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.
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.
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.
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.
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
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Justin Sun to launch Tron-based Decentralized stablecoin. Why should we care?
Founder of the Tron Blockchain, Justin Sun has hinted at plans to launch a stablecoin based on the Tron blockchain.
This was made via his Twitter account hours ago.
According to the tweet, the TRON community will launch a new decentralized stablecoin backed by the TRX and BTT token.
— Justin Sun (@justinsuntron) January 16, 2020
There was little information given by the tweet but Justin Sun posted a question to the entire community, and it is for the best name for the new stablecoin.
Stablecoins have grown in numbers since the eventual launch of US dollar backed Tether (USDT). Ever since then, various fiat currency pegged stablecoins have been made available on the market.
The stability of this cryptocurrency class has also pricked the interest of governments and private corporations, the decision of Facebook to launch Libra provides a testament to the global interest in stablecoins which does away with the apparent honeypot feature of non-stable cryptocurrencies such as bitcoin, ethereum and other non-stablecoins. Volatility.
Nations CBDC has also become a fascinating way to utilize the idea behind stablecoins. Several countries are experimenting and others such as China are already getting ready.
Justin Sun’s decision to launch a decentralized stablecoin may be a noble cause, but the optics of this decision may show a contrary view.
Tron and the founders Justin from its earliest time has been involved in certain controversies such as plagiarizing the White Paper of other projects and copying codes from Ethereum, has also been linked to pump and dump schemes most especially with the use of its wide audience to manipulate value of coins by tweeting mostly inconsequential pieces.
The new stablecoin will be decentralized according to Justin Sun. While the decentralization is not absolute, complete decentralisation is a myth and it has been a much discussed topic in the space. It therefore begs a very important question, since it’s claimed to be decentralized, who will be the horses pulling the chariot.
With many stablecoins in the market, one would wonder why launch a new one, there are mostly two options on ground, it’s either the stablecoin markets offer very juicy returns that the Tron blockchain will benefit from the volume as the ‘horses’ also does, or Justin Sun has ran out of ideas.
For the community’s sake, let it be the first.
Tunisia’s Central Bank to Launch E-Dinar, A Digital Currency
The central bank of Tunisia has announced the development of work for the launch of a digital currency, the E-Dinar.
The Tunisia’s foray into digital currency will see the creation of a blockchain based platform and digitization of the Tunisian fiat currency, the Dinar. The virtual currency will be created and issued using a Russian developed blockchain, the Universa Blockchain.
The Universa platform will receive a percentage of all transaction carried out with the E-dinar while the Tunisia central bank will see every transaction, as well as every buyer and seller online.
The Tunisian central bank revealed that the nation will not issue additional shares to issue the electronic money rather; the E-dinar will be pegged to part of the local fiat currency. And with the launch, individuals can also switch to the E-dinar.
Based on the contract between both parties, the Russian firm who developed the blockchain platform will receive a percentage of each operation for the entire duration of the operation of the technology, and at the same time, as it develops the Universa platform, it will launch a web application and open two thousands stalls in the country where individuals can transfer their money to E-dinars.
In order to protect the financial sovereignty of the Tunisia’s nation, considering the operations of the US based swift which operates in over 200 countries and financial censored the Iranian government, financial censorship will not happen in Tunisia’s E-dinar as the developers will hand over all encryption keys to the nation’s Central Bank and they will not be able to block the platform and see transactions.
According to the head of Tunisia’s central bank, “we are for the development of financial technologies. But we do not support private money in any form, digitally or so. If they replace public money, they will destroy monetary policy and financial stability. We are against”
The system was kick-start by the Tunisian Central bank’s head Marouane El Abassi and a representative of the IMF which say both of them carrying out a symbolic transfer of one E-dinar from one account to another in a test form. In the event in the nation’s capital where the E-dinar was presented, also in attendance was other Maghreb countries such as Morocco, Algeria and Mauritania.
Universa plans to expand to other part of the world to nations such as Malaysia, Phillipines, Argentina, Brazil etc.
A Crypto Project With the intention to Eradicate Poverty Has Written An Open Letter to the EFCC, Says it’s Open for Questioning.
An ambitious Crypto project iBSmartify, through its CEO Omotade Sparks Amos Sewanu has written an open letter to the Nigerian anti-graft agency, the Economic Financial Crimes Commission EFCC informing agency of its intention to eradicate poverty in the country.
