Governments around the globe can gain immensely from implementing emerging innovative technologies like IoT, AI, Big Data and Blockchain. These technologies will ensure better interactions and transactions with citizens and other countries. At this point of time, the most invaluable emerging technology for governments is Blockchain. This technology can reduce bureaucracy, increase administrative process efficiencies and build up trust in public record keeping. The most important innovation that blockchain introduces is a distributed append-only ledger on which messages can be immutably recorded. It erases a need to maintain centralized intermediaries, which has possibly large political and economic significance.
Use cases for Blockchain by governments
Blockchain technology is expected to facilitate numerous government services and functions. For example, storing citizen records, running state registries, support to electronic voting, preventing tax fraud and reallocating public money.
Using Blockchain for securing and sharing important data and records
verification of records and sharing of data of various kinds is among the most
promising use cases for Blockchain in governments.
Identity: Governments need to clearly identify their citizens and stakeholders to provide services to them, the same applies for organizations, assets, machines and autonomous agents. With blockchain’s decentralized technology, people and organizations can have verifiable identities that are secure and private, yet capable of providing sufficient information online when required without a third party’s involvement.
E-Voting: Using smartphones or personal computers, citizens could easily and securely vote from any location thereby creating a more participatory democracy. With citizens’ verified data on a Blockchain, it is possible to design e-voting systems that are much more transparent and trustworthy at the same time maintaining confidentiality. Ballots could be automatically counted while ensuring no votes were cast more than once and the validity of the count could be proven without revealing the identity of those who voted.
Title/ asset registrations: In countries like Africa and India Blockchain projects have been implemented for land registries because corrupt local officials would steal land by falsifying paper-based documents. Selling a house can generally be a slow and laborious process involving coordination and verification between many different entities like government agencies, lawyers and banks. Blockchain technology ensures title transfers and land registration are a streamlined process. The same process can also be used to secure information about almost any kind of registration – automobiles, businesses, firearms, etc.
Healthcare: In most cases today, medical records are kept separately in doctor’s offices and hospital databases – they are shared manually, not always in a secure way. Also, it often becomes complicated when multiple inputs are required for a patient from various institutes and people. Blockchains are ideal for such scenarios by providing an audit for inputs from various parties and ensuring data is unalterable once it is recorded.
can also make anonymised patient data available for open research and make it
easier for citizens to have control over their medical reports. In this case,
the Blockchain is used to store proof that data is genuine or store a record of
who has permission to access what data.
Educational certification: Important personal data like educational certificates tend to be kept in siloed databases by the universities or schools that issue them. Accessing this information to prove credentials can be a painstaking task. Degrees can also be relatively easily falsified. Blockchain based systems can help by facilitating individuals to take control of their verified records and allow access to employers or others when required.
Using Blockchain for monitoring and regulating markets
consumers is one of the key tasks of a government, to do so they need to ensure
markets remain viable and laws are adhered to. Regulators need data to track
what is going on in markets. Most governments rely on companies to share the
legally required information. In some cases, inspections are carried out or
other means are used to gather the information they require. For self-reported
data, governments are dependent on the reporting entity for the information to
be accurate and there is a considerable time lag in receiving the information.
In fast moving industries and markets this lag means information is often
obsolete by the time it is received by the regulator. Inspections and audits
can be expensive and in many cases do not provide a realistic picture. Also,
reporting can be time-consuming and expensive for companies- sometimes costly
investments need to be made for compliance teams and infrastructure.
Taking into consideration the above factors, a shared ledger
can simplify data collection by making information available for regulators,
companies and other stakeholders. Blockchain would ensure the information is
verifiable. Secure and trustworthy audit trails would also be useful for
investigations and litigation.
In manufacturing supply chains, automated sensors can send
data directly to the Blockchain thereby facilitating real-time monitoring of
products during their lifecycle. In addition, smart contracts can be used for
automated pay-outs thereby insuring suppliers and manufacturers are paid on
From a regulatory perspective, important use cases include know-your-customer (KYC) and anti-money laundering. Blockchain based shared customer and business registries could greatly reduce KYC/ AML compliance costs by permitting all entities involved to share relevant information in a secure way. Individuals and businesses will gain from this too by facilitating a single onboarding experience.
From keeping record of births and deaths to creating smart cities, Blockchain has manifold potential benefits for countries around the world. Ensuring transparency and verifiable data for citizens and governments will lead to a superior democratic set up where corruption will be eradicated.
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Bitcoin to Surpass $20,000 ATH By Early 2021 According to Raul Pal
Former hedge fund manager and CEO of Real Vision, Raoul Pal, believes that the real impact of the COVID-19 pandemic is about to reach the financial markets. By outlining several upcoming cornerstones among traditional financial assets, he highlighted Bitcoin as the “life raft” in this situation.
Raoul Pal: Everything Has Changed
In a recent Twitter thread, the Wall Street veteran outlined the rapidly growing COVID-19 cases worldwide. The total number of infected has neared 45 million, while the death toll is almost 1,2 million.
Pal predicted that these rising numbers in Europe, the US, and Canada are about to “exert economic pressures and extinguish the Hope phase of reflation dreams.” He believes that the upcoming consequences will harm the economy even more than the early 2020 developments. A real economic recovery “will take more than a post-election stimulus in January.”
