Would you pay $6 million for $900,000? In the cryptocurrency world, it is not unusual to hear about users paying
What has transpired in the world of Blockchain, this week?
This is a weekly article highlighting what happened in Blockchain this week
A.I. ethics are much talked about today. But what about Blockchain, another emerging technology? Is there a need to define ethics for an ecosystem dominated by self-executing smart contracts? Do we need an “Ethical Blockchain”?
The need of the hour is to empower people with seamless and green transport. They prefer to schedule a ride – renting a bike to the subway, followed by booking a train ticket, and finally hailing a ride-share to reach the destination – hassle-free with a single app running on their phones. Commuters wish to breeze through these disparate modes – a single QR code or an OTP to unlock the bike, open the train door and enable the ride-share. Commuters also like to set up their payment options once and settle the trip fares automatically across multiple transit modes. Mobility as a Service or MaaS aims to build a sustainable ecosystem that provides this very convenience.
Despite the many merits, why are countries not rushing to introduce this new form of money? Why are countries spending years on research and launching long term pilots? What are the key considerations for effectively implementing a digital currency?
Do we need another payment instrument – a digital currency, specifically the ones issued by the countries’ central banks?
Blockchain provides a solution which adds value to their existing processes and addresses some of their long-standing challenges.
At times when such pandemic is staring at the face, the utmost need would be to develop a formidable vaccine, distribute to the larger populace, cull this epidemic and immunize people from such infections at the earliest. This needs to be done in a short span of time, yet following rigorous regulatory procedures and in a trustworthy manner. How can technologies like Blockchain help in such an accelerated vaccine development process?
Today, around 1 billion people lack any form of legally recognized IDs, 1.7 billion do not have bank accounts, 68.5 million people are refugees or internally displaced or stateless who either do not have IDs or are too vulnerable to use them. At the same time, technology has reached a large set of people across the globe more than ever before. If technology were put to use efficiently to create, propagate and use verifiable digital identities, billions of people including those who lack any official identity proofs or are unable to use them due to threats involved will be benefitted.