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Leapfrogging: Blockchain Technology To Accelerate Developing Nations
However, even though blockchain is a viable option for many businesses and groups, even the United Nations , it is by no means a blanket solution, especially if efficient processes are already in place.
This is more evident in developed countries than in certain developing counterparts. Due its distributed nature, recording new assets on a blockchain can be quite slow, with transaction times measured in hours or even days rather than the seconds that are typical of e-commerce.
As such, blockchain technology is a poor substitute for existing ownership records in developed or even emerging economies. However, some developing countries do not have any, or perhaps only have poor, structures or processes in place. In this case, blockchain technology could revolutionize certain sectors, specifically the property industry.
Domjan elaborated:. Whereas some emerging markets, such as Russia and China, have property registration systems on par with those in the high-income OECD countries, frontier markets in Latin America, Sub-Saharan Africa, and South Asia lag far behind, with average performance less than half that of the best performing economies.
Indeed, blockchain technology can be used to maintain a clear, reliable record of anything. For example, Estonia has implemented the BitNation public notary services, including recognizing marriages recorded in the BitNation blockchain, and Ukraine is developing an election platform based on the blockchain.
Smart contracts also create an opportunity for developing countries to work more efficiently. These are automated contracts developed on the Ethereum blockchain, whereby, for example, payment is released to a certain party automatically once all of the pre-determined and agreed upon conditions are met.
Even though it could work well in the case of a deed transfer, smart contracts can be used in other industries as well. Domjan explained:. The same principle can be used for transactions ranging from financial derivatives to international trade. Even though blockchain is so versatile, its original reason for existence can also be beneficial to these developing nations. Essentially, it was our role to help the Dubai government take their first steps in becoming a digital, blockchain-powered government.
The biggest challenge everywhere, not just in Dubai, was education. ABR: As technology is changing the business landscape across multiple industries, what are your thoughts on the role of blockchain technology in Singapore? DF: While the government has been really forward in supporting the development of a blockchain ecosystem made up of corporates, startups, regulators, service providers, etc.
I would expect to see a lot of activity and investment from the larger financial institutions in the blockchain space. In the past six months, we have seen some notable developments. In May, the Monetary Authority of Singapore and Bank of Canada successfully used blockchain technology to send each other digital currencies, the first such trial between two central banks.
This will bring greater innovation to the market, and there will be opportunities for blockchain to play a part. What are the next steps of this project? This is symbolic of how ConsenSys wants to cater to wider public adoption by offering a strong Ethereum client that allows enterprises to connect to public chains, while retaining options for permissioned networks.
DF: ConsenSys sees itself as a key enabler for the Ethereum ecosystem. Infura is a key proponent of that strategy, helping enterprises reliably communicate with the public Ethereum network via API rather than having to stand up and maintain their own infrastructure. For a long time, we have seen the premium model as a path to long-term sustainability for our products. Sometimes the answer is hidden in plain sight, and I believe that answer is blockchain technology.
Internet technology has significantly contributed to furthering education and its access to students around the world, but could it do more with a blockchain incentive-based model? The rapid development in technology has raised hope in many developing countries with its potential to impact education in a positive way.
Access to the World Wide Web and the different search engines have allowed information on demand to become a reality. Massive Open Online Courses and other low-cost options for promoting blockchain-based education have raised hopes in developing countries.
How can we tie this all together to fast track and offer a far-reaching opportunity to developing countries? We need a radical technology to re-think, and I believe we need to engage with blockchain experts as part of the planning framework and education roadmap for the future. Device affordability challenges have also been lowered to a large extent, with the lower cost of tablets, phablets, and smartphones.
Could the availability of cell phones be used as the doorways to the world of information and access to the knowledge on the Internet? The rapid growth of mobile phones in India is largely due to the availability of relatively inexpensive smartphones. Source: wearesocial. A McKinsey study shows , India as second only to China. This is the same the world over, rising cellphone users, online resources, and hopes of better education platforms. We have the opportunity and the technology in blockchain to harness the power of millions of students , allowing us to accelerate education and catapult it forward with their help.
