The recent G20 Summit 2018 at Argentina given a much powerful message. In Section (25), about the world financial system at international standards, following is the excerpt for Crypto-assets.
We will regulate crypto-assets for anti-money laundering and countering the financing of terrorist I line with FATF standards and we will consider other responses as needed.
Another focused conclusion about emerging digital economy in the G20 Summit as written in Section (26).
We will regulate crypto-assets for anti-money laundering and countering the financing of terrorist I line with FATF standards and we will consider other responses as needed.
More than $2 Billion already invested by the private sector alone in the global Blockchain market. Almost 1000+ active companies in Blockchain arenas today with $290 Billion Market Value expected by 2019.
The world is innovating without permission. The real essence of Blockchain Technology lies in innovating the Government based applications. The Deleware company corporation records stored on Blockchain, Sweden operating now real-estate transaction on Blockchain, Singapore issuing invoicing into the Blockchain, The UK using Blockchain based monitors for distribution of grants. In Estonia, e-Citizens records, e-Payments key, medical records secured on Blockchain and the Ghana recording land registry using Blockchain Technology. Last but not least. The most promising initiative of Smart Dubai — Dubai Blockchain Strategy. Dubai is on the fast track to implement Blockchain in government operations and it will be the First City in the World to be completely powered by the Blockchain by 2020.
After producing a bunch of POCs and evaluating hundreds of Blockchain Innovations, with supporting tens of game-changing startups around the globe. Now, sharing a few easy to implement and potential Blockchain Use Cases to change the society in a phenomenal way, all for public and private sectors. I dedicated this article to help Pakistan’s based Startups, SMEs and big giants to join hands and come forward to participate in the wave of data, disruption and decentralization through Blockchain.
I would like to send a message to Blockchain Enthusiasts based in Developing Countries
Let’s collaborate with each other and put forward the promotion and adoption of Blockchain Technology in public and private sectors in Pakistan. We are global consortium of early adopters of Blockchain. The consortium consisting of peoples and organizations who are creators & inventors, regulators & policy makers, academicians & educators, entrepreneurs & innovators, scientists & researchers, programmers and developers, architect & troubleshooters. We are ready to help in advocacy, research, policymaking, consultation and regulation.
The Global Overview:
United States of America: The States behind the curve operating a pilot program under U.S Treasury Department to determine that the Blockchain Technology adoptable to the supply chain management.
Spain: The BBVA — Banco Bilbao Vizcaya Argentaria, is the second largest bank of Spain by assets and capitalization. It is the first global bank to use the Blockchain technology throughout the entire issuance and management of 75 million euro in the loan. In Addition, The government of Spain backing a startup called Navibration. A technology company introducing audio guided tours as a social network based on Blockchain. That means translators, writers, travellers, reviewers, etc. can create content on the social network and allowing people to purchase tours using patented navigation system.
China: The Hot & The Cold response towards Blockchain boom is given by China. One of the District government from the Nanjing City i.e Jiangbew New Area announced 10 Billion yuan ($1.4 Billion) fund. Also, the Municipal Government of Chinese cities of Hangzhou and Shenzhen both have dedicated funds of $1.6 Billion and $80 Million respectively.
It’s much clearer that the Government and People of China already understood the value of Blockchain Technology. They believe they could bring businesses and organizations to have futuristic advantages. Therefore, the funds are available in investing in the businesses in order to leverage through Blockchain Technology.
Japan: When it comes to the advocacy of Cryptos. Japan moving at a very fast pace. The high-end growth in the Blockchain sector after legalizing Bitcoin changed the entire Japanese landscape. The Tokyo Metropolitan Accelerator Program being hosted Blockchain Business Camp Tokyo with the simplest goal to bring a quality of life among Tokyo residents.
Australia: The Oceania continent especially Australia is the longest supporter of Blockchain Technology. The Federal Government ready to invest A$ 2.2 million in Blockchain initiatives in the sugar industry. Yes, the sugar industry. Blockchain-based Sustainable Sugar Project in coalition with Prime Minister Malcolm Turnbull’s, which targets Queensland, the major sugar export region of Australia.
In Addition to that, there are tens of Blockchain based companies raised millions of dollars to fund their initiatives, these are the signs concluded that Australia is an influential force in the Blockchain space.
6 Small Nations — Six Bigger Players of Blockchain
There are seven small nations, raising as the bigger players of the Blockchain the mind can ever guess. Georgia, Malta, Cyprus, Gibraltar, Thailand, Liechtenstein and Slovenia.
Cyprus is playing an excellent role in becoming a Blockchain hub because of its geographical location and the absence of double taxation system. It has been long been a financial hub for Europe. After the debt crisis in 2013, affected its status as a key destination for the financial sector. The crisis paved the way for easy acceptance of many technologies such as Blockchain and Cryptocurrencies.
Now, with a stable economy and positive stance by the government on digital currency and Blockchain based initiatives. Cyprus is possibly the best place for Blockchain based projects. The University of Nicosia offers World Class courses and degree program in Blockchain and Cryptocurrencies and hosts student. The International Institute of Management regularly conducts programs by lectures and seminars to give awareness.
