Blockchain's trustless technology is gaining trust in a rapid way across multiple sectors
Image source: Flickr - Descryptive
Just flipping through today's papers, well I meant today's digital news websites, blockchain is the buzzword for every industry. Besides cryptocurrencies, industries are adopting the blockchain technology due to its immutable and secured manner that information is transferred. In the future, we will be less dependent on centralized authorities as blockchain becomes a role model for trust across different sectors.
1. Governmental Data
The Government of Assam, India, is collaborating with blockchain startup, Nucleus Vision, to deploy decentralized government apps.
With the partnership with the Nucleus Vision, Assam government will be highly flexible customizable in building governance oriented blockchain apps. The existing system is very much redundant also implement robust fallback mechanisms.
Source: BC Focus - Roshni Vayyapuri
Such an implementation would further strengthen the reliability and security of governmental data. As blockchain's nature also promotes transparency, it is commendable of Assam to adopt blockchain while it could potentially reduce corruption. Its people will benefit from the new ecosystem that promotes technological advancement as well as the further improvement of the existing blockchain technology.
Similarly in Dubai, establishing the blockchain to increase the efficiency of government transactions is top priority, according to OpenGovAsia - Nicky Lung. The Smart Dubai Office held a Blockchain Competition to identify the promising blockchain solutions from the private sector. Dubai has already successfully implemented the blockchain for real estate contracts and lease registrations.
Image source: pixabay
2. Real Estate Lease
Besides Dubai, Kenya is fighting land corruption and "double ownership" with the blockchain. "Kenyan Minister of information Joseph Mucheru has been charged with putting together a team to investigate how Blockchain and Artificial intelligence technology can put an end to the theft of land." - reported on the newsBTC - John Mcmahon. This could end dispute for land properties, an issue that is faced throughout the world. Blockchain could also enable land ownership and titles to citizens who are lacking access in poorer nations.
It seems that Sweden is the fore-runner of putting land registries on a blockchain. Sweden's land registry authority, Lantmäteriet, is testing a way to record property transactions while eliminating paperwork, fraud and speeding up transactions (source: Qz - Joon Ian Wong). The system could be completed earliest by 2019.
3. Banking & Finance
Banking is a sector that relies on the blockchain. Cryptocurrency or not, blockchain changes the way transactions are made, often eliminating middleman of dubious backgrounds. Huge moves are being made in China's banks to adopt blockchain for their invoices and loans.
26 Chinese banks, 12 of them disclosed in their annual filings that blockchain applications were adopted for various use cases over the last year. The 12 institutions include major state-owned commercial banks such as the Bank of China, China Construction Bank and the Agriculture Bank of China, as well as other privately held ones, including China Merchants Bank and other city-level entities.
Source: coindesk - Wolfie Zhao
Alibaba, China giant e-commerce group has filed 43 out of the 403 blockchain patents in 2017 (source: smartereum - Andreas Kaplan). When Jack Ma sets his vision to implement the blockchain technology, be sure that it would materialize. That's his word, and a truly inspirational role model.
Moving away from the SWIFT banking network, Russia plans to use the blockchain for its National Bank Transfer System. Russia currently has a domestic version of SWIFT known as SPFS, that will be powered using the blockchain technology in the future. This news was reported on cryptovest - Tanya Chepkova.
No matter what, blockchain for cryptocurrencies are here to stay.
May the best coin win.
-tysler
Image source: Wikimedia Commons
