Mamshungulii
Senior Member
- May 3, 2023
- 175
- 88
Advances in artificial intelligence (AI), biotechnology, and blockchain technology are changing existing social patterns and putting pressure in legal status quo. While much discussed, blockchain is relatively Little understood. BLOCKCHAIN IS A DIGITAL LEDGER THAT OPERATES ON A DECENTRALIZED PEER-TO-PEER DIGITAL NETWORK OF COMPUTERS AND FACILITATES ONLINE TRANSACTIONS OF MANY KINDS.
Blockchain has one feature that makes it even more distinctive than any other disruptive innovation. It is by nature and design a global transnational technology. It was developed explicitly to circumvent national borders and established institution. Blockchain facilitates the transmission of data and economic value independent of the geographical location of the participants in the blockchain network (the nodes).
The potential influence of blockchain on contemporary society, economy and law becomes even more apparent considering the various areas in which blockchain is used.
The first and still most important application of blockchain is the facilitation of cryptocurrencies and other crypto assets. Since the creation of Bitcoin, the importance of cryptocurrencies has steadily increased. Cryptoassets are expected to become mainstream assets in the near future. The explosion of the cryptocurrency market has predictably led to a regulatory backlash, a reaction by government around the world to protect national interest and re-embed money into national jurisdictions.
The response has taken multiple forms and largely depends on how the relevant legal actors perceive the threat poses by cryptoassets and their underlying technology.
It is a call to Tanzanian decision and policy makers, that the linkage of blockchain technology into legislative and financial frameworks is required, to enable its continued and safeguarded use on the content. THIS TYPES OF TRUST MAY NOW BE SECURED BY BLOCKCHAIN.
IMPORTANCE OF BLOCKCHAIN ADAPTABILITY IN TANZANIA
1. INCREASING GOVERNMENT ACCOUNTABILITY, in specific applications, blockchain could reduce government redundancy, streamline processes, decrease audit burden, increase security, and ensure data integrity.
2. REDUCING GOVERNMENT CORRUPTION. while blockchain won’t prevent crime, the world economic forum (WEF)wrote there are 5 use cases to address weaknesses in government systems.
• PUBLIC PROCUREMENT/GOVERNMENT CONTRACTING, Government contracting is the largest area of government spending with the greatest potential for corruption worldwide. A block-chain-based process can facilitate third-party oversight of transactions and provide a greater objectivity and uniformity through automated contracts. There also would be more transparency and accountability of transactions and participants. However, it is implementation could be by how it is deployed wrote that the easier it is to access and use the blockchain platform, the more vulnerable it is to abuse. Further, if offline transactions continue outside of the blockchains platform, its anti-corruption potential will be limited.
• LAND TITLE REGISTRIES, blockchain is a way of increasing efficiency in land title registries. WEF wrote that Tanzania is working on using blockchain to expand property rights and enhance transparency in a process known to have corrupt practices. Block chain-based land registries could provide a secure, decentralized, publicly verifiable, and immutable record system where people could prove their land rights. A limitation would be that countries without land registries would have to build and digitize the information before blockchain could be used.
• ELECTRONIC VOTING, Governments are considering blockchain-based voting platforms due to concerns about election security, voter registration integrity, poll accessibility, and voter turnout. Blockchains information security qualities could help address elections tampering and increase poll accessibility. WEF said a limitation would be blockchain’s vulnerability to cyberattacks and other security issues.
• BENEFICIAL CORPORATE OWNERSHIP REGISTRIES, According to WEF, secretly operated companies present avenues for money laundering, influence peddling, and steering government investments. Blockchain can develop central registries to help track conflicts of interest and criminal activity. It also could provide transparency and disclosure. However, there are several limitations as most countries don’t require companies to maintain beneficial ownership information themselves. Also, blockchain -based registry would require buy-in from politicians, lawyers, banks, and big business, which may be a heavy lift in some locations.
• GRANTS DISBURSEMENTS, because of billions of dollars granted to various institutions, the opaque donation process is ripe for inefficiency and corruption. Blockchains could reduce the numbers of actors and managers, could streamline the process, and improve verification said a limitation would be among the less technologically savvy who might be excluded from grant disbursement processes.
TOP 5 BUSSINESSES THAT WILL BE DISRUPTED IN THE NEAR FUTURE
1. BANKING, nowadays after blockchain it eliminates middleman, it disrupted the banking system by providing a peer-to-peer payment system with the highest security and low fees.
2. CYBER SECURITY, after using blockchain, blockchain quickly identifies malicious attack due to the peer -to-peer connections where data cannot be tampered with. Every single piece of data stored on the blockchain network is verified and encrypted using a cryptographic algorithm.
3. SUPPLY CHAIN MANAGEMENT, after a blockchain tracking of a product can be done with blockchain technology, by facilitating traceability across the entire supply chain. Blockchain gives the facility to verify and audit transactions by multiple supply chain partners involved in the supply chain management systems; blockchains records transactions (history, times map, date of a product in a decentralized distributed ledger. Each transaction is reduced to a block, with blockchain anyone can verify the authenticity or status of a product being delivered.
4. HEALTH CARE, after starting using blockchain it removes central authority which results in instant access of data. Here each block is linked and distributed across the computer node. This becomes difficult for the hacker to corrupt the data.
