The halal marketplace is set for a major overhaul after a Blockchain project for food traceability was unveiled.
Dubbed as OneAgrix, the Distributed Ledger Technology project is hyped as a game changer that will proffer transparency in the growing halal economy and allow the billions of Muslims to trace the origin of their food products as per the teachings of Prophet Muhammad and statutes of the Islamic faith.
Notably, the OneAgrix Blockchain platform is focusing on online halal e-commerce that has been susceptible to many quacks and cheats who are taking advantage of the Islamic world market niche beliefs to offer unauthentic foods that contravene Islamic standards.
Blockchain Food Traceability Is A Growing Use-Case
There are various projects that are building Blockchain-powered platforms for tracing food sources in supply chains such as the IBM Food Trust, the Walmart China Food Traceability Blockchain, etc.
The adoption of Blockchain technology in the food supply chain responds to changing consumer behavior as more people are taking a keen interest on the origin of the products they consume for reasons ranging from health concerns, personal beliefs, and even moral convictions.
OneAgrix Platform Will Open Halal Food Chains To Consumers
The innovative Blockchain platform will support two vital functions that are central to the Halal industry. The first function is that businesses that sell Halal products will be able to trace and track not only halal consumer halal products but intermediate goods that are used in the production process.
The second function of the OneAgrix is that it will enable consumers, suppliers, and even customers to verify the authenticity of producers’ halal certificate to edge out unauthorized producers. The Blockchain platform will be a trustworthy and reliable point of reference for verification of halal industry players as all the data will be vetted before it is entered on the ledgers. The immutable ledgers will then secure.
OneAgrix Is Powered By original
Diana Sabrain, the founder of OneAgrix, is revealing that OneAgrix has partnered with Trace Labs, a Hong Kong tech startup, which is offering the OriginTrail protocol power the Blockchain project.
In the meantime, OneAgrix is inviting distributors, manufacturers, abattoirs, farms, laboratories, traceability providers, and halal certification bodies to participate in the implementation of the project.
At this phase, products from halal foods in Jordan, India, Indonesia Turkey, China, and the EU have already been listed on OneAgrix.
OneAgrix Will Also Support A Payment Solution
Sabrain also reveals that OneAgrix platform will support an Escrow payment solution that will enable B2B payments between suppliers and consumers through smart contracts. This service will reduce friction and support a healthy halal business logistics environment.
Lastly, there are investment offers on the table as OneAgrix developers are still currently raising seed funding.
Blockchain Technologies Allow Institutions To Accept Cryptos
Blockchain technology adoption is on high gear as many industries such as financial services, e-commerce, cation, music and entertainment distribution, e-gaming, etc. embrace it. These new adapters are integrating Distributed Ledger Technology to build scalable, secure, decentralized, and private ecosystems for their operations.
Some of the immediate benefits that the technology proffers include cost cutting, better service delivery with an effective turnaround time (TAT), and even globalization for firms that have a roadmap of going global.
Most importantly, Blockchain technology enables adopters to deploy their own native Tokens for their on-platform payment needs as well as accept the emerging alternative currencies which are Digital Assets such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), etc.
Source: Halal Focus