Cyprus almost transformed into the decentralized economy and considered as the Vatican for Blockchain for startups.
Georgia the small country with an estimated population of just four million with half of Georgia is in the United States. This nation ranked among the second in cryptocurrency mining. The survey suggests that almost 5% of Georgian households participate by either mining or investing in the crypto space. Georgia transformed from the net exporter to a net importer of Electricity. Electricity because consumption was higher by three times and mining demand estimated by 20% in 2017, per capita.
Malta the recent policy and regulation framework of ICO/ITO/STO changing the entire scene of Technology in Malta and global Crypto landscape. The Binance is interested to move its headquarters from Hong Kong to Malta because of the stability due to well-crafted policy in the region.
After the proposed, creation of Malta Digital Innovation Authority Act (MDIA) which definitely helping several policies and objectives in promoting, fostering and accelerating the advancement of Blockchain based digital ledger technologies, the Blockchain projects and crypto-based innovations. Followed by the Innovative Technology Advancement and Services Act (ITAS) defines the criteria and registration for innovative technology arrangement and provides auditing and certification of software and architecture used in designing and delivering DLT, Smart Contracts, Token Exchanges and DAOs.
Malta earned the title “Blockchain Island” after approval of legislation, established ICO regulation as the world’s first integrated framework on July 4, 2018.
Thailand not behind from any region. An interesting development in 2017 was that Thailand Postal Service. The use of Blockchain Technology in tracking packages of the luxury items being sent from the postal service ensure safety and security. No one can ever open ups the parcel without authorization i.e private key only in the possession of the receiver. The other way as well Thailand embraced Blockchain technology by amending its Electronic Transaction Act 2001 through Electronic Transaction Development Agency, to include the support and use of smart contracts powered by the Blockchain technology. The region is supposed to replace traditional ledgers with DLTs at central institutions.
Gibraltar a British Overseas Territory and Headland committed to trains young professionals and new generations on Blockchain. The advisory group has formed to complete the job. The New Technology in Education (NTiE) group a joint venture between the government and the University of Gibraltar. The new courses are commencing later, focusing on educating individual or working in the potential application of Blockchain technology by taking inputs from the companies based in the region. In July 2018, Gibraltar Stock Exchange granted and launched a multifaceted ICO and Trading platform i.e Gibraltar Blockchain Exchange.
Slovenia The Silicon Dolina. It is expected that the country of 2 Million people will be the Silicon Valley of Blockchain in the world. Ljubljana, become a global hotspot for Blockchain and Crypto technology companies and several leaders born out of the country. Nicehash, Bitstamp, Eventum and many other companies are somehow Slovenian based. The musician Gramatik was the first artist in the world to tokenize its IP by issuing tokens to generate revenue. In October 2017, Prime Minister declared that the government wants to be a region as the most recognized Blockchain destination in the European Union. The European Blockchain Alliance based in Slovenia Blockchain is a non-profit organization that connects European companies and legal entities that use or implement Blockchain technologies, presiding by Tanja Bivic Plankar. Established with the purpose of mutual assistance in the field of business development, networking, cooperation and a joint approach to defending the interests of the members of the alliance. It also seeks to raise awareness of the importance of the Blockchain technology among the professional and lay public, and, therefore, organizes various events and training courses. It also cooperates with the government authorities in the field of the relevant legislation. The Blockchain Alliance Europe will be a key player in the process of creating a setting that will transform Slovenia and Europe into a global Blockchain destination. The members will work harmoniously and in unison for the benefit of the individual and collective business development of European blockchain companies.
Pakistan — In my country, There is a breakthrough. Alipay and Telenor Microfinance Bank Launched the First Blockchain Based Remittance Service in Pakistan. Blockchain Forum of Pakistan already functioning in Pakistan with an aim to accelerate the adoption and promotion of Blockchain Technology across public and private sectors. Go4 Blockchain and AppsGenii offering R&D and Consultation Services for Pakistani companies, reshaping and introducing new innovative products and services around Blockchain Technology. IoBM working through Blockchain Center within its institute as a research hub and Sukkur IBA established Blockchain Innovation Center to conduct local research and introduced few uses cases in the market.
It is really justified to say that Blockchain Technology is evolving from the infancy and idealistic phase to reality and it has the potential to change society. From Developed to Developing Countries, The Blockchain is unstoppable.
The Author is a Pakistani Blockchain Evangelist. Follow him on Twitter: @mahsankhan92 and Read more: https://www.about.me/mahsankhan. He is highly involved in disrupting the financial market landscape through Blockchain & AI based prediction platform using Wisdom of Crowd Approach serving as Blockchain Strategist & CMO of NAi Tech.
Muhammad Ahsan Khan — Entrepreneur, Author, Researcher, Cryptocurrency Proponent, Advisor, Consultant and Blockchain Trainer. He is the Founder & CEO of Go4 Blockchain and The Cofounder & Director of Blockchain Forum of Pakistan