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Bringing the Blockchain Technology to the Legal Sector

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The Blockchain technology has the potential to be a transformative agent across diverse industries. The blockchain offers immutability, transparency and is a distributed and shared ledger that accommodates the storage of information. This makes it a choice for most industries constantly in need for a better means and technology as opposed to their way of doing things. But one industry that doesn’t pop into your mind when you think of high tech will be the legal sector. Paper work seems to be synonymous with the legal profession however, the blockchain technology can be a transformative agency for the legal sector in Africa.

The world is already leaning towards change as there exist a Global Legal Blockchain Consortium  with the aim of standardizing and promoting the adoption of the technology. But what about Africa in general and Nigeria in particular. During an interview on “Inside Blockchain” at the Cryptotvplus studio, Senator Ihenyen, a partner at Infusion Lawyers, a digital law firm that helps innovators in Africa protect their intellectual property. He was discussing on the topic, “how the blockchain technology will revolutionise law.”

Considering the numerous challenges facing the legal system in Nigeria, a newer, better and more sophisticated way of doing things will surely turn things around. Senator explained why the law is slow saying,

“the law should regulate competing interest of the society. The law should bring about about law and order. There should be orderliness and some level of predictability about people’s rights, liabilities and actions. What the law is facing right now is a lot of challenges and it is trying to meet up with the realities of our time. Especially with the disruptive technology you hear about everywhere. We talk about digital currencies for instance, digital age (the age of e-commerce), and the law is supposed to catch up with these. It is a big struggle for the law.

Counterfeiting

The legal sector is constantly struggling in many sectors, what can the blockchain technology do to bring the legal sector up to par with its shortcomings? The blockchain technology and its transparency is well suited for supply chain management. The National Agency for Food and Drug Administration and Control (NAFDAC) is constantly battling counterfeit drugs. Recently some major pharmaceutical companies in Nigeria were shut down because of evidences that was revealed by investigative journalism that revealed that codinene was been sold illegally. With the use of the blockchain technology, drugs can be tracked from manufacturer to patient and this can help curb counterfeit drugs as if a counterfeit drug is discovered, not is easy to trace its source.

Land Registry

Determining the real owner of a landed property can sometimes prove to be difficult because of the bulky paperwork involved.  Senator described the African Land registry system as “terrible”. He goes on to say that, “Over 60% of litigations today are land related issues.” He explained further, “Right now we use an analogue system. If I do an assignment of a property in Lekki to Party today and tomorrow I do the same thing to Party B. They would not be able to trace it immediately. But, when you have a land registry system on the blockchain, they will be able yo use the blockchain to record the title owners name, address and history of the property.” This would prevent a lot of court cases that tend to drag on for years. He talked about how Ghana was using Bitland, a blockchain land registry platform to revolutionise land ownership in the country.

Smart Contracts
Nigeria still depend largely on an analogue system ridden with paperworks requiring a significant amount of time to accomplish all that is needed for a binding legal agreement. The  blockchain can change this into a digital process called ‘smart contracts’. Senator affirms, “Smart contracts can enable transactions verification”. This means that smart contracts can be built on the blockchain and executed between stakeholder involved without having to go through rigorous paper works.

Intellectual Property
The law is in a constant struggle when it comes to intellectual property protection, infringement especially in the digital age. Protecting images, audio, and video files, designs and symbols, efforts of artists and musicians keep proving difficult as most their works get used without their permission and profits do not get to them. Senator used “content ID” from YouTube as an example. He explained that it was a means of protecting an original song every time a cover is made.

As technology advances, so does the question of security. Smart contracts makes it easy to protect your intellectual property across borders. When this technology will be adopted in the Nigerian legal sector, we cannot say. Nigerian lawmakers have remained silent on the tecnology since its mention in the National Assembly early this year.

