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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

 

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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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I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

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Blockchain

Report: EOS Loses 400,000 EOS Due to Security Glitches

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The crypto market has been bearish for some time now and a lot of tokens have had their fair share of dips. Likewise, EOS has also experienced quite a dip. However, it may seem that EOS is not suffering losses from the bearish market alone but has also experienced significant losses due to some security glitches. These issues have led to the loss of 400,000 EOS which is about $200,000, at the time of writing.

However, a report from Peckshield revealed that EOS ecosystem has been suffering from some security glitches. There were many loopholes at the early stages of the dApp ecosystem right from its launch in June as it took awhile for the system to go live. EOS, however, made a fast growth in the blockchain market attracting billions of dollars worth of investment as well as building over 200 dApps and carrying out as much as 600 million transactions.

Despite the numbers that EOS was cashing in, it had underlying problems. For one, its security issues can be traced back as far as July when a dApp, Werewolf game fell victim to an overflow attack.  EOS also had a very large number of gaming apps launched on its platform. The platform is popularly known ‘ETHEREUM KILLER’ recorded $1 million in august ABOUT $360,00 more than the drops of Ethereum. However, more attacks s

One of the gaming dApps on  EOS, EOSBet was faced with a RAM devour problem in August. The report, however, reveals that as time goes on, more attacks are likely to occur “due to the negligence of dApp developers.” The report also reveals that most of the glitches the EOS ecosystem suffered from after November were loopholes that weren’t addressed earlier in the ecosystem.

Also, the report unveiled that while the EOS blockchain ecosystem boasts of 200 dApps and more than 500,000 users, only 180,000 are active out of 500,000 accounts. The report states that while 120,000 are group control accounts active users on the platform are less than implied as there are more than 200,000 silent accounts.

However some researchers such as Guo Yonggang believe the attacks may be from external forces not related to the blockchain itself, he suggests cyberattack groups. However, the report noted that “The better way is for developers to build their own early warning platform. The benefit is that it can be implemented. Monitoring, as soon as the alarm sounds, immediately turn the game off.”



 

What do you think about the security glitches in the EOS ecosystem? Share your opinion with us in the comment section below.
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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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Jumia Partners with Blockchain Based Company to Provide Better Service

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The face of e-commerce in Africa is about to experience a dramatic change. All thanks to a collaboration between Japan-based blockchain telecoms platform provider, Telcoin and top online e-commerce marketplace, Jumia. The partnership was born out of a need to increase the quantity and quality of goods and services purchased on Jumia’s platform. The e-commerce company with a presence in over 15 African countries is seeking to tap into the blockchain technology to deliver efficient services to customers.

The duo will be kick-starting with a  partnership that will commence in Nigeria. The West African country seems to be a hub for e-commerce and the partnership will help Jumia add value to its cross-border transactions. Ms Lee-Ann Cassie, the Head of Africa for Telcoin explained that the firm would be working to increase the sales traffic and transactions from Nigerians in the Diaspora as well as increasing and adding value to e-commerce transactions within the country.

Telcoin is focused on creating a mobile cryptocurrency solution that would connect with global mobile networks and enable the ease of converting cash on mobile money, prepaid credit, and post-paid billing platforms. Telcoin aims to utilise existing mobile network providers, to give people access to needed financial services that include e-commerce, online remittances and payments.

The Chief Executive Officer for Jumia Nigeria, Mrs Juliet Anammah explained the partnership saying: “We’re excited, to say the least, about our partnership with Telcoin, because we believe this will have a huge impact on our commitment to improving the lives of Africans through the internet, helping them to save time and money. She also explained that the firm aims to provide services to Nigerians in the Diaspora who want to convert their digital currency to shopping vouchers on their platform.  She added, “We rely on and trust Telcoin to facilitate the currency conversion since digital currency is, in the interim, not a payment method on Jumia.”

 

What do you think about this marriage between blockchain and e-commerce? 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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India Has the Highest Number of Blockchain Developers Second to the USA

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India is carving a name for itself in the blockchain space, and this time, the Asian country is producing manpower. A market analysis has revealed that India has the highest number of blockchain developers in the world coming second place to the United States, beating Canada, the UK, and France. The analysis was carried out by Dappros a UK-based blockchain consultancy firm. The results revealed that there’s an estimation of a total of 12,509 developers in India who work with Ethereum (2,381), Solidity (1,432), Blockchain (19,627) and Hyperledger (1,579).

Although, the total estimated number of developers conflicted with the figures when separated into individual disciplines. The firm claimed that there is a difficulty in the analysis pegging an accurate number due to the fact that the data was collated from “open sources such as Linkedin”. While it is a great deal that India is moving up in the rank, Dappros still feels that there is a “need” for more blockchain developers. The firm explained in an accompanying article that there is an overall skilled labor deficit within the industry.

However, there is still a high demand for blockchain skills. Upwork, a freelance employment website in its third quarterly index of the 20 hottest job skills revealed that job postings for workers with blockchain skills have grown this year. Earlier on, the website revealed that the demand for blockchain technologists came in second place behind those with skills in robotics. On the other hand, Bitcoin cryptocurrency developers came in third place for freelance skills in Upwork’s previous quarterly report, however, it has dropped out of the top 20 job skills list.

Blockchain developers in high-tech regions such as Silicon Valley earn as much as $163,000; in New York City, they can earn as much as $150,000. The demand for blockchain developers is still concentrated in high-tech regions.

 

 

What do you think about India blockchain developers? 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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Nigeria’s Presidential Aspiriant Eyes blockchain Technology Ahead of 2019 Elections

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Nigeria is yet to have policies governing the blockchain technology. Although law makers met early in the year to contemplate on the blockchain, policies are yet to be made. However, the Presidential Candidate Of The Peoples Democratic Party (PDP), Atiku Abubakar unveiled his campaign policy document on Sunday. He revealed his Plans to create policies that would embrace the Blockchain and cryptocurrency if he is elected President in 2019.

Atiku’scampaign policy document tagged ‘Get Nigeria Working Again’ was released by his Presidential Campaign Organization. Atiku, who is a former Vice President of Nigeria identifies the need for the creation of  “a Comprehensive Policy On Blockchain Technology And Cryptocurrencies.” Although Nigeria is one of the top users of cryptocurrencies in Africa, with the west African country ranking 7th out of 178 countries likely to adopt Bitcoin by the Bitcoin Market Potential Index (BMPI) by the London School of Economics. However, it’s lawmakers are yet to decide what to do with the technology.

2019 presidential aspirant, Atiku reveals through his policy document that he aims to bring more to the economy through the blockchain. He revealed that to build the economy, he would build a  knowledge-based economy powered By ICT. He stated, “My mission is to ensure that Nigeria’s economy is responsive to
the challenges of the 21st century
knowledge economy by keeping with
the amazingly dynamic technological pace.” He believes that if ICT literacy is encouraged from Early school programmes up to adult education, Nigerian youths can awaken their entrepreneurial spirit.

Cryptoprenuers in Nigeria are constantly frustrated by the lack of regulatory frameworks. Also the Central Bank of Nigeria (CBN) and its stringent policy has lead to cryptoprenuers seeking a more favourable frameworks. Despite the warnings of the CBN about investing in cryptocurrency in March, Nigerians are still investing in digital currencies. Atiku’s policy document reveals that there are plans to integrate the blockchain technology to the Nigerian economy. Hopefully, more Nigerian and African politicians will begin to make plans towards a blockchain oriented future.

 

 

 

 

 

What do you think about Atiku Abubakar’s plans for the blockchain sector? Share your opinion with us in the comment section below.
 
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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