Blockchain: A tool that can redefine our way of life
Blockchain is a Paradigm shift
Civilization has had few discoveries that had changed our way of thinking: who we are and why we do the way we do it.
I am happy that we have given up hunting-gathering life style which began 1.8 million years ago. I am also happy that we have adopted wheels and engine to bring about social changes. Prosperities can be manufactured and distances can be covered with technology; abundance and distant village became neighbours.
Today we have Google, ebay and the Banks who help us send messages, vouch for us when I make purchase across the internet from those vendors that I do not know. To eat mango or banana, I don’t have to go to India. They come to us. Fruits of your choice are available within walking distance. Since Retailers don’t manufacture or kill or grow crops, I wonder what will happen to non-veg if they had to kill their own chicken and cow for meat.
We live in a world where the real hard labour is carried out somewhere far, far away and we just enjoy their fruit without much thought; pay the bill and you are good. Above transaction is made possible because we “trust” the grocery store, banks and other intermediates called the middle-man.
For example, a banana that is cultivated in south India by a farmer Venkatesh made its way to No-frill, Canada, and I bought it. If I were in south India, I could have done the transaction with Venkatesh face to face; I pay him the money and he will hand over the banana without much thinking. He need not “trust” me or vise versa, still the transaction happens because we both “trust” the currency issued by the Indian Bank. Likewise, for the Banana to travel from South India to Canada, many middle-man had to change hands on the basis of “trust”. We are so used to these transactions that intrinsic “trust” is almost forgotten without which whole modern commerce would come to a halt.
What is Blockchain
Emm..Ahhh..ok… Let me ask you, what is a wheel? It is a circular frame of hard material that may be solid, partly solid, or spoked and that is capable of turning on an axle(cut and paste from a dictionary..why struggle). But this simple wheel changed how we live and work. It gave mankind the power to haul commercial goods to sell in different villages and finally it brought auto industry to its glory.
Blockchain is an amalgamation of processes that encapsulates decentralization, transparency, security, risk-free, indestructible, temper-proof, theft-proof, no downtime, and super fast. It will save time and best of all money.
Centralization of any kind, records or data, is open to corruption, tempering and monopoly.
What happens if land or house registration is decentralized (unthinkable) and it can be sold or purchased at a click of a mouse anywhere on globe. Blockchain is so trustworthy that more than 400 Banks are using it today.
Blockchain technology was there since 2009 but nobody understood it well enough to use it beside bitcoin. Blockchin is far bigger picture than bitcoin.
Blockchain is the future. It is the paradigm shift.
Today, land rights and land registration in poor countries like Andra Pradesh, India, and Maxico are using Blockchain to remove human corruption and tempering. When these land assets are registered in blockchain, no one can temper it and owner can sell or buy at the speed of computer. No humans are involved beside you, just an App on your phone or computer. It is that simple. You need not visit government office at all. Although it takes time and human interference before it is put into Blockchain. Once proper documents are verified and data is uploaded into Blockchain, it is safer than human can image. Best of all, you are free from Bapus (Indian government official are called Bapu who are scourge of Indian society who never let India to rise- Hindhu and Muslim both agree on one thing ie corruption)
In Bihar and Karnataka there are lands allocated to Adivasi which cannot be sold, by law, to anyone. Some of these lands are tempered by Land mafia and sold to Tibetans who are now without money and the land. If Karnataka had these land under Blockchain, such transaction would not have happened.
If Mr. Modi really wants to remove corruption and help the farmers, it is the Blockchain.
You can sell or buy house at speed of internet, globally or within the country as law permits. Without Blockchain, selling or buying house is a cascade of process with fees or commissions at every level and is very time consuming.
Video links :
Simple 4 minute explanation of land registration in Kenya and world wide.
Real World Blockchain Applications - Real Estate.
Blockchain and Land Registries: Lessons from the Field: panel discussion of 1:30 hour.
Patrick Byrne on Changing a Billion Lives, and Stopping Corruption with Blockchain - Full Interview
Banks are using Blockchain
There are more than 400 banks who are using Blockchain such as Bank Of America, TD, CIBC, and Bank Of England to name few. Why banks are using it? Transactions are in real-time. It is open source and trusted platform that transmits data and value with securely. It can protect them from frauds. It saves them huge money as banks are involved in moving money from one account to another. Imagine money moving from Canada to China instantaneously with no service fee.
In poor countries, banks won’t let you open account unless you make a huge deposit. Banks are helpless too when frauds are plenty and social security number is non existence. There are hundreds of Ram Prasad across India. Blockchain binds the poor individual with the bank in a secure way banks can trust and loan him money too.