 

 

 

 

 

 

What do you think about adopting the blockchain in the legal sector? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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IBM Launches Global Payment Network Based On Stella Public Network

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IBM launches its global payments network based on the stellar public network
photo credit: Bitcoin Exchange Guide

The tech giant IBM is on a mission to bring mainstream adoption to the blockchain. So far it is seeking to be the company that brings blockchain technology to the masses as IBM Blockchain –  the IBM arm in charge of developing solutions for the blockchain space on Monday 18th March announced its launch of the long-anticipated world wire network, a blockchain network based on the stellar public network.

In a statement, IBM describes it as the “first blockchain network of its kind to integrate payment messaging, clearing and settlement on a single unified platform and Participants are also allowed to dynamically choose from a variety of digital assets for settlement.”

IBM has already signed up six international banks that aim to create their version of stable coins backed 1:1 against their local fiat currencies as at the time of the launch. All the six banks have signed letters of intent with IBM. The stablecoins is to be built on top of the world wire network, the messaging and communication network (think SWIFT) which will facilitate seamless cross border payments.

Although, only the identity of one bank has been revealed IBM Blockchain should sooner or later announce the other partners. The known bank is Philippines-based RCBC, whose stablecoin will be pegged to the local peso while the other banks will be creating stablecoins pegged to the Euro, Korean won, Indonesian rupiah, and Brazilian reals according to respective regulatory provisions.

 “We’ve created a new type of payment network that is unique in the sense that it streamlines the ability of businesses and consumers to move money around the world in real time. This enables improved transparency without sacrificing the regulatory controls and policies we need in order to make sure that there aren’t bad actors in the system. We are convening a brand new network in 72 countries that will support pay-in and payout endpoints in 48 currencies.” –  Jesse Lund, head of IBM Blockchain told Forbes in a detailed podcast interview.

About IBM World Wire Network

The world wire network is basically a remittance network designed to contend against the ripple and SWIFT. IBM Blockchain general manager, Marie Wieck simply put it more precisely:

“We’ve created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most.”

Furthermore, She added that “By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide.” The World Wire currently offers settlements in two currencies, Stellar’s Lumens [XLM’] and the USD-pegged Stronghold stablecoin.

The IBM World Wire was initially announced back in October 2017 as the first pilot program was launched on the platform. It’s been under development for quite some time now but finally launched officially and available to be adopted by financial institutions to create their version of stablecoins and facilitates better cross border payments.

The network is supported in 72 countries so far with 48 currencies and 44 banking endpoints as revealed by IBM.

 

Do you think the world wire network stand the chance to compete against Ripple? Do share your thoughts with us in the comment section below.

 

Picture Credit: Bitcoin Exchange Guide

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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PAXFUL IN THE NEWS FOR THE WRONG REASONS

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Paxful In The news for the Wrong Reasons

It is no news that Paxful stands as one of the renowned bitcoin trading platforms in the world. Interestingly, the company has built a global reputation in the few years of its existence having established one of its biggest markets in Africa.

 

According to Paxful Team, over 300 ways exists through which payments can be made for the purchase of bitcoins. Among the lot are through the use of:

 

  1. Gift Cards– iTunes, amazon, OneVanilla Gift Cards VISA?MasterCard,Target, GameStop, BestBuy,walMart and many more.

 

  1. Cash Deposits– Western Union, MoneyGram, Bank of America, Wells Fargo, COOP Credit Unions, TD Bank, SEPA, National Bank transfers Nigerian Banks, SEPA, Wire transfer(domestic and swift) to mention a few.

 

  1. Online Transfers– PayPal, Serve to Serve, Skrill, NetSpend, PerfectMoney, OkPay and other major online wallets

 

  1. Digital Currencies– Ethereum, Litecoin, Eos, Tether, Cardano, Monero and including many other new coins and tokens.

 

With all these services available on the paxful exchange, one would rather believe that there exist a very healthy communication flow between the company and the customers. However this doesn’t seem to be the case as many traders on the platform recently observed an unexplained denial of access to their accounts.

 

Nigeria which happens to be the company’s biggest markets in Africa and is second to the Paxful market in America, have continued to support the company via continuous use of the platform.

