08/05/2019 The Computers Limited (Estd 1983) 1 · •Answer is Blockchain based digital currency...

08/05/2019 The Computers Limited (Estd 1983) 1

A brief about

K Atique e RabbaniB Tech (Hons), UK, FCA

Managing Director, The Computers Ltd

Ex Software Programmer, Developer, Designer, Project manager in UK and Bangladesh

Chief, AtiqueRabbani Consulting (ICT and Financial Accounting)

President, Institute of Internal Auditors Bangladesh

Independent Director, ADN Telecom Ltd

Former VP, Dhaka Chamber of Commerce and Industry

Founder Member, Past Treasurer and Secretary General, BCS and BASIS

Former Director, ICB Securities Trading Co. and Energypac Power Generation Ltd

Life Member, MECA and Cadet College Club Ltd

fb/atique.rabbani; www.linkedin.com/in/khondkar-atique-e-rabbani-4ab6846/:

https://www.youtube.com/channel/UCG43OKVAHzNwZ5SK_aN28yg

08/05/2019 2The Computers Limited (Estd 1983)

Blockchain – Our technology

•Blockchain is our technology

• It is a giant electronic ledger shared by many

•We breakfast, lunch and dine on ledgers

•Who, better than us, can understand Blockchain


Blockchain = Freedom

•Blockchainneither blocks nor chains, it frees you


ব্ল ক চ ে ই নএ ই চ ে ই ন চ ে ই চ ে ই ন ন য়

চ ে ই চ ে ই ন চ ে য় ে া ে ত্বআ র

এ ই চ ে ই ন চ ে য় ম ুক্ত ি08/05/2019 5The Computers Limited (Estd 1983)

BlockchainThis chain is not that chain

That chain enslaves

This chain liberates08/05/2019 6The Computers Limited (Estd 1983)

Blockchain – Electronic Cash transaction

•Blockchain allows cash like transactions worldwide

•New cash is Digital Currency

•When one gives and another receives everyone knows

•When everyone knows no one can do wrong


CABhaban is the world

• Imagine 200 or so of us - we are the world.

• CA Bhaban is our home and work place.

• We transact barter or cash amongst ourselves.

• We all keep notes of all transactions so that everyone knows what others are doing.

• Add to this immutability. • This is essentially Blockchain.08/05/2019 8The Computers Limited (Estd 1983)

Enter CaCoin – our digital currency

• Now imagine we are all spread across the world but still would like to do cash transactions but we cannot come near to each other to do this.

• Answer is Blockchain based digital currency exchange.

• We introduce CaCoin, our own digital currency.

• We can run business as usual over internet. • No intermediaries- Peer to peer.• This is Blockchain in action


Four legs of Blockchain

•Immutable•Decentralised•Distributed•Consensus driven08/05/2019 10The Computers Limited (Estd 1983)

Bitcoin Cryptocurrency onBlockchain platform

• Bitcoin, the most popular digital currency or electronic cash introduced on 9 Jan 2009 (open source software written in C++) is one manifestation of Blockchaintechnology just like email over Internet.

• Now there are over 4000 altcoins• Blockchain has much wider

applications outside digital currencies


What is a Block?Identity of

Previous Block

Identity of This Block

Transaction Data


What is the Chain?Public or Private

First Block (Genesis Block)

Previous Block IdentityX1Y1

Previous Block Identity9845W

This Block Identity

X1Y1

This Block Identity9845W

This Block IdentityGT6HYM

Transaction Data

A sends Tk 1000 to B

Transaction Data

B sends Tk 2000 to C

Transaction Data

B sends Tk 100 to A

Block 1 Block 2 Block 3


What is Immutable?

First Block(Genesis Block)

Previous Block IdentityX1Y1

Previous Block Identity(Mismatch)

9845W

This Block Identity

X1Y1

This Block Identity(Block ID changes)

RIC78


Transaction Data

A sends Tk 1000 to B

Transaction Data

(Say, Some one hacks and changes Data)

B sends Tk 333 to C

Transaction Data

B sends Tk 100 to A

All transactions are recorded tamper proof in Blockchain- Public Ledger


What is Distributed?

