Blockchain is also called the Trust Machine by technical experts.
According to a Dec.28 Forbes report the UN Secretary General believes that Blockchain should be one of the technologies used by the UN. He feels that this would help them to deliver then on their mandate better. It would also accelerate the achievement Sustainable Development Goals, SDGs, the 17 goals which would ameliorate mankind by 2030. In July last year, he created a “High Level Panel on Digital Cooperation,” which has the distinction of putting blockchain technology explicitly on the agenda.
BLOCKCHAIN CAN CERTAINLY BE THE GAME CHANGER IN DELIVERY FOR THE WORLD BODY.
The digital world already seems to be in a state of a tinder box.
By the time you are able to tackle crime through IP addresses and IMEI numbers it would be too late. Think of a physical cheque being photographed / photoshopped / printed etc and the new one created making all the edits so that the bank is not able to make out the difference. A physical to physical document copied beyond recognition and transacted upon. Digital documents of umpteen types are being used for financial and other gains. The digital world already seems to be in a state of a tinder box.Blockchain as a technology can change it all.
LACK OF DOCUMENT SANCTITY WOULD ERODE FAITH IN THE SYSTEM.
Blockchained contracts what in popular parlance is known as smart contracts, can turn out to be the game changer in the true sense of the term.
Blockchained contracts what in popular parlance is known as smart contracts, can turn out to be the game changer in the true sense of the term. Time/cost overruns, penal provisions, calculations and every nitty gritty and its impact thereof would be manifested to the owner and vendor. The action can be initiated automatically and so accordingly the financial repercussions. It would take the drudgery out of the system. Useless discussions and bickering can be dispensed with. With both parties blockchained legally and technically, way forward from the present semi-functional system.
ITS TIME TO SPEND TIME ON THE PROJECT EXECUTION / OPERATIONS RATHER THAN BATTLING ON THE CONTRACT.
The other challenge is that blockchain is a job killer
The technology is futuristic, the showstoppers seemingly unsurmountable. The energy consumed is unsustainable. Govts the world over will have issues to the new territory of freedom, peer to peer. Satoshi, the founder wrote, ”You will not find a solution to political problems in cryptography.” The powerful incumbents of the old paradigm will try to usurp it. The first generation of internet was expropriated by the huge IT corporations, having complete sway on the world. This should not happen again. Today’s the incentives are inadequate for distributed mass collaboration.
LOTS TO SURMOUNT BEFORE OPERATIONALISING BLOCKCHAIN GOVERNANCE.