With these locally done transactions which have to a great extent, generated huge capitals for the company, one would think a well structured company such as Paxful would have the courtesy to put in place a stand-on live service center which would act as support center and play an active role in resolution of complaints between customers and the global business magnet.

 

Unfortunately, reports reaching us is that Paxful makes use of Bots rather than Humans in attending to support-related issues and even in dispatching mails. One would argue that the above allegation if true, might not hold water as any company – in a bit to promptly service the needs of her clients, can adopt the use of any available means to disseminate information. However, if the said purpose for the adoption of automatic mailing and communication is defeated, then there is obvious need to raise and eye brow on Paxful’s transparency.

 

Recently, a number of Paxful Users took to twitter to tell their story of how Paxful had illegally frozen their accounts and have since started a trend “PaxfulNGisAScam”

 

These negative comments began a while after the Bot support stopped responding to the numerous support tickets. Paxful’s Under-performing customer relations might have done just enough to earn it a name in the blacklists of Cryptotraders and investors.

 

It is expected that Paxful and  CEO Ray Youssef  will respond to these allegations in an official statement or maybe their bots will do just that. Let us know your experiences.

 

In the mean time we ask questions like: Is this yet another reason why we need decentralized exchanges?

 

 

Disclaimer:

The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Also, this content does not in any reasonable way, seek to promote negative news or information about Paxful Global. It is solely for informative purposes on the and should only be intrepreted as such.

Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Bittrex Suddenly Aborts Plans To Host Its First IEO

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Bittrex Suddenly Aborts Plans To Host Its First IEO

Cryptocurrency exchange; Bittrex International has aborted the initial exchange offering (IEO) of the RAID token after gaming analytics company OP.GG terminated its strategic partnership with the South Korean startup RAID.

Cryptocurrency exchange; Bittrex International has aborted the initial exchange offering (IEO) of the RAID token after gaming analytics company OP.GG terminated its strategic partnership with the South Korean startup RAID.

Bittrex Exchange had announced to host its first IEO for a token called XRD but suddenly refrained due to “‘last minute” significant problem as confirmed by European Exchange Bittrex.

“We decided to cancel the IEO as a result of significant changes in the business status of RAID” – Team Bittrex.

The token offering was scheduled to go live on 15th March at 10 am (UDT). But was suddenly canceled on the 14th which according to Bittrex, this partnership was a “vital part of the RAID project,” which aims to reward gamers for sharing data.

Meanwhile, OP.GG, which claims that it has 45 million monthly active users, announced that it “has stopped all potential business discussions related to RAID project and there will be no economic and technical cooperation with RAID coin.”

However, since this partnership was a vital part of the RAID project, Bittrex International confirmed that they did not feel it was in the best interest of their customers to push forward with the IEO.

Confirming these words from Bittrex International; tweets from them had this saying

‘trust and integrity are the most valuable assets”.

Bittrex International is the crypto exchange’s response to a similar platform launched by its market competitor Binance – Binance Launchpad.

In respect to the gaming; with the token sale, the South Korean gaming platform was aiming to raise $6 million selling 17 billion XRD tokens. Payment option with Bitcoin was only available on the platform and each token was valued at 0.00000010 BTC. RAID had also set minimum and maximum purchasing limit of the tokens at 30,000 and 57 million respectively.

Moreover, as at last checked, RAID is still silent and haven’t divulged a thing yet about the whole saga.

 

 

Disclaimer: Statements on this site do not represent the views or policies of anyone other than ourselves. The information on this site is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities

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Commonly Used Crypto And Blockchain Terminologies You Should Know

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commonly used crypto and blockchain terminologies you should know

The Blockchain and cryptocurrency ecosystem frequently use terminologies like “decentralization”, “cryptography”, “keys” and “wallet address”. However, to those that are not familiar, these blockchain terminologies can be a bit confusing even for early adopters, the Blockchain technology is an ever-evolving technology which produces terms that can be quite difficult to grasp.