First Block(Genesis

Block)

Previous Block

IdentityX1Y1

Previous Block

Identity9845W

This Block Identity

X1Y1



Transaction Data

A sends Tk1000 to B

Transaction Data

B sends Tk2000 to C

Transaction Data

B sends Tk100 to A

First Block(Genesis

Block)

Previous Block

IdentityX1Y1

Previous Block

Identity9845W

This Block Identity

X1Y1



Transaction Data

A sends Tk1000 to B

Transaction Data

B sends Tk2000 to C

Transaction Data

B sends Tk100 to A

First Block(Genesis

Block)

Previous Block

IdentityX1Y1

Previous Block

Identity9845W

This Block Identity

X1Y1



Transaction Data

A sends Tk1000 to B

Transaction Data

B sends Tk2000 to C

Transaction Data

B sends Tk100 to A

A B C


What is Decentralised?Central Authority Peer to Peer

First Block(Genesis

Block)

Previous Block

IdentityX1Y1

Previous Block Identity

9845W

This Block Identity

X1Y1


This Block Identity

GT6HYM

Transaction Data

A sends Tk1000 to B

Transaction Data

B sends Tk2000 to C

Transaction Data

B sends Tk100 to A

First Block(Genesis

Block)

Previous Block

IdentityX1Y1

Previous Block Identity9845W

This Block Identity

X1Y1


This Block Identity

GT6HYM

Transaction Data

A sends Tk1000 to B

Transaction Data

B sends Tk2000 to C

Transaction Data

B sends Tk 100 to A

First Block(Genesis

Block)

Previous Block

IdentityX1Y1

Previous Block

Identity9845W

This Block Identity

X1Y1


This Block Identity

GT6HYM

Transaction Data

A sends Tk1000 to B

Transaction Data

B sends Tk2000 to C

Transaction Data

B sends Tk100 to A

A B C


Blockchain


• Luca Pacioli (1447-1517)

• Franciscan Friar (Mendicant, live on alms)

• Taught Mathematics to Leonardo da Vinci

• In 1494 in Venice published Summa de arithmetica, geometria.Synthesis of mathematical knowledge, algebra and double entry accounting system.


Ledger to Distributed Ledger Shared/ Distributed Ledger Technology

• Ledger, the principal book of accounts is at the foundation of accounting.

• Ledger medium moved from stone, papyrus, paper to computers.

• Digital Ledgers mimicked cataloguing and accounting of paper based world

• Backbone of our society is still Paper based institutions such as money, seals, written signatures, bills, certificates, double entry bookkeeping

• Computing power and breakthroughs in cryptography and some new algorithms have brought in DLT - Distributed Ledger Technology.


Satoshi Nakamoto – Bitcoin creator• Lehman Bros collapsed on Sep 15

2008.• Satoshi Nakamoto is a

pseudonym for a person or group of persons who released a white paper on Oct 31, 2008 called “Bitcoin: A Peer-to-Peer Electronic Cash System”

• It created the world’s first peer to peer decentralized monetary system. First manifestation of Blockchain.

• Internet based money enabled online payments without a third party

• It (Bitcoin) was not issued by any Government or third party


Satoshi Nakamoto is Luca Pacioli of our timesLuca Pacioli (1447-1515) v Nakamoto (31 Oct 2008)



Blockchain – a ComboThis is where Information

technology, Accounting and Administration have come

together to turn the world for the better.


–


• Software has improved to take over the world.

• Most process can be executed by computers far better than humans.

• Together with AI and Machine Learning human will be pushed to scale up to higher level of thought and consciousness to provide foresight and insight, may be to do basic research/ enhance empirical knowledge.

