You know that some technology is making strides when you see efforts to make it compliant with millenia-long traditions. And that’s what we’re talking about today; about an effort to make a special blockchain platform that is compliant with the Sharia law, which is a religious law forming part of the Islamic tradition.
Developing a Sharia-compliant blockchain platform
A Malaysian government advisory committee has signed a Memorandum of Understanding (MOU) with the South Korean blockchain lab IncuBlock to develop blockchain that would be compliant with the Sharia law, according to a recent report by the local news outlet IT World.
The committee, Majlis Perundingan Melayu (MPM), will work with IncuBlock and MPM’s international partner, Global Cornerstone Group, on a blockchain platform and a decentralized application (DApp) that will meet the “social requirements” to be considered halal (permissible) by the Sharia Commission.
“I will make a great effort to utilize the know-how of the blockchain we have accumulated over the years to develop the Islamic blockchain platform practically,” Kwon Won-seon, CEO of IncuBlok, said in a statement.
Dato Hassan Binhmad, Chairman of the Malaysian Government Advisory Committee (MPM), is also pleased with the deal, adding that he hopes the collaboration will “lead to the development of blockchain technology that will be led by Malaysia and be used throughout the Islamic community.”
For what it matters, Bitcoin (BTC) is not concretely defined as money according to Islam, but it is considered “generally permissible” under Sharia law.
Halal food companies are also going to blockchain
Somewhat related, last year we have seen an effort to track livestock and fresh food from farm to table, through the halal food chain. For those who haven’t heard of it, the halal method in the food industry refers to the permissible or lawful way of preparing food and drinks according to Islamic law.
To make this possible, TE-FOOD has partnered with UK-based HALAL TRAIL to develop a decentralized solution that could be expanded to all global halal food markets, and provide food traceability and quality verification services for the sector.
Once ready, the platform would provide a top-to-bottom solution for the supply chain companies from physical identification materials, B2B mobile app, and a mobile app for consumers to check the history of the food they intend to buy. Of course, all traceability data would be stored on a blockchain, giving Muslims peace of mind that their food was prepared according to Islamic law.
According to industry estimates, the global halal food market will reach $2.55 trillion by 2024. So yes, this project makes a lot of sense.