Tarek Mohammed, Co-Founder, Dubai Blockchain Center

Dubai, UAE, 21 October 2018: Today, in the MEP industry, we see the breach of contracts where there is a need for arbitration; it is here that blockchain will be most useful, said Tarek Mohammed, Co-founder, Dubai Blockchain Center, while elaborating on the real-time use of blockchain in the HVAC sector. For instance, he said, if the technology is applied to the MEP sector, it will automatically penalise any delay in payments where additional measures, such as fines, can be deducted directly from the defaulter’s bank account. “In addition to keeping a check on the system as a whole, the application will also ensure that the quality of work and output is not compromised upon,” he said.

Providing another example of the use of blockchain, Tarek Mohammed said, “The United Arab Emirates is one of the biggest countries in terms of food wastage and a big percentage comes from expired food products, which amounts to millions of dollars.” Elaborating, he said, “If I am able to monitor and guarantee the quality and freshness of food before it expires, then I am indirectly enhancing both the profitability and increasing control in my business.” For instance, with the help of product tags, a consignment can be tracked right from packaging to transport, until it reaches the supermarket. He said, “This warranties the quality of food and eventually benefits the end-user.”