• Thus for example accounting and auditing processes as per standards and procedures will be done without human intervention.

• Only problem is reliability of data moving around in the system. Blockchain solves that reliability and confidence issue.

• It is the magic dust.

Blockchain – Friction less money transfer

• Anwar in Abu Dhabi sends Taka 100,000 to his wife Salma in Faridpur through banking channel

• Anwar has to pay Tk 3000 as charges and Salma receives it 3 days later

• With Blockchain, no intermediary bank will be required, charges will be nil, transfer will be immediate


Anwar from Abu DhabiSends Tk 1 lac

Bankcharges Tk 3000 and takes 3 days

Salma in Faridpurreceives Tk1 lac three days later

With Blockchain no third party like Bankis required, no friction meaning no

extra charges and no delay

Blockchain – Internet of Value

• Printing press 1439 German Gutenberg – democratization of knowledge to masses –filled knowledge gap

• Steam Engine 1781 Scottish Engineer James Watt –Industrial Revolution – filled power gap

• Internet of Information –filled information gap

• Internet of Value – Fourth Industrial Revolution – filling trust/faith gap


What’s the promise of Blockchain?• The promise that Internet could not fulfil

• Imagine a world with no need for mediators

• Friction less global trade

• An equitable world

• Tamper free accounting and record keeping

• Rights automatically established through Smart Contract


Blockchain brings equity


Revisiting Blockchain Concept

• Concept is relatively simple – a new way to structure data restricting double spend

• However it is a technology that is quite revolutionary

• It is more than information technology – it is an accounting technology, it is an institutional technology

• Some say nothing like it in last two hundred years

• It is a decentralized, publicly distributed (peer to peer), immutable (using cryptography) ledger (giant spreadsheet) validated by consensus.


CertaintyIn Digital World

Blockchain, Distributed Ledger Technology, Cryptography, Smart Contract, Block ID, Previous Block ID, Hash function, Mathematical Algorithm, Proof of Work, Time Stamp, Nonce, Double Spend Problem, Peer to Peer (P2P) Network, Internet of Value, One way function, protocol, secure by design, Byzantine Fault tolerance, Decentralised, Documenting Provenance, Cryptocurrency, Identity Management, Merkle Trees, Satoshi Nakamoto (Bitcoin) , Vitalik Buterin (Ethereum)


Rising Trends in ICTRise in Computing power

Rise in Information Storage from Analog to Digital formatRising interest in Blockchain


ImagineBlockchain

can help the

world healWorld Economic Forum lists Blockchain as one of the top ten emerging technologies of 2016


Some technical terms• Cryptographic Hash Function –

Variable length message to fixed length digest

• Double Spend – Prevent double spend of Digital Money

• Ledger – Principal Book of Accounts• Distributed Ledger• Peer to Peer network – No central

authority• Digital Signature – Digital

Authentication• Date and Time Stamping – Put date

and time stamp at the moment of action

• Public Key and Private Key – Bank Account and Pin No – sender receiver authenticity08/05/2019 33The Computers Limited (Estd 1983)

Cryptographic Hash Function

• Mathematical Algorithm turns data (called message) of any size to a fixed size string called a hash or digest.

• It is a one way function ie one cannot retrieve message from digest. It is infeasible to do so.

• It is deterministic in that message will always produce same digest

• It is quickly done• Any small change in message will produce a

totally different digest• It is infeasible to have same digest from

two different messages


HashingSHA 256 (Secure Hashing Algorithm)

Text SHA 256 Hash of your string (https://passwordsgenerator.net/sha256-hash-generator/)

Hi 3639EFCD08ABB273B1619E82E78C29A7DF02C1051B1820E99FC395

DCAA3326B8

Welcome 0E2226B5235F0FF94A276EB4D07A3BFEA74B7E3B8B85E9EFCA6C1

8430F041BF8

Taka 3000 1445603B96C797AD81A6964BDE7414D46B595BDD709E35D23BADB

3550D7E2A5C

• In the case of SHA-256, no matter how big or small your input is, the

output will always have a fixed 256-bits length (64 characters)

• This becomes critical when you are dealing with a huge amount of data

and transactions.

