A multibillion-dollar industry bridging the gap between cutting-edge technology and the real-world. Its projected to see significant growth.
Dubai is marching towards world’s first blockchain based government, placing all core bureaucratic functions, such as tax payments, licensing and more on the blockchain. The estimated savings of this transition is $1.5 billion per year.
Utah Government Adopt Blockchain Technology
(2019) In the legislative session, state Sen. Dan Hemmert, R-Orem, proposed a bill to create a task force to study how the state of Utah can adopt blockchain technology and avail its potential benefits. The Legislature wants to make the government more secure, accurate, and efficient. The Interim Business and Labor Committee met with technologists, experts, and thought leaders to learn about blockchain structure. The blockchain power gets distributed across millions of computers. For any change in the record, all the parties must agree on a replacement. Thus, making it immutable, tamper-proof technology, and unchangeable.
The Utah government want to adopt the blockchain technology in these four areas:
Land titling in land governance
In Liens, deeds, mortgages, and more, for a smooth transaction, improving record-keeping and transparency, increasing accuracy, and conservation of scarce resources.
A smart contract auto-enforceable contract operating on an if-then function, so when certain conditions met, other actions are then executed. Its benefits include reduced transaction costs, saved staff-time, and a healthier environment as paper and travel time gets eliminated.
The country already implemented the technology through a small test case in the 2019 primary municipal elections. Their independent audit, overseen by the National Cybersecurity Center, proved that 100% of the votes cast were accurate and cast by the correct persons.
If voter integrity and secure elections are a concern, it's the perfect solution
As a backbone of government obligation, legal confirmation of one's identity is ripe for the implementation of blockchain.
Registering citizens' identity on a blockchain can provide for accurate and immediate validation of any credential, including driver licenses, passports, birth certificates, and even educational and professional qualifications.
Thus, especially impacting those who don't have any form of identification and therefore prohibited from finding housing, banking services, and other needs critical to breaking the cycle of poverty.
Bitcoin is based on Blockchain technology.
- The white paper released in 2013
- Founder: Vitalik Buterin
- 2nd biggest cryptocurrency after Bitcoin in the world
- Its blockchain technology opened up to scripting language for the development of different applications outside currency and finance.
- Developers can use the network distributed ledger to build trust for applications.
- The applications on it are decentralized, without censorship or taken down by any authority. Hence their life is equal to the Ethereum blockchain.
- The blockchain technology keeps the smart contracts and agreements automated, programmed, and secured. Moreover, trusted, as peer network verifies the information and does not allow alterations after the fact, hence, no party can cheat.
- An Open-Source Blockchain technology project combining the power of Ethereum and IPFS
- Rolls-Out ethoFS website and immutable data hosting protocol: To bring the decentralized website hosting & File Sharing Protocol and Combat Web Censorship movement to hosted-data.
- User-friendly effort to bring independence to data: It allows anyone to store data across a network of nodes with several levels of redundancy and immutability built into the decentralized system. Furthermore prevents a multitude of attack vectors.
- ethoFS platform a smart-contract management structure
- Unique community-driven decentralized management protocol executed on blockchain and via smart-contract
- Powered with its own cryptocurrency ticker symbol (ETHO)
Target Customers: Individuals, NGOs, SMB, or the Enterprise