Blockchain platform solution specialist Sigma Chain (CEO Kwak Jin-young) has announced the signing of a contract to pursue the "Blockchain Halal Certification Platform" business, utilizing blockchain technology to collect and store data at every stage from the production to distribution of halal products, allowing consumers to trace the origin and production process of the products. The platform targets Muslim countries worldwide, including Indonesia, in partnership with KHA (Korea Halal Certification Center, CEO Kim Won-suk).
Sigma Chain aims to provide a method for verifying the validity of halal products without the need for certification from third-party certification agencies through the "Blockchain Halal Certification Platform," certified by KHA. This initiative is expected to facilitate the establishment of a stable halal market and prevent fraud.
Notably, this agreement between the two parties holds significance as it prepares for the Indonesian policy, announced by the BPJPH (Halal Product Assurance Organizing Agency), stating that starting from October 2024, without halal certification approved by the BPJPH, distribution within the country will be restricted.
In the future, if the Indonesian government grants cross-certification authority to KHA Halal Certification Center, they plan to develop a comprehensive understanding and usage of BPJPH Halal Certification and conduct public campaigns. Products certified by overseas organizations approved by BPJPH will undergo a separate registration process without the need for a new review.
According to the Korea International Trade Association, Indonesia ranks fourth among the ten ASEAN member countries in terms of trade volume, following Vietnam, Singapore, and Malaysia. It also ranks 15th in terms of exports and 11th in terms of imports among South Korea's trading partners.
Halal certification is a certification mark given exclusively to food products that have been slaughtered, processed, and prepared in accordance with Islamic law, allowing them to be consumed or used by Muslims. It derives from the Arabic term meaning "permissible."
A representative from Sigma Chain explained, "The global Muslim population accounts for approximately one-fourth of the world's total population, with Indonesia ranking fourth globally with a population of over 277 million, of which more than 88% are Muslims. The State of the Global Islamic Economy predicts that the halal market will reach approximately $5.74 trillion by 2024."
Kim Won-suk, the director of KHA Korea Halal Certification Center, expressed expectations that, through Sigma Chain, a globally recognized blockchain platform, they will establish the proper propagation of halal certification and post-management system.
Kwak Jin-young, CEO of Sigma Chain, stated, "Sigma Chain provides a specialized blockchain platform in various fields based on the proven Blockchain 4.0 mainnet globally. Starting with the traceability of halal certification in Indonesia, we will actively participate in providing stable products for OIC member countries and Muslims worldwide."