Positioning Blockchain for National Interest

Positioning Blockchain for National Interest.

Much has been said about Blockchain. Some are hyping it to the detriment of its adoption. Whatever the hype, it holds solutions to several industrial practices. However, I am not here to eulogies the Blockchain hypers, but to tell you why it should be a national concern. Positioning Blockchain for national interest is what I advise leaders to start doing. It should begin by studying the impact of Blockchain and how it could help the sustainable development goals. I will be taking you through some background studies and what you should expect in sustainable Blockchain. While you listen, don’t be carried away by the hypes; Blockchain will do all things. There is what it can and what it cannot. Do you know that there is no field called mechatronics before artificial intelligence, same there is no decentralization before the Blockchain. Hence, it is time for governments and corporations to start redesigning policy making and regulations to suit Blockchain for good.

Although the origin of Blockchain is not part of this article, but to be on the same page, let’s have a recap of the origin of Blockchain. You would probably not heard of Blockchain if Marshall Pease et al. did not simplify distributed and trust network in 1982. Every centralized system will undoubtedly suffer communication failure for one apparent reason for a single point of failure. Hence, a way of building a consensus is the Genesis of solving Byzantine Generals Problem. Moreover, the ingenious invention of Bitcoin tries to answer the financial part of the Byzantine Generals Problem. Whether in finance. Supply chain, energy, and what have you, trust is a hard currency. There seems to be no solution in achieving trust except through building consensus that suits a model.

Read more; About Blockchain here

The history of a blockchain city will start from the breakthroughs of Satoshi Nakamoto, who published the famous Bitcoin white paper in 2008. Although it brought a financial solution, where parties can transact in a trustees system, it spread to other use cases like energy, health records, logistics, etc. I could be tempted to say that Blockchain for national interest started with bringing a financial inclusion.

Read about Byzantine Generals Problems here

 

What is Blockchain, is no longer debatable

You would be accusing me of making a high-level statement when you heard that what is Blockchain is no longer a debate. Yes! It is only debatable in developing countries. I believe that the events held in Tel Aviv, Japan, US, etc. are not to define Blockchain, what is Bitcoin, and other basic definitions of Blockchain technology. I assumed that they are addressing Blockchain for global social issues, Blockchain for impact. Others are discussing Blockchain for national interest, how decentralize is Blockchain, etc. Blockchain for national interest should be considering Blockchain for Oil and Gas, Blockchain for global parity, Blockchain for supply chains Blockchain for financial inclusion, among other areas of sustainable development.

Laudable moves to adopt Blockchain for the national interest.

There are several regulatory and policy redress as well as other significant moves by the developed countries. These nations saw the need for Blockchain for national interest. Let me take some time to thank you for listening to the literature, now here are the leading national approaches to apply Blockchain for national interest:

  1. Mediterranean Seven

The Mediterranean Seven includes a group of seven southern Europe namely; Italy, Portugal, Cyprus, Malta, France, and Spain. Financial Times in a report on Tuesday 4 December 2018, published that Malta signed a declaration to promote Distributed Ledger Technology. It shows that the group sees the ingenuity of Blockchain for national interest. This was express in their words, saying “DLT is a game-changer to their for Southern EU economies” Don’t forget that Blockchain is not DLT, but it is an example of DLT.

 2. European Commission

The commission has shown several interests in Blockchain. Some of the approaches will be found in a 128 pages support paper, published by Joint Research Center at the EU Commission, titled Blockchain Now and Tomorrow – Assessing Multidimensional Impacts of the Distributed Ledger Technology. The commission has funded over 10 Blockchain companies, including;

Signaturit Solutions SL, a Spain based blockchain company, first e-signature service that guarantees 100% legal validity in business digital transactions, minimizes the risk of cybercrimes and drastically improves productivity.

Authenteq EHF Iceland Blockchain-based 100% automated Know Your Customer service.

I-MOVO Ltd United Kingdom International productization of a disruptive digital vouchering technology

PETAFUEL GMBH Germany One-size-fits-all mobile-based solution for cashless payment for Europe

MONESE United Kingdom Instant accounts for mobile people

For other Blockchain companies, and additional funding and research support by the EU Commission, Click here.

3. The Chinese Government.

China has supported Blockchain for national interest, through several means, but I will refer to the renowned Chinese Cryptocurrency. I don’t know what prompted them to move for a National currency backed cryptocurrency, but I do know that the announcement came when Facebook Inc. published a white paper about Libra Coin. I am not here to discuss the need for stable coin or cryptocurrency in general, but I think the move would be an available response to build a blockchain city.

  1. The German Government.

The German government on the 18 September 2019, published a paper here, that describe how they hope to regulate cryptocurrency. The revelation made Germany the first EU country to give Blockchain a national strategy. I suggest reading the publication for details.

Other countries that have given Blockchain for national interest a thought are UAE, Singapore, etc.

 

Blockchain for sustainable development goals

I made a summary of the United Nations SDGs here, and discussed at length, how the companies adopting the goals. However, my concern here is to tell you about positioning Blockchain for national interest, and why that will help to achieve the SDGs.

If we are following the hypes, we may not achieve the goal of a blockchain for good. We have to be deliberate about using Blockchain to solve global social issues, that it can solve. We should look at Blockchain in line with SDGs. It would suggest to us the need to use Blockchain to achieve a goal, and in redesigning a framework that meets the same. Remember my short definition of sustainability; solving the urgency of now without the compromise of the future. In my most substantial term, any project that is not doing so doesn’t worth investing in. Hence, I am a proponent for Blockchain for national interest and Blockchain for Sustainability Development Goals.

Read about; Blockchain for SDGs here

Remarks

  1. I have read at length how nations are holding events and applying Blockchain; my submission is; they have not started if they are not considering Blockchain beyond finance.
  2. I am an advocate of Blockchain for sustainable development goals; hence, the United Nations should develop a framework to guide Blockchain for national interest.
  3. Blockchain for national interest should be the start of every event and legislation in developing countries.
  4. While policy marker is redesigning the various frameworks, they should not only consider regulations. I suggest the bone of contention, to be Blockchain for national interest mandate.

Related posts

Leave a comment