Fast-tracking changes in the education system cannot stand on two feet, or many pairs of feet, but multiple hands and feet of innovators who think and talk blockchain.
He is a family man, investor, and property professional, investing and working with development teams on mixed-use, commercial and hospitality property projects globally. He has a passion for education and blockchain, with his focus area on helping improve global communications through the EnglishForward. Got a Story tip? Email Contact Cryptopolitan. Facebook Twitter Telegram Youtube.
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However, while there are many convincing benefits from using blockchain based technology, there are also considerable negative associations with the technology itself, as it is perceived to lack blockchain robustness of the formal financial infrastructure, also given the possible risks from noncompliance with Anti-Money Laundering world Counter Terrorism Financing regulations. This gives Blockchains their most important advantage being completely tampered resistant. Signup To The Daily Roundup. However, many other options allow us to build blockchain protocols developing a short period. First blockchain foremost, the technology is developing and world eliminates the custodian restraints of any private entity.
Part 1: Dreams Versus Reality - Cellphone Affordability
However, you should take this path if software development is your core business. On the other hand, hiring freelance blockchain developers could be less expensive but very risky. Working with a third-party company could be a viable option if your project is enormous. Blockchain companies are experienced and can help you at every step of the development process.
When compared to an in-house development team, the cost of blockchain companies is lower. Every business requires a digital solution to run their business operations efficiently. Building a blockchain app can build trust and offer transparency while removing additional intermediaries. Before implementing blockchain technology and estimating its cost, it is essential to understand the type of blockchain app you need. Whether you need a permissioned blockchain app or a permissionless blockchain app, you need to consider which application can suit your business needs.
Also, the cost of a blockchain application varies from industry to industry. For example, you may need an app for supply chain management, healthcare, real estate, education, and many other business domains.
The cost of an app will depend on the complexity of the project. The cost of blockchain app development also depends on the number of resources required to develop an application. Salaries of blockchain experts are the significant expenses you should not miss when calculating the cost to build an app. While investing in blockchain developers, ensure you have hired the best ones and added their salaries to the total expense. Companies might use agile methodology tools such as Jira, Confluence, and Trello to manage blockchain projects.
They use such tools to test an app, track timelines, and deliverables. Therefore, the price of project management tools is also added to the cost of blockchain implementation. Your blockchain app might require a subscription to third-party subscription tools such as bug tracking tools, notification services, amazon web services, software monitoring services, and data analytics tools.
The cost of subscription tools also contributes to the cost of blockchain app development. In this section, we have explained the process of building a blockchain-based application.
First of all, it is essential to develop a problem statement and understand all of the issues you want to solve with a proposed solution. Ensure that the blockchain solution will benefit your business abilities. Analyze whether you need to migrate your current solution to the blockchain, or you require a new application to be developed from scratch.
For example, suppose you are a healthcare provider who wants to develop a blockchain-based health record exchange app. In that case, you should know various use cases of the applications and what benefits it will offer to users. Once you decide that you need a blockchain solution for your business operations, the next step is to select the right blockchain platform and blockchain development tools for your project.
As mentioned above in the article, building a blockchain from scratch requires thorough research and takes months to years to develop it successfully. Therefore, you should build a blockchain app on top of a blockchain platform that meets your business requirements.
You should identify the right blockchain platform for your application based on the factors like consensus mechanism and problems you want to solve. For example, you can build an Ethereum-based application to develop a decentralized public application with smart contracts. When the blockchain platform is identified, you must do brainstorming and understand the exact business needs. Once you identify the blockchain platform for developing a blockchain application, you should focus on drafting business requirements and brainstorming ideas.
Find what technology components should be added as off-chain or on-chain entities on the blockchain ecosystem. Create a roadmap of the product that will help you to build an application within a decided deadline.
You should come up with a blockchain model and conceptual workflow of the blockchain application. Also, decide if the application needs to be developed on a permissioned or permissionless blockchain network. It would help if you also decided on front-end programming languages to be used, servers, and external databases in this stage. A proof of concept is done to represent the practical applicability of a blockchain project.
It can be either a design prototype or a theoretical build-up. In Theoretical Build-up, each project requires theoretical cases so that users could understand the applicability and viability of the product.
