Halal means what is permissible or lawful in traditional Islamic law. The term Halal is particularly used in Islamic dietary laws. The term is contrasted with haram which means unlawful or forbidden. Over the years, the Halal food sector has grown globally and this has given rise to the Halal organic food. The Halal economy has grown to reach $3.9 trillion and the growth per year is 20%. And this is where the Halalchain altcoin comes in.
What is Halalchain?
Halalchain is a decentralized monitoring solution for product safety and integrity. This solution is reached through harnessing the technology of consortium chain and with a particular focus on the Halal industry where food, cosmetics and medicine fall under. The blockchain technology employed in the Halalchain is such that traceability of Halal products is made easy.
The Halalchain framework comprises of multi-specifications and standards of Qtum, Hyperledger Fabric and Halal-chain. The framework has been optimized and upgraded based on the actual business cases of the industry. The blockchain offers a variety of technical solutions for enterprises, end-consumers, developers, regulators and any other industry stakeholder. The users of this technology will be able to trace halal products across the entire supply chain.
What does Halalchain seek to solve?
As it is, the Halal industry is faced with several challenges such as;
- Poor regulation of raw materials that end up making Halal products
- There is no globally organized Halal certification system
- Inaccurate and unreliable data of Halal products
Bearing this in mind, the Halalchain cryptocurrency seeks to make the acquisition of reliable data possible. There will be no manual intervention when the automatic collection and uploading of product information is being made along the supply chain. This will enhance accuracy and remove chances of human errors.
There will be a distributed Halal food supply chain which will be based on blockchain technology and smart contracts. On top of that, users will enjoy a decentralized product traceability platform which will promote safety and reliability through the optimization of the PBFT. Finally, the platform presents a leading cross chain protocol. This cross chain data exchange and the transmission between consortium chain and blockchain will come to be when the cross chain multi-chain protocol is adopted.
The performance of the HLC token
Halalchain’s ICO is one of the many that was done toward the end of 2017 and start of 2018. The crypto which is Ethereum-based has a ticker symbol of HLC. The price during the very first days of February was $0.5. When the crypto market dipped on February 6th, HLC was also affected and it attracted a low of $0.25 down from a high of $0.38 the previous day. The market capitalization for the token has been zero even on the morning of 23rd April 2018. The volumes moved on January 30th, 2018 passed the $8 million mark even though the figure dwindled over the following weeks to reach a low of $6,042 on April 2nd.
The volume of tokens traded in the exchanges has been minimal during the months of March and April. The performance of the token hasn’t been vibrant and this saw it reach a price of $0.10 on April 21st. The tokens traded on that day were valued at $97,000. The following day, the volumes surged to reach $1.09 million while the price soared to surpass $0.35. The bullish trend continued on Monday morning, April 23rd, and the volumes were more than $1.3 million while the price was $0.21.
Should you invest in Halalchain?
The blockchain Halal concept is noble and it might prove to be the ideal solution to what many Muslims around the world seek. But just like it is with most cryptos, Halalchain is at a stage when investors are trying to make out what the crypto is all about and whether it is a scam. The sharp rise in volumes on April 22nd for no apparent reason seems to put the crypto on the red flag zone for some investors. There was no exciting news or announcement from the team that can be said to have influenced the price surging by more than 60% on Monday, April 23rd. The crypto market is volatile and unpredictable and the performance of HLC might prove to be very normal. However, time will tell whether whales and sharks are behind the recent HLC price and volume movements and what that means for the crypto.