allow more businesses and more transactions to enter the blockchain, and it is expected that after the launch of Halal Chain, the trading volume in the chain will be very alarming. Chinese investors will also be involved in the project, just as UAE investors expect the project to become one of the largest landmark projects in the global Halal market in three years.
This program encourages businesses and commodity manufacturers to trade on this Halal Chain, and whatever type of product you offer will be presented to consumers around the world in this chain, and will allow companies to provide JAKIM compliant halal standards The highest quality products to trade. Second, since the users of the blockchain come from all over the world and face the global market, the user base will be huge. This huge market will also make the enterprises willing to join Halal Chain for trading.
Halal Chain will integrate market resources and will benefit every company that joins the ecosystem. However, the project is still in the distribution phase and will start inviting enterprises to join the project after the project is released.
Halal Chain leverages blockchain traceability to add more SMEs to the Halal industry
Before the advent of the Halal Chain, JAKIM-certified products made it clear that consumers were told at the time of purchase that the product was halal, and that consumers were relieved to buy it, but there was no other method than this s Choice. The emergence of Halal Chain will encourage small and medium-sized enterprises, especially small businesses, to join this blockchain ecosystem and enter the HALAL market. There are currently far fewer players in the HALAL market than they should be in this market and we are going to encourage businesses that should have entered the market to join the HALAL industry.
The global halal market reached 1.2 trillion U.S. dollars in 2014, and by 2021 this figure will grow to 1.9 trillion U.S. dollars. The growth of this market is huge. This is just the food industry, HALAL industry and tourism, Fashion, media and other sub-industries, you can expect the entire industry will have big growth.
The blockchain brings the entire market to a new era where traditional halal labeling is the only way to import and export goods in the market without which it will not be able to offer goods in the market but new Technology is blockchain technology, driven by more companies to join the industry, new technology will also lead the company to move beyond the traditional barriers to move forward. For the Dubai government, this is not just planning but actually putting it into practice. They want Dubai to be the center of the world's blockchain. Just four weeks ago, Dubai government officials announced that " As of 2020, all Dubai government agencies will use blockchain technology. "So by 2020 the blockchain will be spread across Dubai, and Halal Chain is one of the key components. When Halal Chain joins this ecosystem, it will create a billions of dollars in revenue, and companies from China will also be able to join the economy. Dubai wants to be a global leader in the Halal industry, so the industry-related ecology will be backed by the government.
Dubai government supports blockchain development Halal Chain is an important part of the plan
Dubai's government affairs are also considering the use of blockchain technology to improve government efficiency, there are six government departments in Dubai to consider the introduction of blockchain projects, including Smart Dubai (Smart Dubai) and so on. The Halal Chain project will also be introduced to the government. Before Dubai has never done Halal Chain project, Halal Chain is a unique project, which is why this project is widely supported reasons.
Dubai will actively embrace new technologies like blockchain and will devote itself to promoting the development of blockchain technology. Every Dubaiman will inevitably use a blockchain in future life. In the future, government departments will close down their offices, Instead, they use online offices to encourage people to use technology to deal with business issues. Not only is everyone encouraged to use blockchain technology, but more importantly, every individual is added to the ecology of the blockchain, especially Halal Chain.
Halal Chain will host a global conference in Dubai on the 21st of this month. The media will follow up all the time, so stay tuned.
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