While some terms are newly developed slangs, others are technical blockchain terminologies that have been in existence for a long time. This ever-growing list is a starter pack that offers a simplified explanation of some of the frequently used terms in the Blockchain sphere.

Cryptography

Cryptography is heavily based on mathematical theory and computer science practice that ensures information is transmitted in secrecy. That is, the process of encrypting and decrypting information so that only the only the audience that the information is intended for can access it. In a nutshell, it is the practice and study of techniques for secure communication.

Blocks

Blocks are files where data pertaining to the Bitcoin network is permanently recorded. By way of analogy, you can compare block as the individual pages of your book. A block represents the ‘present’ and contains information about its past and future. Each time a block is completed it becomes part of the past and gives way to a new block in the Blockchain.

Block Chain

This is a type of distributed ledger, when blocks are created, they are structured into a sequence over a period of time. Each time the computer solves a mathematical puzzle, that block is added to the previous one, and the process continues. The addition of these individual blocks forms a chain of blocks called Blockchain.

A DAO (Decentralized Autonomous Organization)

This can be thought of as a corporation run without human involvement under the control of an incorruptible set of business rules.

Gas

A layman interpretation of gas would be a substance in a form like the air that is neither solid nor liquid. However in the crypto space, gas is a measurement roughly equivalent to computational steps (for Ethereum). Every transaction is required to include a gas limit and a fee that it is willing to pay per gas; miners have the choice to including the transaction and collecting the fee or not. Furthermore, every operation has a gas expenditure; for most operations, it is 3-10, although some expensive operations have expenditure up to 700 and a transaction itself have an expenditure of 21000.

Mining

Mining is the process of several computers competing to solve a mathematical puzzle found inside a block. This process verifies the transaction, add it to the Blockchain and triggers the release of cryptocurrency as the output. Also, the people that verify the transactions are called Miners.

Cryptocurrency

A cryptocurrency is a form of digital currency that uses cryptography, where encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Unlike fiat currency, cryptocurrencies operate independently of a central bank. Examples of cryptocurrencies are Bitcoin, Ethereum, Dash, Tron, Kurecoin, Litecoin, etc.

 A private key

A private key is a string of data that shows you have access to bitcoin in a specific wallet. Private keys can be thought of as your password or ATM pin and should not be revealed to anyone as they allow you to spend the cryptocurrency from your wallet.

Cryptocurrency wallet

A wallet is a digital storage location – a file that contains a collection of private keys for your cryptocurrency – same as your physical wallet but in this case for digital currencies. Typically, it is like the “bank account” for your digital assets. There are different types of wallets, including software and hardware wallets.

Consensus

A consensus is a mechanism on the Blockchain that allows the computers responsible for validating transactions are in agreement. A consensus is reached when the majority of the miners validate a block on the Blockchain.

Hash rate

This is the speed at which a mining computer used to verify and validate transaction on a Blockchain can go. Computers with higher hash rates would be able to verify transactions faster than those with a low hash rate.

A Node

A node is any computer that connects to the Blockchain network/database. Nodes are instrumental in making cryptocurrencies decentralized with every node keeping a version of the entire Blockchain.

Proof of Work (PoW)

Proof of work is a system that ties mining capacity to computational power. Blocks must be hashed, which is in itself an easy computational process but an additional variable is added to the hashing process to make it more difficult. Upon the successful hashing of the block, some time and computational effort must have been taken. Hence, a hashed block is considered proof of work.

Proof of Stake (PoS)

This is an alternative to proof of work system, in which the amount of crypto that you hold that is your existing stake in the crypto is used to calculate the amount of cryptocurrency that you can mine.

Testnet

Testnet- Testing network is an alternative bitcoin blockchain where developers can test their system. The cryptocurrencies used in testnet do not have any real world value as the application allows developers to experiment without having to worry about breaking the main bitcoin blockchain.

There are other blockchain terminologies that can not all be presented in this article, you can also refer to cryptocurrency terms every crypto-newbie should know.

 

Find this Article helpful? Do share your thoughts, contributions or suggestions with us in the comment section.

 

 

 

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