• So basically, instead of remembering the input data which could be huge, you can just remember the hash and keep track.


https://passwordsgenerator.net/sha256-hash-generator/

Double Spend Problem in Digital Currency

Paper Money

BDCoin

Digital Money

Supplier A Supplier A Supplier B Supplier C

OK No No

Double Spend prevents these


A possible simple implementation

• Without Blockchain: A transaction file structure in an Accounting Software could be as follows • Date, Voucher No, Transaction No, Account Head, Dr or Cr, Amount, Operator

ID, Date- Time Stamp

• With Blockchain: A transaction file structure in an Accounting Software would be amended as follows• Date, Voucher No, Transaction No, Account Head, Dr or Cr, Amount, Operator

ID, Date- Time Stamp, ID for this Block, ID for Prev Block

• ID for this Block is a special ID generated from the data contained in this block. Should anyone change say, amount this ID will change and all will know data has been changed. This is a no no.


Blockchain – Magic Ledger

• Blockchain Distributed Ledger is like magic ledger in which appears all transaction everyone writes after validation by everyone.

• It does not let any error be introduced


Blockchain matters

Excitement and Scepticism08/05/2019 39The Computers Limited (Estd 1983)

Blockchain uses Only Limited by imagination


Blockchain Acceptability

Some countries provide favourable backdrop

yet others have created massive roadblocks


Bad Data - Blockchain to come to rescue

• In 2018, blockchain is being aggressively implemented across industries, including banking, finance, trading, logistics, healthcare, security, supply chain, real estate and governance.

• Big data and analytics expected to generate revenue of $187 billion by 2019, according to research firm IDC.

• Cost of bad data in US alone is $3 trillion. That’s a problem worth solving.• Exponential growth in data recording and management costs is something

that all businesses, organisations, industries and governments have to contend with. No wonder we are seeing tremendous and growing interest in blockchain.

• It’s clear that tomorrow’s blockchain innovation hubs are where governments encourage this technology today.


What is Ethereum?• Ethereum is an open software platform based on

blockchain technology that enables developers to build and deploy decentralized applications.

• Thirty big banks, tech giants, and other organizations—including J.P. Morgan Chase, Microsoft, and Intel—are uniting to build business-ready versions of the software behind Ethereum, a decentralized computing network based on digital currency.

• Until relatively recently, building blockchainapplications has required a complex background in coding, cryptography, mathematics as well as significant resources.

• But times have changed. Previously unimagined applications, from electronic voting & digitally recorded property assets to regulatory compliance & trading are now actively being developed and deployed faster than ever before.

Vitalik Buterin, Russian Canadian, born 1994, Co founder of Ethereum


Blockchain – smart contracts

• Blockchain technology allows for smart contracts, i.e. computer programs that may execute under certain conditions.

• Think of an invoice paying for itself after checking that delivered goods have been received according to specifications and sufficient funds are available on the company’s bank account.



Blockchain is an Accounting technology

• Blockchain technology may represent the next step for accounting

• Instead of keeping separate records based on transaction receipts, companies can write their transactions directly into a joint register, creating an interlocking system of enduring accounting records.

• Since all entries are distributed and cryptographically sealed, falsifying or destroying them to conceal activity is practically impossible.

• It is similar to the transaction being verified by a notary – only in an electronic way.


Blockchain – custodian of integrity of electronic files

• Blockchain makes it possible to prove integrity of electronic files easily.

• One approach is to generate a hash string of the file.

• That hash string represents the digital fingerprint of that file.

• Next, that fingerprint is immutably timestamped by writing it into the Blockchain via a transaction.

• At any subsequent point in time, one can prove the integrity of that file by again generating the fingerprint and comparing it with the fingerprint stored in the Blockchain.

