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Blockchain Technology and Government Sector.

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blockchain technology is welcomed with open hands by the government of the various countries around the world because of its amazing working methodology.

Countries which have embraced Blockchain in the Government sector.

Introduction

The cryptocurrencies in this modern world have become one of the primary means to undertake all the financial transactions. It has incentivized the whole financial economy around the corner globe which has rendered it to become a staunch enemy of the centralized banks of various countries. This automatically follows that the government of different countries are eagerly looking for an opportunity to get the cryptocurrencies and blockchain technology under their control and if they aren’t able to do so, would at least try to completely void its usage in their respective countries.

 

Prominent Countries which have adopted Blockchain Technology

In a nutshell, there are many countries around the world which try to restrict the usage of cryptocurrencies but on the other hand, the underlying Technology for the cryptocurrencies which is the blockchain technology is welcomed with open hands by the government of the various countries around the world because of its amazing working methodology. Some of the countries like Sweden, Denmark, United States, United Arab Emirates, Malta, Singapore, etc have initiated Blockchain research and development industries, in order to explore its use cases. According to reports, it is estimated that there are more than 200 government ventures, under collaboration with the Blockchain Technology in 45 different countries around the world.

 

Major areas of interest

Most of the Blockchain development in the public sector is with respect to Research, Identity credentials like attestation or licensing, land title ownership, personal records like Healthcare, economic, as well as the financial structure. Although most of the ventures are in their developmental stages, or rather technically known to be in the form of Pilot projects, there is also a number of nations which has conducted their Senate election process on the Blockchain Technology in an easy and a transparent way. Below are insights on some of the prominent Blockchain initiatives by various countries.

 

Denmark

The Government of Denmark has initiated a Blockchain project named, Vehicle wallet. It is nothing but powering the Supply Chain Management process of a vehicle with the Blockchain Technology, under which a Proof of Work concept is being implemented on the digital assets to handle the complete lifecycle of the vehicle.

Estonia

The European country Estonia has been concentrating on the Blockchain research and development since 2008 and is currently been able to deploy the Blockchain based solutions for Healthcare, the judicial system, security, as well as the legislation domains.  

Georgia

Land titling has been one of the longest unsolved problems, for which the Blockchain Technology provides an effective answer. The Government of Georgia through the joint venture of the IT service company, The Bitfury group along with National Agency of Public Registry (NAPR) has been experimenting with the land titling project with respect to the Blockchain Technology. The blockchain concepts have been successfully implemented within the digital record system of NAPR. The Distributed Ledger along with the Time Stamping Technology has rendered NAPR for an efficient land titling process, which was earlier used to take a lot of time and also was expensive.  The online and digitized nature of the Blockchain technology has made the land titling process available to a number of unprivileged and illiterate citizens who are restricted from the land titling system.

Singapore

Even the Central bank of Singapore, popularly known as The Monetary Authority of Singapore, has consistently been working on Project Ubin. The main goal of the project is to develop a Blockchain based solution to track all the transactions of the Singapore Dollars. The bank has collaborated with a major firm like R3, which itself is a collaboration if more than 200 financial firms, vesting with the research and development of the distributed ledger. This project would enable the transactions to be undertaken all the time and the decentralized nature would automatically deploy trust within the system.

 

Bottlenecks in implementation

Regardless of all the developments in the field, the governments are still struggling to successfully implement them into their operational processes. With illicit activities like money laundering, hacks, and scams, the cyber security experts of the government are speculative about the disruptive side of the technology too. In some of the cases, the key members in the government sector, fail to understand the Blockchain technology completely and hence are uncertain about future results of its adoption. In a nutshell, they would rather be slow in adopting the technology even though they possess a greater potential. After all, it is self-evident from the fluctuating cryptocurrency market, that how vulnerable the technology can be, to the market conditions.

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Bitcoin Coffee: The first blockchain coffee is a fact!

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Blockchain technology makes the massive inequality in the coffee chain transparent for consumers. Token embraces this transparency and offers a solution.