5. GOVERNMENT, Rigged votes is illegal activity that occurs during most traditional voting systems. Also, citizens who want to vote to wait longer in a queue and cast their vote s to a local authority, which is a very time-consuming process. After blockchain voters are allowed to vote without the need of disclosing their identity in public, the votes are counted with high accuracy by officials knowing that each ID can be attributed to just one vote. As soon as the vote is added to the public ledger the information can never be erased.
Blockchain has one feature that makes it even more distinctive than any other disruptive innovation. It is by nature and design a global transnational technology. It was developed explicitly to circumvent national borders and established institution. Blockchain facilitates the transmission of data and economic value independent of the geographical location of the participants in the blockchain network (the nodes).
The potential influence of blockchain on contemporary society, economy and law becomes even more apparent considering the various areas in which blockchain is used.
The first and still most important application of blockchain is the facilitation of cryptocurrencies and other crypto assets. Since the creation of Bitcoin, the importance of cryptocurrencies has steadily increased. Cryptoassets are expected to become mainstream assets in the near future. The explosion of the cryptocurrency market has predictably led to a regulatory backlash, a reaction by government around the world to protect national interest and re-embed money into national jurisdictions.
The response has taken multiple forms and largely depends on how the relevant legal actors perceive the threat poses by cryptoassets and their underlying technology.
It is a call to Tanzanian decision and policy makers, that the linkage of blockchain technology into legislative and financial frameworks is required, to enable its continued and safeguarded use on the content. THIS TYPES OF TRUST MAY NOW BE SECURED BY BLOCKCHAIN.
IMPORTANCE OF BLOCKCHAIN ADAPTABILITY IN TANZANIA
1. INCREASING GOVERNMENT ACCOUNTABILITY, in specific applications, blockchain could reduce government redundancy, streamline processes, decrease audit burden, increase security, and ensure data integrity.
2. REDUCING GOVERNMENT CORRUPTION. while blockchain won’t prevent crime, the world economic forum (WEF)wrote there are 5 use cases to address weaknesses in government systems.
• PUBLIC PROCUREMENT/GOVERNMENT CONTRACTING, Government contracting is the largest area of government spending with the greatest potential for corruption worldwide. A block-chain-based process can facilitate third-party oversight of transactions and provide a greater objectivity and uniformity through automated contracts. There also would be more transparency and accountability of transactions and participants. However, it is implementation could be by how it is deployed wrote that the easier it is to access and use the blockchain platform, the more vulnerable it is to abuse. Further, if offline transactions continue outside of the blockchains platform, its anti-corruption potential will be limited.
• LAND TITLE REGISTRIES, blockchain is a way of increasing efficiency in land title registries. WEF wrote that Tanzania is working on using blockchain to expand property rights and enhance transparency in a process known to have corrupt practices. Block chain-based land registries could provide a secure, decentralized, publicly verifiable, and immutable record system where people could prove their land rights. A limitation would be that countries without land registries would have to build and digitize the information before blockchain could be used.
• ELECTRONIC VOTING, Governments are considering blockchain-based voting platforms due to concerns about election security, voter registration integrity, poll accessibility, and voter turnout. Blockchains information security qualities could help address elections tampering and increase poll accessibility. WEF said a limitation would be blockchain’s vulnerability to cyberattacks and other security issues.
• BENEFICIAL CORPORATE OWNERSHIP REGISTRIES, According to WEF, secretly operated companies present avenues for money laundering, influence peddling, and steering government investments. Blockchain can develop central registries to help track conflicts of interest and criminal activity. It also could provide transparency and disclosure. However, there are several limitations as most countries don’t require companies to maintain beneficial ownership information themselves. Also, blockchain -based registry would require buy-in from politicians, lawyers, banks, and big business, which may be a heavy lift in some locations.
• GRANTS DISBURSEMENTS, because of billions of dollars granted to various institutions, the opaque donation process is ripe for inefficiency and corruption. Blockchains could reduce the numbers of actors and managers, could streamline the process, and improve verification said a limitation would be among the less technologically savvy who might be excluded from grant disbursement processes.
TOP 5 BUSSINESSES THAT WILL BE DISRUPTED IN THE NEAR FUTURE
1. BANKING, nowadays after blockchain it eliminates middleman, it disrupted the banking system by providing a peer-to-peer payment system with the highest security and low fees.
2. CYBER SECURITY, after using blockchain, blockchain quickly identifies malicious attack due to the peer -to-peer connections where data cannot be tampered with. Every single piece of data stored on the blockchain network is verified and encrypted using a cryptographic algorithm.
3. SUPPLY CHAIN MANAGEMENT, after a blockchain tracking of a product can be done with blockchain technology, by facilitating traceability across the entire supply chain. Blockchain gives the facility to verify and audit transactions by multiple supply chain partners involved in the supply chain management systems; blockchains records transactions (history, times map, date of a product in a decentralized distributed ledger. Each transaction is reduced to a block, with blockchain anyone can verify the authenticity or status of a product being delivered.
4. HEALTH CARE, after starting using blockchain it removes central authority which results in instant access of data. Here each block is linked and distributed across the computer node. This becomes difficult for the hacker to corrupt the data.
5. GOVERNMENT, Rigged votes is illegal activity that occurs during most traditional voting systems. Also, citizens who want to vote to wait longer in a queue and cast their vote s to a local authority, which is a very time-consuming process. After blockchain voters are allowed to vote without the need of disclosing their identity in public, the votes are counted with high accuracy by officials knowing that each ID can be attributed to just one vote. As soon as the vote is added to the public ledger the information can never be erased.
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