• In case the fingerprints are identical, the document remained unaltered since first writing the hash to the Blockchain.

• One may see the life-cycle of each accounting incident on the Blockchain, including all relevant documents.

• Entire business processes, spanning over multiple departments or companies become easily traceable.


Impact on Accounting – Blockchain will disruptShould Accountants be afraid

• Million Dollar Question - Answer is no.

• Blockchain is an indestructible and incorruptible ledger. Transactions once recorded cannot be altered or deleted.

• If anything, Blockchain offers a great opportunity. Offers DLT for accounting and reporting

• From simplyfing compliance with regulatory requirements to enhancing the prevalent double entry book keeping, anything is imaginable.

• The accountants and accountancy companies which embrace blockchain and get to know its underlying concepts will be the ones who are more highly sought after in the future.

• And with every day that passes, a blockchain-based future is looking more and more likely.08/05/2019 48The Computers Limited (Estd 1983)

Fully automated audits may be a reality• The Blockchain as a source of trust can also be

extremely helpful in today’s accounting structures.

• It can be gradually integrated with typical accounting procedures: starting from securing the integrity of records, to completely traceable audit trails.

• Standardisation would allow auditors to verify a large portion of the most important data behind the financial statements automatically.

• The cost and time necessary to conduct an audit would decline considerably.

• Auditors could spend freed up time on areas they can add more value, e.g. on very complex transactions or on internal control mechanisms.

• At the end of the road, fully automated audits may be reality


Real Identity


Why should Bangladesh embrace Blockchain technology in all earnest

• We are rightly on the pathway to become a Digital Bangladesh – Blockchain Bangladesh

• Technology is sometimes like a black box to most people with total ignorance of what is going on

• Technology therefore can intimidate and face severe resistance

• Double entry accounting system has given some measure of confidence in accounting system over last 600 years.

• Computerization has progressed leaps and bounds so far based on rockstar principles –breaking barriers and always disrupting.

• Blockchain technology (Blockchain 1.0 Blockchain 2.0 ..) brings the confidence in digital space that no data manipulations are possible even if we do not know how it is being done.08/05/2019 51The Computers Limited (Estd 1983)

A fair digital Bangladesh• According to an IMF report more than $ 1 trillion dollars is paid in

bribes each year around the world with underdeveloped and developing countries topping the list of being the most corrupt nations.

• People in these nations pay up to 13 percent of their income to bribes which later discourages them from services made available by the government.

• Corruption is the root cause of crime in many countries and acts like a fuel to poverty and social inequality.

• Institutes worldwide are trying their best to strictly monitor and thus eliminate corruption worldwide, unfortunately without much success until now.

• This, however, might change in future.

• Experts nowadays are betting on the invention of blockchain to fight corruption.

• The blockchain is a decentralized (open or permissioned) technology which offers full transaction transparency, thus providing no room for fraud or capital manipulation.

• Blockchain implementation, however, demands a solid digital infrastructure which in my opinion is an area where IT communication network provider should look into.


Imagineby John Lennon and Yoko Ono

A Blockchain song

At the age of 30 in 1971 he dreamed of one world one country one people united in purpose to repair and change itself.

He believed global harmony is within our reach if we reject social control that inhibit human potential and create economic class.


Imagineby John Lennon and Yoko Ono

Imagine there is no heaven it is easy if you tryNo hell below us above us only skyImagine all the people living for today Ah ha haImagine there’s no countries it isn’t hard to doNothing to kill or die for and no religion tooImagine all the people living life in peace Oohoo oohYou may say I am a dreamer but I am not the only oneI hope some day you will join us and the world will be as oneImagine there’s no possessions I wonder if you canNo need for greed or hunger A brotherhood of manImagine all the people sharing all the world Oohoo oohYou may say I am a dreamer but I am not the only oneI hope some day you will join us and the world will live as one