After creating theoretical build-up and receiving feedback, a prototype is designed, which includes:. When the client approves the PoC, the next step is to prepare technical and visual designs for the application. Since you have planned an entire application at this stage, start creating UIs for each software component. Designs APIs that will be integrated with user interfaces to run an application at the back-end.
Once the admin consoles and user interfaces are designed, the application gets ready for development. Development is the significant phase of the blockchain development process, where you should be ready to build the blockchain app.
In this specific stage, you either have to develop or integrate APIs for particular use cases of the application. The application is built under multiple versions. Once the client approves it, the application moves to the next stage, i. But, the software might not comprise all the features at this stage. After the alpha version is released, the app is prepared for the beta version. During Beta Phase, the software application has the complete feature set but with some unknown bugs.
Developers share the beta version with a particular group of people outside the organization to test its functionality. Once the beta version is approved and tested, the application moves to the Release Candidate version, which is an advanced beta version that is ready to be a final application and can be launched. After thorough testing, the application moves to the production phase and gets ready for delivery. Before an app goes live, you should deploy it on the test network to carefully test its functionalities.
When deploying an application, administrators can also manage which versions of the app need to be deployed to various resources with provisioning. Once an application is provisioned, it needs to be hosted on the main chain. If your blockchain app is a hybrid solution, i. The application should be able to upgrade according to any new business needs and prioritization.
For instance, if you need to upgrade the smart contract, later on, you should be able to deploy the new contracts without any difficulty. Developing and deploying an app does not mean you are done. Instead, a software application needs to be maintained post-development to ensure that it works with all types of upgrades in the future.
An Ethereum client, Geth, is used to run Ethereum nodes in the Go programming language. Using Geth, users can mine Ethers, create smart contracts and run them on EVM, explore the block history and send tokens between addresses.
Geth can be downloaded and installed on Linux, Windows and Mac. It supports two types of installations, Scripted and Binary. Once you start using the Geth, you either have an option to create your own blockchain based on the provided settings or connect to the existing blockchain.
Remix IDE is a compiler used for small contracts. It is a browser-based tool used to create and deploy smart contracts. You can use Remix IDE to write, debug, test and deploy smart contracts using the Solidity programming language. Remix can connect to the Ethereum blockchain via Metamask. Before using Ethereum, you should have a place to store Ether tokens and execute smart contracts.
Mist is the Ethereum wallet used for smart contract deployment and is available for Mac, Windows and Linux. While installing Mist, remember once you set up the password, you cannot update it again. Create a strong password and never forget it. It allows users to make calls to the blockchain without the need to run an Ethereum node. GanacheCLI is used for the instant mining of transactions. It is an easy-to-use API that provides you with an overview of test chain events.
Security plays a prominent role when it comes to building a blockchain application. You need to ensure that the Solidity code does not have security holes. Solium tool is specifically designed to format solidity code and fix security issues in the code. EtherScripter has an easy-to-use interface used for coding basic smart contracts. With a simple drag and drop interface, developers can connect different components as jigsaw puzzle pieces for developing a contract.
It only supports the Serpent programming language. A development framework for Ethereum-based dApps, Embark, is used to build and deploy dApps and enable you to create smart contracts written in Javascript programming language.
If an application contains multiple contracts, Embark can also handle the migration of smart contracts. Developers can manage contracts on multiple blockchains such as live network, testnet and private net using the Embark framework. It is a wallet that connects Chrome or Firefox with Ethereum blockchain by acting as a browser extension.
It can save keys for Ether and ERC20 tokens. It can be installed simply as a Chrome extension. Since blockchain is immutable and transactions once added to it cannot be updated or removed, untested programs can result in high costs.
That is why it is essential to test a decentralized application before it is deployed on the mainnet. Ensure to test your app on Blockchain Testnet before going live. Truffle is a framework for Ethereum that provides a development environment.
The framework supports a library which can link complex Ethereum apps and offer custom deployments to make contracts coding simpler. It supports some of the features mentioned below:. You will find numerous tools that can be used to develop blockchain apps dApps and smart contracts. To know which is the best blockchain development tool for your project, consult our team of blockchain experts.
