Site icon Pakistan & Gulf Economist

How Blockchain can bring a Revolution to Pakistan?

Blockchain in Pakistan
Using blockchain is one of the ways that can bring a technological revolution to Pakistan. Not long ago, things used to be recorded in writing kept in folders, and stored in large warehouses with thousands of records. With the arrival of computers, the task of keeping records became more efficient without needing acres of land just for storage; a simple desktop and a user were sufficient. This came up with a new problem of thousands of records that are stored yet not connected. With the advent of current networking technologies, it became necessary to have a point in time where the things related to one specific action are all connected in sequence. Thus, the concept of blockchain technology was born. Blockchain is a collective, unalterable record book that helps the process of documenting transactions and tracing assets in a commercial network. An asset can be tangible and/or intangible it is said that everything of value, either in terms of money or identity, can be traced or traded on a blockchain network, which lowers the risk and time taken to take the actions and ultimately provides benefits from top to bottom level of organization. The rise of blockchain technologies is built on the foundation that all businesses operate based on information sharing between different departments. The blockchain relies on speed, accuracy, and total clarity so that no one is left in the dark with access to it, thus creating a new concept of interrelation. The most fundamental step in establishing a blockchain system is to create ledgers, which hold records and information right from the first instance to the complex form that is available to the users. It can help create contracts that can be accessed through transparent archives which are protected from tampering and yet visible to all parties involved, without requiring middlemen or others to interpret the information. All of these can be done with the help of artificial intelligence and machines that can freely communicate with one another. Pakistan has a wealth of data that can benefit from the use of blockchains such as government organizations, banks, courts, and others. The socio-political situation in recent times has made the experts in the field realize this issue and enabled to boost the deployment of such tools that can provide the public with clear communication. Imagine the cases of politicians who are challenged, based on corruption charges; the courts can swiftly track the accusations and decide if the person is eligible to run for public office or not. Millions of financial transactions are conducted daily, and the use of blockchain can help in keeping the records clear so that the tax collected is utilized for the benefit of a greater number of people. Hospitals can identify the patterns in the occurrence of a particular disease and share their findings in a centralized database so that if any other regions come up with similar outcomes can share their decisions for the betterment of the people. To sum up, the use of blockchain in Pakistan is the need of the hour. There is a wealth of data that is just lying there in the open, and with the right mindset, it can be utilized to empower people to make better decisions for future generations. The need is there and the time is right to deploy systems that ensure the success of the Pakistani population.[1]

[1] Iansiti, Marco, and Karim R. Lakhani. “The Truth about Blockchain.” Harvard Business Review, October 31, 2022. https://hbr.org/2017/01/the-truth-about-blockchain.
Exit mobile version