Thank you for

listening08/05/2019 The Computers Limited (Estd 1983) 55

Appendix


Blockchain – One truth - Synchronous Community knowledge provides trust

• In a village called Abhaypara in Bangladesh there are about 200 people

• Assume there is no “Matabbor” in Abhaypara

• Everyone knows which house, piece of land, cow, goat, duck, chicken belong to whom

• If some one sells something to someone everyone knows it

• They all depend on synchronous common knowledge – one truth

• Basis of Blockchain Idea


Blockchain is like Cash transaction only

• Cash transaction in a small community in close proximity needs no intermediaries like Blockchain

• Third party is needed to verify and control as is the practice now when parties are apart and connect over various communication channels.

• Internet brings us together in a closed community no matter wherever we are in the global village

• Blockchain removes that third party/ intermediary need for the global connected village


Blockchain adoption in USA, Russia, China, Dubai

US, Russia and China• Although Govt put roadblocks but rising interest is demonstrated by filing of

Blockchain patents in China (225 out of world total of 406 in 2017 as per WIPO) and in US (91 out of 406).

• Recently (Jun 2018) laws have been introduced in State Duma, lower house of Russian Parliament for legalizing Blockchain technologies, cryptocurrencies.

Dubai• Government is supporting innovation to implement blockchain-based services in

various sectors.

• Dubai is aiming to become the blockchain capital of the world and plans to roll out 20 blockchain-based initiatives this year for improving government services in areas such as road and transport, education, energy and healthcare.


Blockchain adoption in Switzerland, UKSwitzerland

• Zug, a lakeside town in Switzerland, has come to be known as Crypto Valley, attracting huge foreign investments in the blockchain space.

• It is home to some prominent blockchain start-ups, like Status, ShapeShift, Bancor, iProtus and Melonport.

United Kingdom• As early as January 2016, the UK government had released plans to use blockchain

to “reduce fraud, corruption, error and the cost of paper-intensive processes.”

• The UK government’s BaaS (blockchain-as-a-service) is already being used to track welfare paychecks and disburse student loan grants.

• The nation’s technology development agency, Innovate UK, is continuing to support blockchain-based technologies with a call for funding submissions on projects in the fields of emerging technologies including distributed ledger.


Blockchain adoption in Estonia

• Although blockchain has only become hot technology in recent years, Estonia has been testing the blockchain technology since 2008.

• Since 2012, blockchain has been in production use in Estonia’s data registries, such as the national health, judicial, legislative, security and commercial code systems, with plans to extend its use to other spheres such as personal medicine, cybersecurity and data embassies.

• Estonia has an e-residency programme that allows people from other countries to become digital citizens and register their business here. It is now working on a national cryptocurrency dubbed ESTcoin.

• There are talks of the first-ever government-backed ICO (Initial Coin Offering) for the token sale of ESTcoin.


Blockchain adoption in Singapore, Cyprus

Singapore• Not wanting to be left behind, Singapore has also progressed as a hub for

blockchain innovation.

• The Monetary Authority of Singapore also already announced plans to tokenise the country’s currency on the Ethereum Network.

• The government has allocated funds equivalent of over US$225 million for blockchain R&D focused on integrating blockchain into government and financial services.

Cyprus• It’s good to see the University of Nicosia (UNIC) taking the lead and offering

education in blockchain technology and digital currencies, and even accepting bitcoin for payments.

• It is currently calling for two post-doctorate positions in distributed ledger technology and smart token corporate governance.

• The island nation is perfectly positioned to become a key player in the innovation and adoption of this revolutionary technology.08/05/2019 62The Computers Limited (Estd 1983)

Blockchain – SBI in India• SBI partners with “BankChain” and Intel to deploy Blockchain solutions.

• BankChain is a community of banks in India formed to explore, build and implement Blockchain solutions. SBI is a founding member of BankChain

• “Primechain Technologies” operates the BankChain community and will deliver an enterprise blockchain solution that runs on HyperledgerSawtooth and Intel Software Guard Extensions (Intel SGX).