Blockchain can be used for beautiful things. You can arrange and settle a lot through blockchain. Property rights, identity, but also, for example, the origin of products. How about coffee on the blockchain? Today you can buy the world’s first blockchain coffee: Token. This newly established coffee brand is an initiative of Moyee Coffee and FairChain Foundation that want to offer you full transparency about where your coffee comes from. Thanks to the blockchain, more money can go to the poor farmers. And that must make the world a little more honest. The token is the first coffee brand that is entirely transparent with blockchain technology.

 

No more hard time for coffee farmers

Nowadays, many coffee farmers have a hard time. They can barely cover their production costs, let alone social and environmental costs. According to the recently launched coffee brand Token, blockchain could provide the transparency and efficiency needed to change that.
Blockchain technology makes the massive inequality in the coffee chain transparent for consumers. Token embraces this transparency and offers a solution. The first cargo of 60,000 kilos, produced by small coffee farmers and blockchain-traceable, is going to prove that an honestly distributed value chain is possible.

 

Transparency

Token attempts to become the world’s first complete end-to-end blockchain coffee.

The token is a collaboration between Bext360, Moyee Coffee and the FairChain foundation. Their blockchain system makes it clear precisely what everyone deserves in every step of the chain. Inefficiencies and unnecessary intermediaries can thus be identified. According to the organizations, this transparency makes a fairer distribution of value throughout the chain possible. Blockchain technology makes the massive inequality in the coffee chain transparent to consumers. Token embraces this transparency and offers a solution.

 

Does blockchain make coffee more honest?

Most coffee is produced by a handful of large coffee companies that do not distribute the profits equitably. For example, the vast majority of the 25 million coffee farmers in the world can barely cover their production costs. Fortunately, there are more and more coffee brands who believe that blockchain can be used to make coffee more honest. This technology provides the transparency and efficiency needed to change this unfair system.

 

The coffee chain

Cryptocurrencies provide various modern opportunities; you can use on your daily basis. Presently, you can easily gamble with cryptocurrencies or invest your money in betting with crypto. For example, you can use a betting site Fairlay to bet on anything you want. You can also choose to build up more gradual assets by investing in the blockchain technology that lies behind all cryptocurrencies. The success of digital coins is possible thanks to the revolutionary blockchain technology. You can see that there are great opportunities for companies that develop blockchain services and for other companies that benefit from the digitization of the financial sector.

To make the benefits of blockchain real, each bag of Token coffee is provided with a token. Every token is worth 50 cents that you can invest in part of the coffee chain via the KrypC Technologies platform. You can give it to the farmers who produce the coffee, but also to yourself by offering yourself a discount on your coffee.

 

Gradual growth instead of a supercharger

It is, of course, nice if you have made a significant profit with cryptocurrencies. Earning a lot of money gambling with crypto is possible. However, the chance that you have burned your fingers on the bitcoin is also quite significant. If you are tired of waking up every day with the uncertainty of having become 10% richer or poorer with a digital currency that night, you may want to consider putting your money in mutual funds. You then become for a tiny part owner of a large number of companies that make all kinds of articles and provide services. To be honest: you will not get rich with an investment in the fintech sector. Although the underlying trend is healthy, you run the risk with your assets, and it is essential to build a financial buffer and invest only with money that you can miss for a long time.

 

How blockchain makes the world fairer?

The blockchain ensures that the world becomes fairer. It offers safety and transparency. This technique can be used for all kinds of applications.

How does blockchain work?

The blockchain can be seen as a ledger containing the accounting of each transaction that has ever been done. Every time a new transaction is registered, it comes to a chain of existing data blocks of transactions. That is why we call this chain the blockchain. Information about companies can be recorded on the blockchain. This increases the chance of fair trade. Scandals can be prevented because the right information is available.

Just think of the fraud with software in cars. That would not have been possible if all the information had been recorded on the blockchain. Multiple parties check the information. It would immediately have been discovered that something is not right. The registration on the blockchain would, therefore, be rejected. With such a discovery you are almost assured that it is made public.

The blockchain can also work with clothing manufacturers. There could be registered where sweatshops are located. If a piece of clothing comes precisely from that area, it could be observed on the blockchain that it was not produced with respect for the man.

