Appetite for blockchain technology is growing worldwide as venture capital investment in Bitcoin and blockchain start-ups exceeds US$1.1 billion and major financial institutions begin trialling the technology for varied applications.
Digital documents can be signed or “stamped” as valid by authorities are an intriguing possibility for reducing forgery risk. A simple step using today’s technology would be for issuing authorities to email digitally signed PDFs of ID documents, bank statements, wedding certificate, etc at the same time as issuing the laughable bits of paper that everyone relies on. This is much more secure than the bits of paper we wave around that can be easily forged.
The Blockchain creates and records all digital currency transactions using mathematics. The Bitcoin blockchain uses the computing power on Earth to solve these math problems that confirm transactions made using the digital currency Bitcoin.
As many are familiar with the cryptocurrency Bitcoin, many people still don’t understand blockchain’s other uses. The blockchain saves aspects of each transaction made using the currency; small transactions can be made in which information is stored. This allows for the possibility of signing and permanently recording legally binding documents.
Blocksign is a service that lets people digitally sign legally binding documents and preserve a private record of their signed document in the blockchain, where they can access it for free forever. Blocksign uses the decentralised public ledger of the block chain to sign, timestamp, and allow you to later verify the authenticity of a document that has been block signed.
The benefit of digital signature
Signing documents and contracts can often be a confusing or tedious process. Blocksign provides a solution that makes it easy to sign a document, while also providing an incredible way to permanently preserve verifiable records of what you’ve signed.
The document signing process is really just about communication, and exceptional record keeping is an extension of that.
Where could the Mauritius public sector apply the Blockchain technology and why?
The blockchain can also be several blockchains that are industry specific can help to solve integrity issues of the public sector such as in the areas of:
- Business Registry
- Property Registry
- Succession Registry
- Official Announcements
- Digital Court Files
- Database Integrity
- Transparency Accountability
- Forensic Proof
- Fully Digital Governance
Signatures in bulk within the blockchain can make visits to the clinics / state hospitals paperless and eliminate the scenario of lost patient files!
In Mauritius, the population is well banked, it is easy to get access to bank services and have a bank account. Therefore easy to transfer money worldwide (at a very high cost of around EUR 40 per transfer abroad), so there will need to be stronger convincing factors for the locals to adopt bitcoins or a digital rupee for all their transactions. Even the mobile payment solution JUICE developped by Mauritius biggest commercial bank MCB is growing amongst users and merchants.
In many developing countries, the very reasons people are turning to Bitcoin is because the services offered by banks are not easily accessible and on top to transfer money is to restricted. If let’s say Mauritius reputation gets downgraded and seen as a shady financial centre, corresponding banks might consider the option of de-risking.
The Anglo African team can assist you in unlocking the full potential of FinTech for the prosper of your business. If you have any queries or if you would like further information, please contact us on 2331636 or by e-mail at email@example.com.