Blockchain is a technology that took the world by storm and has disruptive potential. Just like the internet, blockchain was welcomed with skepticism. Blockchain has been around since 1991, and cryptocurrencies like Bitcoin since 2009 but the world is only now starting to take a firmer hold.
It is projected that by the year 2021, the blockchain market will be valued at $2.3 billion. Most governments will adopt the technology for use in various tasks such as taxes, voting, health care, and land administration.
Developing countries have a hard time keeping accurate records in their land registries. Most countries have poor ledgers, which are prone to tampering, loss, and damage. These land governance issues are a source of land disputes owing to unclear land tenures and ownership.
These disputes mean the land is unproductive owing to the wrangles, sometimes dragging on for years. These inconsistencies in registry accuracy and land tenure lead to land grabbing from unscrupulous individuals.
Developing countries’ leaders should strive to catch up with countries that are already far ahead as far as the blockchain technology is concerned. Taiwan’s congressman Jason Hsu is one man who is determined to make sure all legal barriers concerning the technology are removed. He intends to ensure that the citizens are aware of what technology can do for them and better their lives. Hsu in an interview stated that blockchain technology can do very well in developing countries such as Zimbabwe and Venezuela.
Blockchain technology has the capacity to solve all the land registry problems for developing countries.in several ways:
- Since information is stored via cryptography, it means every item on the blockchain ledger is securely coded with an identifier that is unique and provides tracking capabilities and protection.
- Blockchain technology works on based on a consensus. This means if a fresh record is added to the ledger, it has to have real connections to other network nodes for it to be verified. If it has no connection, it cannot be added.
- Blockchain’s record storage is distributed. Information can be viewed and added to the ledger by authorized persons. They do not have to rely on a centralized command or an intermediary.
How it works
A blockchain can store online all the necessary information that pertains to property sellers and buyers. It can change the land registry by eliminating the manual steps in the land registries. These steps include verification of information from the land register, contracts with real estate agents, property inspections, and so forth.
Everyone is able to see alterations made to the ledger and can access the records any time they wish and in real time. With blockchain, they are assured of the data’s immutability and security.
Digitization is critical because it allows hashing, on which cryptography has its basis. Hashing is the conversion of data into a unique text string. Most developing countries use paper-based methods that are a challenge when it comes to updating the information digitally. Any data is hashable, no matter its size or type, and the hash produced by any data is the same length.
Implementation of blockchain would mean having to deal with issues created by decades-old poor land governance. It would also need a large investment to ensure the management of this technology. It is not impossible to streamline and digitize a land registry.
Many governments in the developing countries struggle with poor land governance issues, including registry digitization. Most are still far off from implementing the blockchain technology on a larger scale. However, the technology has some potential in areas where they have already succeeded in establishing a good record of title deeds.
The emergence of technology such as GPS, satellite imagery, machine learning, and machine imagery are some good examples of possibilities for completion of land record digitalization. These technological advancements might play a big role in the establishment of blockchain land registries in the future.
Blockchain technology can help to streamline the land registries in developing countries. These land registries largely depend on manual updates. These updates are rarely accurate, are prone to tampering, forgery, and loss.
Digitization of the land registry would be a huge leap towards ensuring that the land titles and tenures are registered to the rightful owners. Disputes arising from land ownership matters would be history. Blockchain technology is immutable. When a change is made, it is permanent and cannot be reversed. The evidence is open for scrutiny and this would build trust between the public and the land registry officials.
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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
— Fairly used boyfriend 💫 (@brysonadahcole) 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.
Over $3bn Worth of Stellar Lumen Burnt, To End it’s Giveaway Program
Stellar has burnt 55 billions lumen from the total supply thus reducing the number of lumens in existence to 50 billions and giving an over 20% gains.
The burn were in two parts according to a statement published by Stellar. The first burn was from the Stellar Development Foundation SDF operating fund which previously held 17 billion Lumens. 5 billions lumen has been burned thus reducing the total SDF operating funds to 12 billions.
The remaining 50 billion lumen was burnt from the 68 billion lumen set aside for giveaway programs administered by the Stellar Development Foundation.
According to Stellar, it has decided to reduce the lumen allocations and to rededicate what remains to what it thinks Stellar needs most.
The reduction Stellar said, isn’t in any way a retreat from its mission, instead it’s an acknowledgement that (Stellar) owes to the ecosystem, the network and to itself, to be as efficient as possible in doing its job.
The burn linens was sent to the following Stellar Account.
Stellar also announced it will be terminating it’s World Giveaway Programs both for individuals airdrops and for the Stellar Partner Giveaway Programs – a program which it said was created at the beginning of the Stellar network inception.
Stellar said its very excited about renewed focus on the SDF and the transparency it will bring.
The 12 billion lumen remaining from the SDF Fund will targeted to an aggressive program of direct development and advocacy for Stellar. This will be escrowed and 3 billion XLM will be unlocked yearly for the next four years.
The purpose of the Stellar Development Foundation’s purpose is to make Stellar global payments standard and every dollar and lumen we have is dedicated to that end and we believe the number of Lumen we hold now aligns better with our mission. The SDF will nor burn any additional lumens, Stellar said.
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