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How Can Blockchain Aid Developing Countries Digital Transformation

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Blockchain technology has the potential to greatly aid the digital transformation of developing countries. This innovative technology can provide secure and transparent digital systems that can improve financial inclusion, identity management, supply chain management, land and property rights, digital governance, digital health records, and digital education.

Financial inclusion

One of the key ways in which blockchain can aid developing countries is through financial inclusion. By providing access to financial services such as remittances, microfinance, and digital payments, blockchain can help to bridge the gap between the formal and informal economies. This can enable more individuals and businesses to participate in the global economy, thereby promoting economic growth and reducing poverty.

Identity management

Identity management is a crucial area where blockchain technology can make a significant impact in developing countries. By creating secure and verifiable digital identities for individuals and businesses, blockchain can facilitate access to government services and financial services. This can help to combat corruption and increase access to credit, thereby promoting economic growth and reducing poverty. Blockchain-based digital identities can also help to protect individuals from identity theft and fraud, and can provide a secure and transparent way for businesses to verify the identity of their customers and partners.

Transparency and traceability

Blockchain technology has the potential to greatly improve transparency and traceability in supply chains, which can lead to greater efficiency and reduced fraud. By providing a secure, tamper-proof and transparent record of transactions, blockchain can enable businesses to track products and goods throughout the supply chain process. This can help to identify inefficiencies, reduce costs, and improve the quality of goods and services. This can also make it easier for businesses to access global markets, promoting economic growth and reducing poverty by increasing trade and commerce opportunities. Blockchain-based supply chain management can also increase consumer trust by providing a transparent and tamper-proof record of the origins of goods and products, and can help to combat counterfeit goods and sustainably source products.

Tamper-Proof record of ownership

Blockchain technology has the potential to greatly aid in securing land and property rights by creating a tamper-proof and transparent record of ownership. In developing countries, where land and property rights are often uncertain or subject to corruption, blockchain can create an immutable and accessible record of ownership. This can help to combat corruption and increase access to credit by providing a secure and transparent way to verify property ownership. This can also help to promote economic growth and reduce poverty by making it easier for individuals and businesses to access credit and invest in property. By providing an accurate and secure record of land and property rights, blockchain can also help to resolve disputes over ownership and can foster a more efficient land market.

Digital governance

Digital governance is another area where blockchain can make a difference. By enabling secure and transparent digital voting and e-government services, blockchain can help to increase citizen engagement and trust in government. This can lead to more efficient government services and better accountability, promoting economic growth and reducing poverty.

Digital health records and digital education

Digital health records and digital education are other areas where blockchain can be of great use. By providing secure and verifiable digital records, blockchain can enable better and more efficient health care services, and by providing secure and verifiable digital credentials and certificates, blockchain can make it easier for individuals to prove their qualifications and access education and employment opportunities.

Conclusion

Blockchain technology has the potential to greatly aid the digital transformation of developing countries. By providing secure and transparent digital systems, blockchain can help to promote financial inclusion, identity management, supply chain management, land and property rights, digital governance, digital health records, and digital education. This can lead to economic growth and poverty reduction, improving the lives of individuals and businesses in these countries.

Professional Trader, Social media scholar and a Crypto expert. If you have any comments, suggestions or questions feel free to contact me at [email protected] and i will get back to you shortly.

Blockchain

Fireblocks buys Australian blockchain start-up BlockFold

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Fireblocks, the crypto company backed by Sequoia Capital and Coatue Management, has acquired BlockFold, a Melbourne-based start-up that helps financial institutions build blockchain-based systems.

As per Bloomberg , Fireblocks paid about $US10 million ($15.6 million) for BlockFold. While Fireblocks already works with large financial institutions, including Bank of New York Mellon, BNP Paribas and the Tel Aviv Stock Exchange, it has predominantly offered them services around custody technology.

New York-based Fireblocks is one of crypto’s most well-funded start-ups, having raised some $US1.2 billion so far. The company, which employs around 650 people in the US and Israel, was valued at $US8 billion in its latest financing round in January 2022.

The deal comes as large Wall Street firms ramp up efforts to issue and trade traditional financial assets like bonds and private-equity investments over blockchain networks, seeking to simplify processes and cut costs.

Founded in 2021, BlockFold specialises in tokenisation and smart-contract development for clients such as large financial institutions. Fireblocks and BlockFold have already worked together on projects including National Australia Bank’s recent cross-border stablecoin transfer.