• Intel designed SGX are useful for implementing secure remote computation, secure web browsing, and digital rights management (DRM).

• By leveraging blockchain components such as Intel SGX and HyperledgerSawtooth together with Primechain’s expertise to build blockchains, they aim to realize emerging fintech services such as P2P lending, crowdfunding, and digital marketplaces that enable financial inclusion.


Bitcoin status in various countriesVery fluid - Changing all the time

Yes• USA, Canada, Australia, European Union, (Finland, Belgium, Cyprus,

UK, Bulgaria, Germany, Schipol Airport in Netherlands has Bitcoinexchanges.), Russia (Putin intends to build CryptoRuble)

No• Iceland (Auroracoin launched out of Iceland), Vietnam, Bolivia,

Kyrgizstan, Ecuador (creating its own cryptocurrency), Russia (changing now), China (Banks prohibited from dealing in Bitcoins. Bitcoin culture is thriving in China. World’s biggest Bitcoin market)


IOT (Internet of Things)Things connected through internet

• Smart locks, Smart thermostat, Smart security system, Health monitor, Smart Dog Feeder, Activity monitor for older people are all IOT devices

• IOT is a fast growing increasingly complex network of connected physical systems that are able to process information and communicate peer to peer in order to enable common services

• These devices are becoming increasingly ubiquitous ranging from autonomous vehicles to sensors monitoring industrial processes to smart homes and smart cities


IOT (Internet of Things) – Sensors - Actuators

Sensors Actuators Display Communication


IOT -26 Billion connected devices

• IOT is growing rapidly, according to Gartner the global IOT network will connect 26 billion devices by 2020

• The development of an IOT infrastructure to our economies will probably be the greatest engineering challenge of our times

•Dealing with the sheer amount of data due to come on stream and security are primary concerns


IOT - Blockchain offers reliability• Blockchain technology can be used

to track billions of connected devices, enable trusted processing of transactions and coordination between devices.

• Blockchain is the missing link to settle scalability, privacy and reliability concerns of IOT.

• Blockchain’s decentralized approach would eliminate single points of failure, creating a more resilient ecosystem for devices to run.

• Cryptographic algorithms used by Blockchain would make consumer data more private.


IOT – Blockchain – Smart Contract• One example of IOT - Blockchain system is Slock, a

door lock that is connected to a smart contract on the blockchain that controls when and who can open the lock according to rules set.

• Smart Contracts, a feature of Bitcoin 2.0 technologies such as Ethereum could operate on Internet of things, control objects in the physical world, and power a new decentralised version of the sharing economy, for example sharing services similar to Uber and Airbnb that operate in pure P2P mode without centralized management.

• Through IOT – Blockchain integration we can have smart contracts enabling frictionless and automated temporary exchange of assets such as bikes, parking lots or rooms.







Incentive to do better


Token


AnalysingExtracts of Audit Report

by CAGB


CAGBVision, Mission and Core Values


• Accountability

• Transparency

• Good Governance

• Optimization

• Reliability

• Objectivity

BLOCKCHAIN can help achieve above




AnalysingExtracts of Audit Report

by CAGB*Rules and procedures not followed

*Contract non performance

*Blockchain can prevent above through, say, (a) strong built in logic, (b) data immutability and (c) smart contracts

*CAGB would be freed to concentrate on finer points like advising on how to (a) withstand pressure from non-formal power base for non compliance

or (b) strengthen auditee’s management capacity or (c) help reengineer existing processes for continual improvement in performance.


Blockchainachieve CAGB Vision?


For all Auditees and CAGB

*Wholesale Computerisation*Research into Blockchain embedded Software

solutions available*Inhouse readiness/ Change Management

*Auditee and Auditor in permissioned Blockchain


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08/05/2019 The Computers Limited (Estd 1983) 1 · •Answer is Blockchain based digital currency...

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