HalalChain (HLC) Review, Price, Market Cap and more | Coinopsy

HalalChain (HLC)

HalalChain (HLC) - Global Monitoring

Halal-Chain is a decentralized global monitoring solution for product safety and integrity which is achieved by harnessing the power of the technology of consortium chain...
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HalalChain's current price is $0.002 USD. In the past 24 hours, HalalChain's price has increased by +4.9 percents..
HLC
Name (Ticker)
HalalChain (HLC)
Price (USD)
$0.00199630531105
Rank
276
Active Supply
389.0 million
Total Supply
1.0 billion
Volume(24H)
51983
Market cap
776583
Fun Name
Global Monitoring
Meta Tags
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Pros

  • Looks promising
  • Strong partnerships

Cons

  • No direct backing (asset, profits, commodity)
  • Limited exchanges

Review

Halal-Chain is a decentralized global monitoring solution for product safety and integrity which is achieved by harnessing the power of the technology of consortium chain, with the particular attention in the field of Halal industry, including food, medicine and cosmetics. The actual uses of the Halal-Chain comprise of a far more complex ecosystem, taking every factor into consideration; such as regional laws and cultural diversities, industry implementations, and extensibility, security and stability of the system.

HALAL Product Traceability Platform

The first part of the traceability platform is the IoT data collection system. The core value of the IoT system is that the production information would be automatically collected and uploaded by the IoT devices to the blockchain platform without any manual involvement. Thus it safeguards the uniqueness and credibility of the data. The second component of the platform is the Consensus Data Processing and Storage System. The blockchain platform based on Qtum and Halal-Chain can realize classified storage of the data collected by the IoT devices. The consensus data would be stored in the blockchain, while the image data and product data would be stored in the InterPlanetary File System (IPFS) distributed storage system via the adoption of Merkle tree technology from Ethereum. As for the part linked with end-users, the halal products traceability platform can provide tracing and verifying services. It can also serve as a token exchange service.

Data Acquisition and Smart Contracts

The Halal-Chain authenticates devices by using public-private key cryptography. Each device on the network signs data transmissions with its unique private key to prove its identity as an authorized device. Signatures from devices are verified against a list of authorized devices, which is a mapping of public keys to devices that is publicly available in a smart contract. When an authorized device sends a message to the Halal-Chain network, its public key is compared to the Authentication list for verification. Once verified, the message is accepted and recorded onto the blockchain. If an unauthorized device sends a measurement, the signature verification will fail and the measurement will be rejected. This would ensure the accuracy of the data on the blockchain.

Token

The economic model of Halal-Chain is based on the cross-chain protocol and consortium blockchain. In the ecosystem, the token Halal-Chain Coin (HLC) will be issued on Qtum to act as the utility token.

Conclusion

Halalchain has quite a logistical challenge ahead of it. The system must be integrated and fully operational following regional differences in laws, regulations, and culture. To be truly effective, it must be adopted worldwide, as even one malicious supplier can ruin a whole chain of end products. It also lacks any strong arguments for employing the usage of a native token.

Halal-Chain looks promising, they have already partnered with International Center of Islamic Economy, Al-Sadiq Consulting Ltd, ehalfresh com among several other partners. As mentioned above, its success relies solely on adoption and there’s certainly interest in the service it provides, so we’ll definitely keep our eyes open about any future updates or partnerships.

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