With blockchain entering the world of technology everything is at the verge of experiencing a revolution. Pakistan welcomes this new beginning with Telenor’s Microfinance Banking and a few remittance facilities. But imagine the impact it can create if we use the technology to its full potential. Here are 5 Ways In Which Blockchain Can Revolutionize Pakistan.
The word ‘Bank‘ will literally erase from our dictionaries, with blockchain technology being there to help secure every sort of transactions. Whether it be any sort of payments to be made or money transfer, it would be accomplished without the need of any human being and more importantly with 100% authenticity and transparency.
2.Digital Identification Of Citizens:
Pakistan has had trouble maintaining its law and order situation lately. Thus, it needs to have a very strong check over its citizens. With each one of them under the government consideration. Blockchain technology can be viewed as one such opportunity to monitor and register all the citizens of Pakistan on an online database. Although the main complication in this regard can be that half of the population lives in total technological isolation and unawareness. But with proper set-up and programs initiated this may be accomplished. After which each baby born would have digital birth registration. And through this, we can have all the nation on board.
Blockchain voting means no more rigged elections. Imagine democracy being practised into its true spirit in Pakistan through this technology. Digital voting means a government purely by the people without any corruption as the system allows no space for any alteration.
When Digital Identification will couple with online tax collection Pakistan will finally be able to win its war against corruption in tax collection and payment. Non-Tax payers will be identified and penalized. Moreover, the bribery culture will finally come to an end.
5. Property Related Transactions:
One of the major issues in Pakistan’s Real Estate industry is the ‘Kabza Groups‘. These are a bunch of people working together in order to unlawfully take over people’s property by displaying fake property papers. Blockchain technology will put an end to this treachery. With all property, related records secured on an online database, owning, reclaiming and transferring of the property will be the matter of mere seconds. Rather than the traditional lengthy and hectic process.
In the near future, Pakistan can be viewed as a country fully modified through technology if it aims to introduce Blockchain in all of its major work mechanisms. Blockchain is the future Pakistan needs to embrace fully and wholeheartedly.