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Brazil Enhances National Identity Card Security with Blockchain Technology

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In a significant stride toward modernization, Brazil is rolling out a novel national identity card system, fortified by the integration of a blockchain network. This innovative approach is set to bolster the security of data sharing between the Federal Revenue Service and civil identification authorities.

The cornerstone of this system is the shared registry known as b-Cadastros, designed to underpin the operations of the revenue service. This comprehensive platform facilitates searches, issuance, and modifications of the new ID cards and tax registration numbers. Notably, the platform’s development was orchestrated by Serpro, Brazil’s state-owned IT services corporation.

Serpro’s President, Alexandre Amorim, emphasized the pivotal role of the b-Cadastros blockchain platform in fortifying the National Identity Card project. “The use of the b-Cadastros blockchain platform is a major differentiator for the security and reliability of the National Identity Card project,” he stated.

The National Civil Identity Card (ICN) represents an upgraded iteration of Brazil’s traditional paper-based ID cards, and the nationwide issuance commenced in July 2022. The overarching goal of this project is to centralize the nation’s civil identification system and harness the ICN database to authenticate individuals accessing online public services.

The modern plastic card boasts an innovative feature: it empowers users to generate a single digital version of their identity document. This advancement enhances security, as it allows for validation through a printed QR code. In adopting blockchain technology for the ID cards, the Brazilian government anticipates streamlining processes and curbing fraud and illegal activities. Presently, individuals can request identification cards in all of Brazil’s 27 states, which presents challenges in terms of data integrity and security.

Serpro’s Amorim elaborated on the significance of blockchain technology in safeguarding personal data and thwarting fraudulent activities, thus delivering a more secure digital experience for Brazilian citizens.

The states of Rio de Janeiro, Goiás, and Paraná are set to pioneer the blockchain-based version of the national revenue service’s shared registry for the issuance of the new ID cards this week. The remaining states are poised to follow suit over the next six weeks, marking a significant step forward in enhancing the security and efficiency of Brazil’s identity verification and taxation systems.
Source: Forbes

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Horizen’s $ZEN Holders Take the Helm with the DAO Launch

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The Horizen community, get ready to embark on a revolutionary journey in governance as the Horizen DAO steps into the spotlight, as per Horizen’s new announcement.

Horizen, a public, open-source blockchain protocol, boasts a thriving ecosystem composed of developers, miners, node operators, and holders of $ZEN tokens across various blockchain networks. The introduction of the Horizen DAO paves the way for increased community involvement in decision-making and offers a platform for your voices to shape the project’s path.

Discovering the Horizen DAO

DAO, which stands for “Decentralized Autonomous Organization,” has emerged as the gold standard for decentralized governance in the blockchain world and beyond, as per Horizen’s new announcement.

Horizen has always been driven by its community, acknowledging the critical role of a strong social layer in upholding integrity throughout the ecosystem, as stated in Horizen’s new announcement. This ethos is guided by principles such as transparency, accountability, security, community engagement, continuous improvement, and social responsibility. Dive deeper into Horizen’s guiding principles on the Horizen governance page.

Stages of Proposals and Voting

The Horizen DAO takes decentralization of decision-making to new heights, encompassing both technical and non-technical aspects, along with other substantial system enhancements, as outlined in Horizen’s new announcement.

Protocol Improvement Proposals (IPs) are a well-established mechanism for selecting and implementing fresh features and fundamental protocol adjustments in numerous blockchain projects, as per Horizen’s new announcement. In Horizen’s case, these IPs are the cornerstone of the Horizen DAO’s community-driven governance. For Horizen’s primary chain and the EON sidechain, we respectively refer to these as ZenIPs and EONIPs, and they are the lifeblood of our governance process.

Ultimately, it’s the $ZEN token holders who wield the power to steer the future of Horizen, shaping the network’s evolution through active participation in the Horizen DAO, as per Horizen’s new announcement. Any holder of $ZEN can cast their vote on proposed improvements, while those with the requisite amount of $ZEN, either held or delegated, can propose changes to the community. To ensure effective community governance, users will also have the option to delegate their voting authority to individuals they trust as capable stewards of Horizen’s core values.

For a comprehensive understanding of the Horizen DAO, including its proposal phases, voting procedures, Constitution, and more, we invite you to explore the Horizen Governance page. Join us on this exciting journey to help mold the future of Horizen – we’re delighted to have you on board, as announced by Horizen.

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