Will blockchain disrupt the Pakistani industry?

2017 was the big year for blockchain and cryptocurrency. Bitcoin price surges to all time high , Ethereum Eco system explodes and ICO funding takes off. Almost all mainstream media covers blockchain and bitcoin while some Governments like Estonia and Dubai took one step ahead and aims to disrupt their conventional process with blockchain technology. Most importantly people start differentiating Blockchain and Bitcoin cryptocurrency except Pakistan.

When you talk about Pakistan ,there are long standing issues of bureaucracy , favoritism , lies ,data forgeries etc. Moreover there are no systematic way of handling data or performing audits. Normally audit trails progress to 6 months and end results are far less than expected considering amount of time, human resource and money invested on audits .

There are so much bureaucracy , favoritism involved within an organizations and in hierarchies that one can easily get lost in the entire process and gave up .We rely on centralized figures to handle all of our data and piece of paper to verify our claims.

Blockchain could become the silver bullet for many of these problems due to certain inbuilt features . Distributed structure of blockchain prohibit organizations to capture all sensitive data in centralized space and put security of those data at risk.

Beauty of blockchain is that it removes all those middle wares with a piece of code which cannot be altered , which generate deterministic results without any favoritism or chaos. Additional layers of cryptography, immutability further proofs the finality of that document or asset which makes it easy to verify any claims instantly.

People need to differentiate bitcoin cryptocurrency and blockchain technology. Bitcoin is just a tiny little spot which is built on the concept of blockchain but the true concept of blockchain lies beyond financial sector. One main purpose of Satoshi to built bitcoin is to bring honesty , trust and self audibility in a system so that people can trust each others without revealing identities or personal information and be sure that their transactions will never be compromised or malformed by single authority.

Blockchain Maturity Model :

Feasibility study is very important for any project whether its tech specific or any other domain projects. Its help us to evaluate whether your project will be successful or not based on current resources and problem you are solving.

If following conditions are met then blockchain have strong potential to provide solution .

1- Multiple parties are involved in a system and they all need a common view of data.

2- Multiple parties take actions that needed to be recorded by all other parties.

3- Participants need to trust the validity of actions that are recorded.

4-Intermediaries add cost and complexity.

5- Transactions are time-sensitive . Reducing delays increase business benefits.

Usecases Of Blockchain :

1- Land records

2- Educational Records

3- Health Care

4- Voting System

5- Intellectual Property ownership

Conclusion :

Bitcoin and cryptocurrencies are good but at this point of time Pakistan need more than just cryptocurrenices. People and organization need to understand the difference between two until it’s too late. In this era , every country is making efforts to move towards digitization and its the right time for Pakistan to follow the trend.

Khurram Adhami

CEO at http://www.blockshift.com.pk/

Posted on March 20, 2018 in blog

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Humza Hamid

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BEL 3.0 was established by a diverse range of individuals united by the greater vision that Blockchain and peer-to-peer technologies can profoundly solve real-world problems.

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