The project is initiated with PoC, which typically takes weeks. Once the PoC is done, it takes weeks to develop a minimum viable product with bare minimum features.
Launching an application on the mainnet takes around months based on the requirements of a client. If you are looking for a blockchain development partner who can help you develop a blockchain application, we have consolidated a list of some top blockchain development companies. From consultation to PoC, visual and technical designs, development, deployment and maintenance, blockchain experts at LeewayHertz provide end-to-end assistance to startups and enterprises.
LeewayHertz is one of the first companies which has developed a signing platform on the blockchain. Somish Somish is a technology and product development company that builds automated solutions using emerging technologies. It was established in and has been serving companies to re-engineer, design, build and implement automation systems. Somish dived into blockchain technology in and has developed blockchain projects for governments, municipal corporations, retail companies, finance companies and various other industries.
SoluLab Founded in , SoluLab is a technology company with expertise in the blockchain, mobile and web development. Specialized in Hyperledger Fabric, Smart Contract Development, Private and Public Blockchain Development, their team can build a secure and robust blockchain solution for your business. Their blockchain development services cater to various industries like healthcare, supply chain management, government, education, publication and media and real estate. Venture Aviator Venture Aviator develops, tests and deploys custom blockchain applications with an interactive and engaging approach.
They have developed robust blockchain solutions for growth companies and Fortune companies like Allianz and Cisco.
They aim to assist startups, enterprises and entrepreneurs in developing technology platforms. SoftwareMill is one of the leading blockchain companies that deliver value to its clients with high-quality development. They have a dedicated team of skilled developers who can cater to a wide array of business requirements within the estimated budget.
Based in Poland, they believe that they can resolve the industry-related issues with the digital solutions built on the latest technologies. Our experts can convert your idea into a real solution by implementing blockchain technology into your project idea. Necessary cookies are absolutely essential for the website to function properly. At the moment, the fastest developments are happening in Southeast Asia, in particular the Philippines and Vietnam, but some African countries — like Kenya, Tanzania, Nigeria, and Uganda are catching up.
Blockchain technology offers solutions to these issues, and that is why several tech companies including giants are now incorporating this technology into their platforms which will enable retail banks to process faster transactions with minimal fees. The practical application of blockchain technology reaches further than financial assets, in a way any type of digital asset and critical information can be tracked and trader through a blockchain.
For example the construction industry and the IT industry, often require problems related to cooperation with subcontractors and the project plan are amended from time to time. There are a large number of countries and governments that have already started relying on the application of blockchain technology, including Singapore, especially in the field of maritime transport, as well as the UAE.
However, while there are many convincing benefits from using blockchain based technology, there are also considerable negative associations with the technology itself, as it is perceived to lack the robustness of the formal financial infrastructure, also given the possible risks from noncompliance with Anti-Money Laundering and Counter Terrorism Financing regulations.
On a brighter note, technological advances have made smartphones accessible to a large majority of the population at a cheaper price. An increasing number of companies have begun using blockchain-based technology to speed up procedures and visibly lower financial costs in developing world. For more info on blockchain around the world, click the link at fyggex. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take.
Past performance and position are not a guarantee of risk-free future returns. Save my name, email, and website in this browser for the next time I comment. Join our community. Sources www. Related Posts Sticky Post.
Blockchain Will Make the Biggest Difference in Developing Countries
Without electricity, many modern medical procedures are impossible to do safely. Well-water cant be drawn with electric-powered pumps, lighting and climate control cant provide necessary comforts to students studying for exams or government workers carrying out critical administrative tasks. Many communication tools, such as internet access or even computers themselves, are unreliable or entirely out of reach. To make matters even worse, indoor air pollution drives up mortality rates in communities that rely on biomass heating sources for cooking, light, and warmth, resulting in an estimated 4.
The predominance of rural energy poverty means that simply adding more capacity to centralized energy grids predominantly servicing urban areas is not the solution. Call me E for short. I write on upcoming cryptotrends. Follow me: ecurrencyhodler theliteschool www. However, he very quickly discovered that providing the internet through traditional forms of infrastructure had significant limitations: The cost of accessing the internet was high as you had to buy computers.
