Marvion Executes Partnership for its Proprietary Artifical Intelligence Blockchain Framework and Enters the $2.3 Trillion Halal Food Certification Market in UAE with Plans to Revolutionize the Food Industry Globally

Rhea-AI Summary

Marvion, a blockchain technology innovator, has announced a partnership to introduce blockchain-based Halal certification in the UAE, leveraging its Digital Ownership Token (DOT) technology and AI modules. This initiative aims to revolutionize the $2.3 trillion Halal food market by enhancing transparency, efficiency, and security. The partnership marks the beginning of Marvion's broader plan to extend this technology beyond food to sectors like pharmaceuticals and cosmetics. According to Verified Market Reports, the Halal Food Certification Market is expected to grow from $2,339.3 billion in 2023 to $5,284.98 billion by 2030.

Positive

• Marvion has entered the $2.3 trillion Halal Food Certification Market.
• Leveraging Digital Ownership Token (DOT) technology and AI modules.
• Enhances transparency, efficiency, and security in Halal certifications.
• Blockchain technology ensures a highly secure and tamper-proof platform.
• Plans to extend blockchain Halal certification beyond food to other sectors.
• Halal Food Certification Market projected to grow to $5,284.98 billion by 2030.

Negative

• No immediate financial impact disclosed from the partnership.
• Potential regulatory hurdles in different sectors and regions.
• Blockchain technology adoption in Halal certification is still in early stages.
• Risk of over-reliance on unproven AI modules in security layers.

SINGAPORE, May 28, 2024 /PRNewswire/ -- Marvion Inc., (OTC:MVNC), a leading innovator in blockchain technology, is excited to announce significant progress in applying our blockchain technology expertise in the development and delivery of blockchain-based Halal projects within the UAE based on our Digital Ownership Token (DOT) technology framework, combining with artificial intelligent modules (AI) to enhance the security framework of the solution. This initiative marks a major milestone in Marvion's commitment to utilizing its proprietary technology to create new intangible assets, beginning with Halal certification.

Marvion has recently signed an agreement with a prominent Halal certification provider, marking the first step in its ambitious plan to revolutionize the certification process through blockchain technology. This partnership aims to enhance the transparency, efficiency, and security of Halal certifications, ensuring authenticity and trustworthiness in the market.  Halal, which means "permissible" or "lawful" in Arabic, refers to a broad range of regulations that specifiy what foods Muslims are allowed to eat.  These regulations cover not just ingredient lists but also production processes and handling techniques.  Certification agencies in this industry evaluate and certify that food items, ingredients, and production processes meet Halal requirements.

"We are thrilled to be breaking new grounds with our blockchain Halal projects," said Dr Edmond Chan, CEO of Marvion Inc. "Our collaboration with a leading Halal certification provider is just the beginning. By leveraging our cutting-edge blockchain technology, we aim to create a robust and secure system for Halal certification that can be extended to various sectors beyond food.  During the past year we have proven and ground tested our blockchain DOT technologies in practical business usage and applications within the movie media industry."

The introduction of blockchain technology into Halal certification processes is poised to bring numerous benefits, including:

1. Enhanced Transparency: Blockchain's immutable ledger ensures that all transactions and certifications are recorded transparently, reducing the risk of fraud and ensuring the integrity of Halal certifications.

2. Increased Efficiency: By automating certification processes and reducing the need for manual intervention, blockchain technology can significantly streamline operations, saving time and resources for certification bodies and businesses alike.

3. Improved Security: Blockchain technology provides a highly secure platform for storing and verifying certification data, protecting it from tampering and unauthorized access.  By adding artificial intelligent module into our security layer, it can highly prevent anyone trying to breach through our Halal certification, ensuring the highest level of genuine certification provided.

Marvion's blockchain-based Halal certification system is designed to be versatile and scalable, enabling it to be adapted for various industries that require Halal certification. This approach not only addresses the needs of food-related businesses but also extends to pharmaceuticals, cosmetics, and other sectors where Halal compliance is essential.

"According to Verified Market Reports, Halal Food Certification Market size was valued at USD 2,339.3 Billion in 2023, and is projected to reach USD 5284.98 Billion by 2030.  As we continue to make inroads in the UAE region, our focus remains on expanding our Halal certification capabilities to include a wider range of businesses," added Dr Chan. "Our proprietary technology will serve as a foundation for creating new intangible assets, fostering innovation, and driving growth in the Halal market."

For more information about Marvion's blockchain-based Halal projects and its plans for expansion, please visit www.marvion.media.

References:

https://www.verifiedmarketreports.com/product/halal-food-certification-market/ 

Forward Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding future business activities including the expansion into the decentralized financing space. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated with operating a business in Singapore and Hong Kong, risk of interference by the PRC government, ability to compete, that financial resources do not last for as long as anticipated, and that MVNC is a holding company that may not realize the expected benefits of DOT's offered by Marvion™️. A further list and description of these risks, uncertainties and other risks can be found in MVNC's regulatory filings with the U.S. Securities and Exchange Commission, including in its annual report on Form 10-K filed on April 16, 2024. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. MVNC undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

For media queries, please contact:
media@marvion.media

About Marvion Inc.

Marvion Inc. is a Nevada holding company that through its subsidiaries are engaged in the media distribution business. Specifically, we provide authentication, valuation and certification ("AVC") service, sale and purchase, hire purchase, financing, custody, security and exhibition ("CSE") services to buyers of movie and music media through traditional channels as well as through leveraging blockchain technology through the creation of digital ownership tokens ("DOTs").

The group is building an ecosystem and a metaverse for the media and entertainment industry that implements and adopts blockchain and NFT technologies, through mergers and acquisitions.

It is one of the first public-listed Web 3.0 group with market-leading technologies and ecosystem that aims to be the driver behind the world's transition into Web 3.0. We offer services, access and content and provide the necessary tools for creators to create unique content in the Web 3.0.

More Information about Marvion™️:

Website:          www.marvion.media
Facebook:       www.facebook.com/marvionmetaverse
Instagram:       www.instagram.com/marvion.media
Twitter:            www.twitter.com/marvion_media
LinkedIn:         www.linkedin.com/company/marvion
Telegram:        https://t.me/c/1714353647

About Marvion's DOT 

Marvion's DOTs are integrated, best in class, digital ownership token (DOT) that contains a smart contract that can execute transactions and also contains the specific legal terms of the intellectual property ownership, license and/or rights. Each DOT contains the following:

• A copy of the SPA for the purchase of the master license.
• Evidence or warranty of ownership of the relevant intellectual property.
• Ownership of the sub-license detailing the rights of the DOT holder.
• Image/video/music or other file depending on what the asset is.

 

 

 

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SOURCE Marvion Inc.

FAQ

What market has Marvion entered with its blockchain technology?

Marvion has entered the $2.3 trillion Halal Food Certification Market in the UAE with plans to extend globally.

What technology does Marvion use for Halal certification?

Marvion uses its proprietary Digital Ownership Token (DOT) technology combined with artificial intelligence modules for Halal certification.

How does Marvion's blockchain technology enhance Halal certification?

Marvion's blockchain technology enhances Halal certification by improving transparency, efficiency, and security through an immutable ledger and AI modules.

What is the projected growth of the Halal Food Certification Market?

The Halal Food Certification Market is projected to grow from $2,339.3 billion in 2023 to $5,284.98 billion by 2030.

What sectors besides food does Marvion plan to target with its blockchain Halal certification?

Marvion plans to extend its blockchain Halal certification to sectors like pharmaceuticals, cosmetics, and other industries requiring Halal compliance.