I have an intention as the CEO of iBSmartify to eradicate poverty in Nigeria in the next 6-9 month with our Nigeria to the World blockchain (iBLedger)
— InksNation (@InksNation) November 7, 2019
The letter which was posted on twitter via @inksnation handle shows the intention of the CEO to through its own blockchain platform iBLedger which it dubbed ‘Nigeria to the World blockchain’ to eradicate poverty in the country in the next six to nine months.
The CEO claims the iBLedger blockchain will compete with Facebook’s Libra, Telegram’s TON & GRAM, Bitcoin, Ethereum, Hyperledger and other blockchains in the world.
According to the letter, the powerful thing about the “charitable-blockchain” is that it can through the first token iBNaira generate a minimum of $847 billion for the Nigerian Government.
It also said the iBNaira can end poverty by 6 – 9 months by paying every single citizen including children born daily a minimum of N120,000 monthly.
The reason for this he said is because disruption is coming to the world and as such, it’s better Nigeria has its own version of disruption.
The poverty eradication scheme will begin fully on the 12th of November.
He claimed he has applied to SCUML under the name iBSmartify but it’s awaiting the certificate. However, the firm appears to be registered with the Corporate Affairs Commission under the following details:
Registration Number: 2956459
Address: 23 Yetunde Abu Street
Registration date: 2019-08-15
The website appears to offer unimaginable rewards to those who come in, the type of rewards which is seen in Ponzi Schemes.
While the Anti-graft agency is yet to say anything on the open letter, the move by the firm has attracted criticism from Twitter as can be seen below.
I just visited the website now,i saw the referral bonus. Hope this is not ponzi?
— Joye Manuel (Pree) (@Heypree) November 7, 2019
We don’t need magic, these things you just wrote are sounding very strange to many people just like me. I am just seeing figures, are they going to spring up or it is the same old crypto investment ?
— Ogbeni Lammie (@mr_lammiee) November 7, 2019
The firm replied those requesting for White Paper on the same thread
Read and ask your questions we are not releasing whitepaper we are rendering our iBLedger Services as a Private Permissioned Blockchain so please read this. Its mainly all we would be putting out there and those written on the website. https://t.co/atenvlr1fT
— InksNation (@InksNation) November 7, 2019
The 12th of November is just six days away and as the CEO said, it is open to questioning.
Ethereum to be Marketed and Promoted by a DAO – Marketing DAO
Second largest cryptocurrency by market capitalization, Ethereum will now be marketed like other blockchains in the industry.
The marketing of Ethereum will not be done by individuals rather a decentralized autonomous organisation – the Ethereum Marketing DAO.
Born in September, 2019 and launched one months later, the DAO is made up of like-minded individuals knowledgeable in marketing, communication, brand experts etc and they include ConsenSys advisor, Amanda Cassatt, Former ETH Foundation Advisor William Mougayar, etc
The Marketing DAO according to a medium post released by the organization was conceived to ensure the strengths, value propositions, and vision of Ethereum are well communicated and understood, despite its complexity.
As Ethereum is in an enviable position, it gets attacked by detractors, those spreading misinformation, it lacks an organized entity to respond to these misinformation thus a unified marketing organization is needed.
According to the Marketing DAO, Ethereum growth has been accomplished without a concerted effort to market the network by the Ethereum Foundation and now, it has grown to the point where there is a need to formalize and professionalize a set of marketing and communications activities to benefit its long-term position.
The best way to help advance and promote Ethereum was in the Ethereum way – through a DAO and in order to properly support the network and stakeholders, there is a need for a coordinated mechanism to empower funding and decision making in an efficient, fair and representative manner, Marketing DAO said.
The Marketing DAO said it will fork the Molock DAO as the DAO baseline and it will be used for implementation of its marketing activities.
Work has been ongoing for the past month through regular online and in-person meetings and planning sessions to lay the foundational elements for the DAO.
Its initial project including developing strong Ethereum positioning, getting to know its audience and establishing a strong ground presence.
Those currently working on the DAO include ConsenSys advisor and former CMO Amanda Cassatt, former Ethereum Foundation advisor and blockchain author William Mougayar, Darren Mills, MetaCartel DAO’s Alexandre Masmejean, EtherWorld Founder and Ethereum Cat Herder Pooja Ranjan, former Reuters Americas General Manager Saul Hudson, former ShapeShift CMO and current director at Wachsman Emily Coleman, Brendan Forster, Dave Craige, Ven Gist, James Ross Treacher, Manuel Gonzalez Alzuru, and Kris Jones — among over 50 others.
As at decentralized organization, Ethereum Marketing DAO calls on anyone to be a part of it either as a Funder, a Member and/a supporter.
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