Blockchain: A paradigm shift in economy!

One of the biggest concerns of economies, businesses and individuals in a globalized era is uncertainty or trust. Humans have always striven to find tools and ways to increase the trust to exchange all kinds of values and transact with each other. Till now the system to lower uncertainty and facilitate trade was with centralized formal institutions like banks, marketplaces or governments. These institutions     provided a secure and robust system to protect assets and set organizational limits. They govern trade and exchange among nations, businesses, societies and citizens. They, however, have lagged behind the digital transformation of the economies. Thus, today there is a need for a technology that can fundamentally rather than radically change the way we exchange values and transact.

A paradigm shift in the economy called Blockchain might be the answer to such problems.  Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The ledger itself can also be programmed to trigger transactions automatically.  Bitcoin is one of the outcomes of implementing Blockchain. Blockchain is not limited to financial instruments such as Bitcoin or fin-tech but can be applied to domains such as business, governance. Implementing Blockchain technology to Healthcare, Travel, Real Estate, and Energy, voting can bring higher efficiency and increased transparency. Airlines can provide its assets such as seats of cargo to customers directly without costly intermediaries. Real estate can bring absolute transparency by providing Blockchain based immutable verifiable public ledger for all real estate transactions. A Blockchain-based voting system can secure voter registration and identification and also provide a robust verifiable voting system which the voter can use to ensure that his/her vote is recorded correctly. A Blockchain based tax processing system can ensure higher transparency for both the payer and the government resulting in reduced costs and increased participation.

While the impact of Blockchain is enormous, it is still in its infancy. It will take quite some years for it to become a substantial part of economic systems but Dubai government has already set the ball rolling in this direction. The Emirates government has decided to bring visa applications, bill payments and license renewals under Blockchain technology by 2020. The government has taken concrete steps towards realisation of this goal. Dubai Land Development(DLD) has already launched Blockchain based system for recording all real-estate transactions and linking them with the Dubai Electricity & Water Authority (DEWA), the telecommunications system, and various property-related bills.

So, what does all this hold for the current generation of executives who want to leverage Blockchain for shifting their business or transaction systems? What kind of framework is suitable for Blockchain adoption and how to leverage the framework without disrupting the legacy systems such that all role holders, from investors to customers have minimal constraints while transferring to the new framework? These are some of the pertinent question that need to be answered as the shift in the economic systems and transactions have already started and the early adopters of this technology stand to gain the most.


Contact Us:

Call: +971 55 8752 588


Join industry leaders, developers, and leading investors at The Blockchain Masterclass Dubai

A blockchain is a shared, encrypted ledger that is maintained by a network of computers. These computers verify transactions—in the case of Bitcoin, the transfer of cryptocurrency between individual users. Each user can access the ledger, and there is no single authority. Advocates say the technology could be especially promising in industries where networks of peers depend on shared sets of data.

Blockchain allows multiple different parties to securely interact with the same universal source of truth.

Like the Internet in its beginnings, the future of blockchain is hard to predict, and while most of the attention has centered around the impact on finance, applications to other sectors are growing exponentially. This suggests that rather than being a disruptive technology that threatens the viability of incumbents in certain industries, the blockchain is a “foundational”  technology that has become the basis for much deeper changes in the way society organizes economic and political activities.

Join industry leaders, developers, and leading investors at The Blockchain Masterclass on 15 November in Dubai to discuss all the opportunities, challenges and exciting possibilities in innovation and disruption that can be leveraged using this technology.

The Masterclass Instructor, Suhail Basit, Director of Technology, Synechron, brings in global Financial Services and Technology background along with proven business acumen. He has spearheaded technology initiatives in advanced areas like High-Frequency Algorithmic Trading, Predictive Analytics and Automated Settlements for financial majors such as Merrill Lynch and Bank of New York in UK and USA.

In his latest endeavor, Suhail has set up the Middle East business for a global financial services technology company – from zero to multi-million dollars in annual revenue.

The Masterclass also invites industry guest speaker, Fadwa Mohanna, co-founder of micity. Fadwa is a blockchain advisor and coach to fortune 500 companies. She is a speaker on the opportunities and implications of blockchain to the existing legacy financial, banking, insurance and many other ecosystems.

Topics covered during the masterclass include introduction and fundamentals of blockchain successful projects using blockchain, future of identity, ethereum and solidity, linux foundation’s hyperledger project and more.

If you are interested to learn about blockchain and its potential, then this masterclass is for you!

Early bird Pass ($100 discount)

Blockchain Masterclass, 15 November, 2017, Dubai The Standard Pass is for $545. All registrations before 5th November, get a $100 off and pay just $445.



Do Public Health and Blockchain Belong Together?

If someone in your state contracts a perilous disease, which health organizations need to know? The Health Authority, Disease Control and Prevention Centers. These organizations must routinely share public health data so they can control the spread of a range of infectious diseases. As straightforward as this may sound, managing data at this scale is an extremely challenging process.

Blockchain is “the” technology that seemingly can solve this ordeal as it can be used to build real applications geared toward better public health surveillance. This calls for effective and efficient collaboration among peer organizations. Transfer of data from one peer to another in a secure, compliant and agile manner is key to this business model.

Blockchains, like those that underlie Bitcoin and other cryptocurrencies, are maintained by networks of computers—instead of a single trusted authority—that verify each transaction and record it in a virtually incorruptible, encrypted ledger shared by all the computers in the network.

Currently, individual organizations in the public health network share a complex hodgepodge of data usage agreements and government privacy rules dictate which members can access information and which ones can modify it. That slows things down.

Many additional, sometimes manual processes are needed to make sure the correct organization or person sent or received the right data, and that it was used correctly. A blockchain can automate these steps. Indeed, public health’s complicated peer-to-peer model for data sharing is very much what blockchain supports.

One example of a scenario in which a blockchain system could make a big difference is during a public health crisis. An app that local health workers can use to log information about patients and help determine which medications should be dispensed to whom. However, identifiable information can’t be stored in the cloud, and storing it in the approved way takes a lot more time. Blockchain could give a way to store and share that data much faster while complying with security and privacy laws.

Before any of these concepts can become real applications, though, technologists will have to work through some complicated questions. For instance, whose computers should maintain the ledger and who should have permission to read or modify data? How should identities, not only patient IDs but also the IDs of public health organizations, be managed on the blockchain?

It’s still early in the game!