Another example: elections are not fair all over the world. By registering votes on the blockchain, no more results can be tampered with. The blockchain tracks the information and verifies that the information is correct. Voice fraud is then impossible

 

Fair gambling

These days, we see that blockchain technology is being used more and more often in online casinos. Not only to be able to support payment instruments such as Bitcoin and altcoins but also in games themselves. For example, players can check whether a round in a game has been fair.

 

We thank Davey Cross for this guest post.

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Can France become the Blockchain Nation?

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French MPs have recently put our a proposal trying to make France become the Blockchain Nation. This is a raft of 20 different proposals.

French MPs have recently put our a proposal trying to make France become the Blockchain Nation. This is a raft of 20 different proposals all aimed at trying to make France the number 1 Blockchain Nation specifically citing that they do not want to miss the train on this like they did the internet.

MPs in France are proposing to have a 500 million euro investment fund in order to stimulate the blockchain industry in France. They are focusing on trying to get public institutions to get into blockchain. The proposals include the Central Bank of France issuing their own cryptocurrency and providing subsidies for cryptocurrency miners.

Recently we did have legislation coming out of France that they want to make it much easier to have ICOs in France. They are aiming to attract teams from all over the world o come to France and have their ICOs.

 

Writers thoughts:

The central bank of different nations are planning to issue their own crypto assets but it recreates the problem that we are trying to solve with cryptocurrencies.

Giving subsidies to cryptocurrency miners is not actually good for the crypto community as the mining industry should remain competitive. The government of different nations should not be giving them preferential energy rates especially in France where it is mostly a nuclear-powered nation.

Setting up a legal framework for ICOs is exactly what is needed in terms of regulation.

Along with all of this, there is also a formal taxation policy which is coming up in France and all of this coming together is quite awesome. This is regulatory clarity and this is what a lot of companies and institutions are desperately asking for. This is the main reason why more and more companies are moving to nations such as Malta, Japan, and Switzerland as they have regulatory certainty. France which is one of the world’s biggest economies is hopping on board with the new proposals, the recent announcements about ICOs, taxation, tobacco shops to sell bitcoin from next year and recently setting up something called the ‘Mediterranean Seven’ which includes Spain, Portugal, Cyprus, Italy and Greece led by France with the mission to improve education in usage of blockchain technology in industries such as healthcare, transport, land, company registry, shipping and much more.

 

What are your thoughts on the above? Tell us in the comments section below.

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Blockchain and Oil Industry: IBM partners with ABNOC

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IBM is teaming up with the Abu Dhabi National Oil Company to create a blockchain supply chain system. The blockchain solution is currently in pilot phase.

IBM is teaming up with the Abu Dhabi National Oil Company or ABNOC to create a blockchain supply chain system. The blockchain solution is currently only in its pilot phase but this is no small announcement for ADNOC as ADNOC has a daily output of about 3 million barrels of oil in 10.5 billion cubic feet of natural gas. ADNOC’s digital unit manager had the following to say about the blockchain pilot:

“Blockchain is a game changer. It will substantially reduce our operating costs by eliminating time-consuming and labor-intensive processes. It will strengthen the marketing and trading of our products and create long-term sustainable value.”

 

Blockchain for Oil

The blockchain solution will also enable the ability to track every molecule of oil and its value from well to the customer. Also reducing the time to execute transactions between ADNOC’s operating companies and increase operational efficiencies and provide even greater transparency to the industry. The blockchain solution will surely increase the revenue for ADNOC and it may increase the efficiency of delivery and hopefully reduce waste.

The oil industry is currently attempting to extract a little bit more wealth before the renewable revolution takes place. But even though we have a boom in renewables, the infrastructure is lacking in many places globally and oil is here to stay with us at least for some time in the coming future. This is the first oil blockchain solution which will surely attract more oil blockchain solutions in the coming future.

 

The third industrial revolution will surely be not an oil-based revolution. The renewable revolution will basically be unstoppable. What do you think about the future of blockchain and oil industry? Tell us in the comments section below.

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