This was not a feasible option for many in developing countries. The alternative was to build internet cafes, but this was impractical as the cost of building wired infrastructure would be immense. In light of this, he decided to think outside the box. Instead of bringing the internet through computers, he decided he would do it through mobile phones. Working various phone companies in developing countries, together they provided a stripped down version of the Facebook platform.
These walled gardens were designed to wet the appetite of new web-users who would then purchase bigger plans to access a more complete product.
Since then, internet adoption in developing countries have been making significant headway. This means that there is an entire generation growing up in developing third world countries that have technologically jumped past the era of computers. However, computers may not be the only significant era that developing countries may jump. How Blockchain Could Help Emerging Markets Leap Ahead Developing nations have renewed potential to leapfrog developed economies with the emergence of blockchain technology.
Leapfrogging happens when nations that are building infrastructure go directly to the latest systems, rather than starting out at the beginning and working forwards. Most discussions of leapfrogging for sustainable development focus on physical infrastructure, like solar-driven power grids. But what if leapfrogging could be applied to government, finance and law, building the digital future today? In such a future, the transaction costs of economic activity are drastically reduced in much the same way that the web reduced the transaction costs of publishing and communication, resulting in the explosion of ideas we associate with the internet today.
The usefulness of blockchain has similar promise. Much has been made of the potential for blockchain technologies to open up new vistas for business and society. But is there a way for this revolutionary technology to empower the rich and poor alike? We argue that, like previous revolutionary ideas, blockchain has the potential to help developing nations leapfrog more-developed economies.
Leapfrogging using the lack of existing infrastructure as an opportunity to adopt the most advanced methods has been a highly effective strategy for developing nations over the last few decades.
The most visible example of leapfrogging today is in nations like Kenya and South Africa , which have rolled out near-universal telephone access using 3G networks instead of laying down copper cables, and provided internet access by smartphone rather than withdesktop PCs. But its not just physical infrastructure that can be leapfrogged. Paul Domjan, who is the global head of research, analytics and data at the bank discussed that although this is likely to happen on a step by step basis, that certain technologies have the ability to skip steps, giving a solution to the problem much quicker than before.
He used the rapid increase in smartphone usage as an example of this. In a developed country, the chances of having a fixed telephone line is pretty much a given; however, this simply is not the case in emerging countries. Yet, smartphones have given them the chance to experience the world from the comfort of their palm, effectively skipping the step of a fixed line. He feels that blockchain could have the same effect. Despite being created to support cryptocurrencies, it also offers huge benefits to most industries.
Domjan explained how this could work; Due to its distributed nature, recording new assets on a blockchain can be quite slow, with transaction times measured in hours or even days rather than the seconds that are typical of e-commerce. As such, blockchain technology is a poor substitute for existing ownership records in developed or even emerging economiesWhereas some emerging markets , such as Russia and China , have property registration systems on par with those in the high-income OECD countries, frontier markets in Latin America, Sub-Saharan Africa, and South Asia lag far behind, with average performance less than half that of the best performing economies.
He is also quick to add though that it is not just the property sector that can benefit from blockchain technology. How Cryptocurrency Can Help Developing Countries Poverty, corruption, inflation, and high unemployment levels are some of the problems that are common to developing countries around the world.
Years of political instability and poor governance has plunged some nations into devastating economic crisis. With the fast-paced nature of growth and advancements in other more developed parts of the world, the prospects sometimes do seem bleak for these developing nations.
However, the emergence of blockchain technology and cryptocurrency has brought renewed enthusiasm about the prospects of a revival in these countries.
The focus of this article is to examine possible answers to the big question of how cryptocurrency can be of use to these countries. The global remittance system is based almost entirely on the activities of citizens of developing countries who are immigrants in the developed world. From time to time, these individuals have to send money back home. These platforms collect fees and charges which considerably increase the cost of such transactions.
With cryptocurrency, the cost of remittance can be drastically reduced as well as the hassle required to receive international money transfer. Already, there are a number of platforms in Africa and Southeast Asia that are offering such services. Back in , Forbes featured an interview with William Blair partner Brian Singer on how bitcoin will end world poverty. According to Singer, the growing access to the internet through affordable devices could enable particularly those from emerging markets to use a cheaper payment system with a transparent means of recording transactions.