Banks too face fraudulent everyday and Blockchain provides them with safety.
When you send money from Canada to India via Western union, fee is 30 dollar for 300. Blockchain can provide you the same service for as little as 2 dollars.
Few of Indian Banks joined Blockchain via IIN by JP Morgan, USA, are ICICI, Axis, Yes, Union Bank of India, Federal Bank of India, and Canara Bank.
“IIN is aimed at providing secure exchange information to banks associated with cross-border payments. It reduces costs and mitigates risks involved in those cross-border transactions. With IIN, the time taken to resolve these inquiries can be reduced from up to 16 days to mere hours,” said Kalyan.
International checks are cashed only after 30 or more days for the goods or service you have provided. If you don’t have enough cash reserve, your business is at risk- like Covid19. Blockchain can transfer you the amount within few seconds.
Fund Raise: CTA or NGOs or schools or Monasteries
There are people who want to help but they cannot because of inconvenience such as:
draft or money-order cost fee
visiting the Banks take time and traffic
Postal service is unreliable in poor countries like India.
Blockchain resolves it with convenience of smart Phone in real-time, less commission, and it is risk-free.
Employment and education
Employment is another sector where Blockchain can certify and improve Identity of a person when too many Identity theft are there.
Education is a life-long endeavour besides basic degree. Whatever added education you have received can be registered and it is there for all to see, when you go for an job interview next time. All you need is a smart phone which is ubiquitous.
Identity and Identity theft
Blockchain can certify you who you are. It can stop Identity theft if smart government choose to store ID in Blockchain.
Farmer and Vendors
Farmers and vendors can sell their produce or product directly without middle-man to end user.
Commerce without the bank and middle-man is the best way forward.
Small countries like Bhutan, Nepal, Barmuda to name few can use Blockchain to access Worldbank and other international assets without mailing any paper work. Sending images of document and funds can be accessed within few minutes.
Small countries can built its assets with the help of Blockchain and bring stock market to its people. There are many African countries who are inviting Blockchain experts such as Patrick Byrne to help them. Barmuda is one country Patrick Byrne mentions in this video interview that he is invited to as well.
How Blockchain works
At the principle level, it is an electronically distribute open ledger. Record and transactions are maintained in hundreds of different computers in Cloud. Centralized system is gone. Each transaction or modifications made to the record is verified, signed and stamped and send to all the active members automatically. For instance, an asset such as piece of land or a house, once it is uploaded into Blockchain, it can sold or purchased, globally, within few minutes because they all trust “Blockchain” which cannot be tempered.
Central Tibetan Administration (CTA)
Since CTA is a registered Charity organization stationed in Dharamsala, India, it has no freehand in either saving or spending. It is due to the fact that 90 percent of the revenue CTA receives is through donations it receives from western world. All charitable organizations in India are required by law to expend 85 percent of the donation that they receive within a fiscal year. Thus CTA cannot have a huge reserve of money in the form of savings for rainy days such as COVID19.
CTA must have its account in one of above seven Indian banks who use IIN Blockchain.
Tibetan who live in India has no entitlement for land they are leased and ownership of land is murky. Land distribution in Choklamsar, ladak, is fresh and can use Blockchain. If Patrick Byrne is right, he did 500 household land title in one month when it takes about a year manually.
Link to land registration in Andra Pradesh is below.
These are the few of benefit of Blockchain technology. Future is in Blockchain. Sooner we adopt Blockchain, faster we are able to wipeout corruption and hegemony by wealthy.
Blockchain will never suffer from downtime because it is on the internet.
You need not have a Computer but Smart phone is essential for Blockchain.
It is more secure than the Banks and that is why more than 400 banks, globally, use Blockchain for profit as well as for security due to distributed nature of the Blockchain.
List of banks using Blockchain platform is provided here.
Blockchain can help government reduce fraud with tax and drastically reduce time to collect revenue. These are done in real-time with all the benefits of security and speed.
Small countries will benefit a lot due to instant collection of tax revenue.
Here is a video link for Indian tax system(GST and State tax) that can benefit from blockchain platform.
You will appreciate his knowledge of Blockchain rather his English. It is worth it.
Following links provide basic concept-technical- and architecture of Blockchain by IIT professors of India.
If you want to study Blockchain in depth, here is a link to Blockchain tutorial in Youtube. It is full of computer science and cryptography.
Smart contract by by Nick Szabo
hyperledger resource page: click here
if you are computer genius try “Edge Computing” which is a new buzz word.