Blockchain Technology
Who else knows that there is more to the blockchain technology than cryptocurrency?
Blockchain technology could also be used as a secured storage to keep classified documents.
It could also be used for smart contracts. In smart contracts, a computer protocol facilitates, verifies or enforces the negotiation or performance of a contract. Smart contracts allow to perform credible transactions without third parties. These transactions are trackable and irreversible
Dubai always ahead of the rest of the world. Here is what they plan to do with blockchain technology:
Remove middlemen like lawyers, accountants, bankers, immigration officers & govt. officials by year 2020 by adapting to blockchain technology. 😱
What will governments look like 5 years from now? Today Dubai announced its plan to be “The World’s first blockchain powered government” with a plan to move 100% on blockchain by 2020:
At the corner of my head, i am thinking could this be what Naija needs to eradicate corruption?
The smart contract works like a computer where you can pre-program your requirements for the execution of a procedure, which won't pass you until the programmed parameters are met. No shortcuts, no bribes, no tips... Meet the requirements and have the contract processed.
ArabianChain is moving all Dubai’s government paperwork onto the blockchain, so it doesn’t need lawyers and government departments for verification.
ObjectTech is providing digital passports and blockchain security to Dubai International airport to deliver seamless entry and exit from the country.
The Dubai Land Department has launched a blockchain system to record all real estate contracts and record all property-related transactions such as rental, utility and telcom bills.
In October, Dubai launched emCash, its own cryptocurrecny for citizens to pay for all services via digital cash.
The country has set up the 46-member Global Blockchain Council, including companies like Microsoft, IBM and Cisco, to lead the way in the country’s adoption of blockchain technology.
Blockchain smart contracts and cryptocurrency track all transactions that take place with any agreement or transferable asset. That means the end-point of Dubai’s blockchain adoption is that there will be no further need for the middlemen in our day-to-day transactions.
As Dr Aisha Bin Bishr, Director General of Smart Dubai Office, the country’s department in charge of making Dubai the world’s smartest city says:
“The Dubai government differs from others around the world in that it aims to make Dubai the ‘Happiest City on Earth’. In short, we want to give people back time they would have otherwise spent on filing paperwork.”
Could Dubai’s Blockchain initiative lead to a revolution in happy countries reducing the size and influence of their goverhments?
Could an end point be no government at all?
“The Internet is becoming the town square for the global village of tomorrow.” ~ Bill Gates
When asked how he would set up a government on Mars, Elon Musk said the “Most likely the form of government on Mars would be a direct democracy - it would be people voting directly on issues.”
In other words, in this new technological age where the best middle man is no middle man, the best government may be no government at all.” - Roger Hamilton
“Lets go invent tomorrow instead of worrying about what happened yesterday.” ~ Steve Jobs
Nothing is as powerful as an idea whose time has come. The future is here and it's a great time to be alive.
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