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A photo of Reuters files.
LAHORE: The word "blockchain" immediately directs the minds of people towards Bitcoin, which implies that innovation refers exclusively to cryptocurrencies, thus completely neglecting the extent of this turning point in Pakistan.
Blockchain is a unique digital ledger, which has multiple uses, along with the ability to effectively transform the way people organize, record and authenticate transactions.
With the fundamental model, transforming from a centralized structure (such as trading platforms, exchanges, energy companies) to a decentralized one (as traders, customers, energy consumers), there would be no need for a central body or an intermediary to oversee the system and pay for it. Instead, the people themselves would be responsible for maintaining the system and making decisions.
Many advanced countries have already been attracted by the benefits this technology has to offer.
Currently, blockchain innovations are helping to solve long-standing problems related to the public sector. In this regard, the concerned agencies are shifting their focus on the development of civic applications based on this.
"This technology allows governments to be more transparent in their processes, while monitoring the flow of public and private information," said Miranz Technology CEO Mudaser Iqbal, as he spoke with The Express Tribune. "It removes the role of an intermediary or any other agency and as a result, it is not possible to tamper with the records once they are registered in the system."
This is intended to prevent the occurrence of any type of error and increase the trust of people in the government, he added.
Many governments around the world have successfully implemented this technology and are reaping its rewards.
For example, Switzerland, Chile, Estonia, the United Kingdom and Georgia have successfully used blockchain technology and launched digital IDs: Ethereum, e-resident, distributed register technology and cadastre.
With these countries effectively using the new technology, experts believe it can also help Pakistan cope with its many problems.
"There is a lot of space in Pakistan, both in the private and public sectors, to implement this renowned technology," said former Information Technology Council chairman of Punjab Dr Umar Saif, while talking to the Express Tribune. "A step in this direction has already been done in Punjab through the introduction of e-stamp documents, but it is possible to do much more".
Imagine Pakistan real estate recordings on blockchain. It will practically put an end to the current land registration problems in the country's existing system. All the deeds of the title would be recorded on the blockchain and everyone would be aware of the real owner of the land and will also inform if the land was sold to another person or not.
The technology would eventually alleviate inheritance, purchase and sale of property, fraudulent land ownership and other related problems. Likewise, by providing educational certification on blockchain, it would be much easier to tackle the problem of false degrees and certification problems.
"We can use this technology to reform our tax base and reduce or eliminate the role of the Federal Revenue Council (FBR), if implemented successfully," said Iqbal. "However, blockchain is exclusive and expensive, but the government can partially implement it on a budget basis." The technology is in line with the vision and slogan of the current government, he added.
Transparency, security and reliability are something that has been missing for so long in Pakistan and experts see the blockchain as something that should occupy the center of governance in the country. The demand for blockchain developers is constantly increasing all over the world and this is a field that offers lucrative prospects and an excellent career future.
Published on The Express Tribune, January 13thth, 2019.
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