Many scoffed at the idea back then. Indeed, cryptocurrencies and blockchain had yet to reach the same level of popularity they enjoy today. But what a difference a couple of years make. Despite some recent shakiness, cryptocurrencies have increased ten times in value since. Write for us. Please enter your comment!
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So if you want to grab all these ideas and knowledge do visit the website Onlyblog. Privacy Policy Write for us. If blockchain technology does establish itself in the developing world, life there would look a lot more like life in the Western world, says Crosbie. As an example, he tells how he recently had to file a renewal for a limited liability company. He was able to do his research, collect details and fill out the forms online.
In a lesser-developed country, a similar task would have required a lot more exertion. In most places in Africa and India, for instance, state organizations are inefficient and poorly run, and record keeping is predominantly paper-based. Renewing a business license would likely require getting on a bus, going into town and standing in a queue for hours. And since computers are too costly in those areas, official documents are often typed by hand. Efficiency improvements in developing countries would open roads to productivity because people would have more time, says Crosbie.
Ownership would be easier to establish. If you wanted to show someone you owned a piece a land, rather than investing a day in chasing down a paper document, you could simply show them a link on the blockchain.
How blockchain can be a force for good in the developing world
Even though blockchain is so versatile, its original reason for existence can also be beneficial to these developing nations. Domjan believes that cryptocurrencies could provide a viable alternative to volatile fiat currencies in these countries:. In countries with capital controls, highly volatile currencies, and high inflation, the governance problems, payments transaction costs, and volatility of their domestic currency may seem worse than those of cryptocurrencies, or at least bad enough that cryptocurrencies represent an attractive hedge against their domestic currency.
We see this advantage across the developing world, from foreign investors in Brazil looking to move money, to brokers in Zimbabwe looking for an alternative store of value. Do you think that the blockchain adoption will grow in developing countries in ? Let us know in the comments below! Could you be next big winner? I consent to my submitted data being collected and stored. Bitcoin has faced a strong correction over the past week. The Bank of Lithuania announced that it had completed the research phase of its blockchain project called LBChain.
The central bank now plans to deploy the platform by the end of Interestingly, the move comes amid a All Rights Reserved. We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.
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The biggest challenge everywhere, not just in Dubai, was education. ABR: As technology is changing the business landscape across multiple industries, what are your thoughts on the role of blockchain technology in Singapore?
DF: While the government has been really forward in supporting the development of a blockchain ecosystem made up of corporates, startups, regulators, service providers, etc.
I would expect to see a lot of activity and investment from the larger financial institutions in the blockchain space. In the past six months, we have seen some notable developments. In May, the Monetary Authority of Singapore and Bank of Canada successfully used blockchain technology to send each other digital currencies, the first such trial between two central banks.
This will bring greater innovation to the market, and there will be opportunities for blockchain to play a part. What are the next steps of this project? This is symbolic of how ConsenSys wants to cater to wider public adoption by offering a strong Ethereum client that allows enterprises to connect to public chains, while retaining options for permissioned networks. DF: ConsenSys sees itself as a key enabler for the Ethereum ecosystem. Infura is a key proponent of that strategy, helping enterprises reliably communicate with the public Ethereum network via API rather than having to stand up and maintain their own infrastructure.
For a long time, we have seen the premium model as a path to long-term sustainability for our products. For you, personally, what is your vision for Web 3.
A proof of concept is done to represent the practical applicability world a blockchain project. The cost of subscription tools also contributes to blockchain cost of blockchain app development. Developed countries may seem to have taken the lead in blockchain technologies. How Will Blockchain Developing Help Developing Countries Mail Google Pinterest Reddit Pocket Hackernews We might not accurately world when the adage developing countries came into colloquial use, but essentially it indicates the host of blockchain that are relatively and similarly poor in social and economic measure. Choose the right blockchain platform As mentioned above in the article, building a blockchain from scratch requires thorough research and takes months to years to develop it successfully.