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Blockchain: the 4Th Industrial Revolution

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Blockchain: the 4Th Industrial Revolution People . Technology . Process Blockchain: The 4th Industrial Revolution Impact of blockchain on the Africa financial sector By Bolaji Onibudo, CEO Leapsoft Limited People . Technology . Process Introduction 2 People . Technology . Process Bitcoin and Blockchain 3 People . Technology . Process The Blockchain (Ledger) 4 People . Technology . Process Bitcoin Mining e.g. Iceland Rig spends $1M on Utility 25 Bitcoins Rewarded every 10mins of competitive mining round to winner rig or pools 5 People . Technology . Process Bitcoin's Global Perspective Many national authorities characterize it as a digital asset or commodity rather than a currency. In this sense it bears some resemblance to gold, which similarly has ambiguity as to whether it should be perceived as an asset or as a form of money. Hence, it suffices to say that: (i) Bitcoin is a digital asset that can be moved between parties, (ii) as a commodity it has market value in terms of major national currencies (the token can be exchanged for dollars, pounds and other currencies) (iii) because of its volatility, it is hardly used as money—albeit often in small amounts— in exchange for real world goods and services . 6 People . Technology . Process Impact and Opportunities 7 People . Technology . Process Remittances Bitcoin also has potential to facilitate small-scale international commerce. Local merchants in African countries may struggle to access international payments systems to sell their goods abroad. For example, a rural crafts cooperative from Zimbabwe might struggle to set up a website with an integrated credit card payments system. A Bitcoin address might enable them to sell products in exchange for Bitcoin tokens that were then redeemed for local or foreign currency on a Bitcoin exchange. Likewise, a small-scale non-governmental organization can easily set up to receive Bitcoin tokens as donations. 8 People . Technology . Process Bitcoin as a quasi-bank account for the “unbanked” The Bitcoin wallet to resemble a quasi-bank account for building up savings. In the context of a country with poor banking infrastructure and reliance on cash, such a technology could—hypothetically—this can be a safer way to hold money, and a convenient way to transfer money in everyday transactions. Rather than merely be useful for remittance systems, Bitcoin could be an infrastructure for everyday local payments in precarious, informal settings. 9 People . Technology . Process Financial Empowerment Micro payments Bitcoin can be applied within the context of international development, financial inclusion and bottom-of-the-pyramid business efforts. This narratives includes : • Bitcoin as a means to facilitate low-cost remittances for those seeking to transfer small amounts of money including micro-payments e.g. N50, N100 • Bitcoin as a means for a decentralized global bank account, accessible simply by downloading an opensource wallet from the internet, rather than having to travel and set up with a formal financial institution. • Bitcoin—or the technology that underpins it—subsequently providing the basis for a richer set of financial services 10 People . Technology . Process Financial Inclusion with credit One possible route to financial inclusion is thus for Banks to look beyond profit and to create financial services built on social and solidarity principles. But, more crucially, exclusion implies not having access to credit, which may be related to not having stable income streams, or access to formal property titles to act as collateral. 11 People . Technology . Process Blockchain for Agriculture 1. Provenance and radical transparency powered by blockchain and allowing all statkeholders to have access to reliable information, enable the buyer/farmer easily consider only serious seller/buyers and eradicate countless middlemen. 2. Trading Platforms(Smart Contracts): with Mobile payments, credits, and decreased transaction fees offers the ability to provide a secure transfer of value that could eradicate numerous 3. Real-time management of supply chain transactions and financing De-risking the agri-supply chain through real-time settlement of physical commodity transactions has broad benefits for all participants by increasing efficiency, trust and security. 4. A Credit Bureau Services specifically tailored for agric sector to enable farm owners have access to lower interest loans. 12 People . Technology . Process Blockchain for Healthcare 1. Beyond the Push, Pull and View interoperability models, Blockchain is a different construct, providing a universal set of tools for cryptographic assurance of data integrity, standardized auditing, and formalized “contracts” for data access. 2. Every EHR can send updates about medications, problems, and allergy lists to an open-source, community-wide trusted ledger, so additions and subtractions to the medical record were well understood and auditable across organizations. 3. Real-time management of supply chain transactions and financing De-risking the pharmaceutical-supply chain through real-time settlement of drug history and transactions increasing efficiency, trust and security. 4. Smart-contracts transactions can enable real-time or event based multi-signature or automated transactions for payment in health insurance thereby increasing efficiency in insurance obligations which can often hinder providers. 13 People . Technology . Process Most Advanced FinTech Security - Cryptography Cryptocurrencies are digital currencies that implement cryptography as a central part of the protocol, in order to establish pseudonymous (or anonymous) and decentralized currencies or tokens. Generally wallets will contain a public key that is used to receive bitcoins (similar to a bank account number). It also contains a private key that is used to verify that you are indeed the owner of the bitcoins you’re trying to spend. Bitcoin “wallets” can be printed out and stored on paper. A paper wallet is a slip of paper with both your private and public keys printed on it. There are also hardware wallets, which store key information in offline hardware been that they are immune to software and viruses that can steal wallets stored on normal computers. 14 People . Technology . Process Crowdfunding Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people. Crowdfunding is a form of crowdsourcing and of alternative finance. In 2015, it was estimated that worldwide over US$34 billion was raised this way. Blockchain is powering the latest financial inclusion stories from around the globe, including social relationship savings and loans. Oradian launches a low-cost payment transfer network among some 3000 micro finance organizations in Nigeria. Crowdfunding has been used to fund a wide range for-profit and non-profit projects bringing enormous opportunities for FDI. 15 People . Technology . Process Decentralized Autonomous Organization - DAO In this smart contracts are used to form a decentralized and democratic organization that exists solely on the blockchain, with single or multi-member manager, allowing participation in crowdsales, with voting rights and rules.!br0ken!! Public Private Partnership Example: DAO: This type of DAO is programmed to execute a legal smart contract for an infrastructure development contract involving Concessioner, Government with stake holders including Investors, Banks, Insurance, Independent consultant, and the contractor. Smart Contract Payment: During construction , after a set milestones are met, funds are released from an escrow to contractor through a multi-signature transaction thereby creating efficiency the way contracts are executed. Smart Toll Collection and Distribution: Automated tolling enables electronic toll collection which then can be extended via smart contract to pay relevant parties in the PPP Banks, Concessionnier, Insurance and may be government 16 People . Technology . Process Blockchain Smart contracts Applications Property titles can be digitized are been digitized on blockchains making it easier to use as collateral, enabling cheaper bank lending with access to stakeholders. The role of the Central Bank could well involve establishing Blockchain smart contracts that govern services in : •Mortgages •Trade Finance •Stock trading •Insurance •Land titles registration •Credit Bureau •KYC •And more 17 People . Technology . Process Case Studies 18 People . Technology . Process The IRS notice provides that virtual currency is treated as property for U.S. federal tax purposes. Among other things, this means that: Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2, and are subject to federal income tax withholding and payroll taxes. Payments using virtual currency made to independent contractors and other service providers are taxable and self-employment tax rules generally apply. Normally, payers must issue Form 1099. The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer. A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property. Also, the US Commodity Futures Trading Commission in September 2015 declared Bitcoin to be a commodity. 19 People . Technology . Process The Republic of Georgia Georgia’s National Agency of Public Registry is implementing a blockchain land titling project. A transparent and secure
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