He continued by looking at several markets that have started to feel the adverse consequences and have fallen to long-term support levels. Those included the oil price, Spain’s benchmark stock market index – the IBEX 35, the EU Banks Index, the euro, the British pound, the US dollar, and more.
As such, he broached a few possible solutions – “you can buy bonds and dollars, or you can take the life raft – Bitcoin.”
“Or, to dampen the volatility of a risk-off event (we can and will see sharp BTC corrections), you can have all three for a near-perfect portfolio for this phase.” – Pal concluded.
Bitcoin Will Eat The World And Price Predictions From Pal
Pal further highlighted his positive views on Bitcoin by saying the cryptocurrency “will eat the world.” He attributed it to its performance, which is so dominant and so “all-encompassing” that it will “suck in every single asset narrative dry and spit it out.”
“Never before in my career have I seen a trade so dominant that holding any other assets makes almost no sense.”
As far as price predictions go, Pal said that $14,000 is the only resistance left in Bitcoin’s way to the all-time high at $20,000. He expects that BTC should overcome the December 2017 high by “early next year at the latest.”
Additionally, CryptoPotato recently reported an even more optimistic and long-term forecast. By using a regression on the logarithmic chart since inception, Pal brought up a model that sees Bitcoin reaching $1 million by 2025.
Featured Image Courtesy of BusinessInsider
Coinbase Launches A Crypto Debit Card With 1% Reward on Bitcoin Spendings
- The largest US-based cryptocurrency exchange Coinbase announced today the launch of a Visa debit card, allowing customers to spend digital assets for everyday purchases.
- According to the official statement, the Coinbase Card will provide clients the opportunity to earn up to 4% back in cryptocurrency rewards.
- It will be available in nearly 30 countries, including the US, the UK, and across Europe. It will be connected to customers’ Coinbase accounts, and they can spend the funds without having to move funds to their bank accounts.
- The designated cryptocurrency asset spent by users will be automatically converted to US dollars prior to completing the purchase or the ATM withdrawal.
- The rewards will be available for US-based customers only initially and will depend on the cryptocurrency used. For instance, customers can get 1% back if they spend bitcoins and 4% back if they choose Stellar Lumens (XLM).
- The Coinbase app will serve as a fund manager. All spendings, reward details, and preferences will be manageable through the app.
- US customers can start applying to receive the card through the exchange’s app or the website. The first approved clients will be announced “this winter,” and they can start spending with a virtual card. The physical one will be delivered within two weeks.
Bitcoin-Friendly Avanti Receives License to be The Second Crypto Bank in The US
Now the United States can boast a new crypto bank: Welcome Avanti.
Avanti Financial Group, a firm founded by the former managing director at Morgan Stanley, Caitlin Long, announced that it had been granted a license to offer banking services by the Wyoming State Banking Board.
Avanti is The Second Crypto-bank Operating in the United States
With this decision, Avanti becomes the second crypto company to receive a banking license after the crypto exchange Kraken was also authorized by the Wyoming State Banking Board.
This license allows Avanti to offer financial services in the same way that a traditional bank would, only that these are in addition to the crypto services already provided by the platform.
According to Avanti, the application in the state of Wyoming was key to meeting its expectations —just like Kraken did— as it is the only state in the country that has a regulator with a bank supervisory and regulatory program for digital assets mature enough to ensure the operations of a banking platform that offers risk-free custody services.
Currently the only type of U.S. financial institution that can provide final and simultaneous settlement of trades between digital assets and the U.S. dollar-because it is the only type currently approved to handle both within the same legal entity-is a Wyoming special purpose depository institution like Avanti.
Blockchain and Banking Working Together
Avanti said in a tweet that the first crypto product the company will launch will be a stablecoin pegged to the dollar and backed by physical deposits made to its bank accounts. The token will be called Avit and will be available for its customers in the first quarter of 2021.
AVANTI IS OFFICIALLY A BANK! Our charter & business plan were approved 8-0 today, incl. #Avit (a tokenized US dollar, which we announced we’ll issue initially on #Liquid (#Bitcoin sidechain) & #Ethereum. Open for commercial customers early Q1. More here:https://t.co/CgNazN08zV
— Avanti Bank & Trust (@AvantiBT) October 28, 2020
Avanti revealed that Avit tokens will run on Ethereum – a critical blockchain for those seeking to take advantage of programmable smart contracts – and Liquid – a Bitcoin sidechain developed by Blockstream for those seeking to benefit from inter-exchange transfers for arbitrage operations.
Avanti had previously confirmed its collaboration with Blockstream to develop this token, explaining that it would not be like a normal crypto-currency and that it would be “just bank money that happens to be issued on a blockchain.” So it may look more like JPM Coin than the famous USDT.
Caitlin Long promised that Avanti “will provide products and services that do not exist in the market today. They did not refer to what they had in mind, so we can only hope.
There has been a lot of activity around cryptocurrency and financial services with blockchain technology in the United States. After MicroStrategy announced a major investment in Bitcoin, Square revealed a $50 million investment in BTC. Also, PayPal started providing support for cryptocurrencies and JP Morgan started using its own cryptocurrency commercially days after it talked about Bitcoin’s potential to triple its price.
Most of these announcements helped boosting BTC’s price. Will this have a bullish effect too?
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