Tag Archives: sector

Creating and Managing Blockchain Databases in the Public Sector | Ministry of Industry and Technology of Turkiye

Creating and Managing Blockchain Databases in the Public Sector | Ministry of Industry and Technology of Turkiye

Blockchain technology has been creating significant impacts across industries, and the public sector is no exception. Its transformative potential to revolutionize data management and bolster security has attracted the attention of government agencies and organizations globally. In this presentation, Anndy Lian sheds light on the steps involved in creating and managing blockchain databases within the public sector, along with crucial factors to ensure successful implementation.

Empowering the Public Sector with Blockchain

Before delving into the technical aspects of blockchain databases, it’s essential to emphasize the goal of empowering the people on the ground with the right knowledge. By equipping individuals with the ability to understand blockchain technology, they can communicate effectively and ask relevant questions when engaging with experts or vendors for blockchain solutions. This understanding ensures that the right decisions are made and the system is structured efficiently.

Choosing the Right Blockchain Platform

When implementing a blockchain database, the first crucial decision is to choose the right blockchain platform. There are various options available, but two of the simplest and widely used ones are private and public blockchains.

Private Blockchain

Private blockchains are suitable for organizations seeking enhanced security for their data, ensuring only authorized participants have access to the network. IBM is a prominent example of using private blockchains to establish secure and efficient collaboration among trusted participants. By implementing strong identity verification measures, private blockchains maintain a certain level of transparency while streamlining processes.

Public Blockchain

Public blockchains, like Ethereum, offer an open and decentralized approach. They allow anyone to access and participate in the network. While this openness can lead to concerns about data privacy, it can be advantageous in certain scenarios, especially for public organizations seeking a higher level of transparency.

Essential Steps to Create a Blockchain Database

Whether you opt for a private or public blockchain, the process of creating a blockchain database involves fundamental steps. Here’s a concise guide to get you started:

1. Choose the Right Blockchain Platform

Select the blockchain platform that aligns with your organization’s goals and requirements. Determine if you need a private blockchain for heightened security or if a public blockchain’s transparency suits your needs better.

2. Decide on the Programming Language

The choice of programming language plays a significant role in developing blockchain-based applications. Depending on the blockchain platform, you can opt for languages such as Go, JavaScript, Python, Golang, C++, or Rust. Choose a language with an active developer community for ample support.

3. Define Data Structure

Once the programming language is chosen, define the data structure for your blockchain database. Consider what information you want to put on the chain and how you plan to verify and validate the data.

4. Establish Consensus Mechanism

Decide on the consensus mechanism that governs how data is added and validated on the blockchain. The consensus mechanism could be Proof-of-Work (PoW), Proof-of-Stake (PoS), or other variations. Each mechanism comes with its advantages and trade-offs, so choose wisely based on your specific needs.

5. Implement Security Measures

Security is paramount in any blockchain implementation. Implement robust identity verification, access control, and encryption measures to protect sensitive data and ensure the integrity of the system.

6. Test and Deploy

Thoroughly test your blockchain database before deployment. Identify and resolve any issues to ensure smooth functionality.

7. Governance and Consensus Upgrades

Set up governance rules and consensus mechanisms that allow the network to adapt to changing needs and upgrades. This flexibility ensures that the blockchain database can evolve with your organization’s requirements.

Considerations for Effective Management

Managing a blockchain database involves ongoing tasks and considerations to ensure its efficient operation:

Scalability and Performance

Address scalability and performance concerns by exploring solutions like hybrid blockchains or Layer Two solutions. These can enhance transaction speed and optimize the overall performance of the blockchain database.

Network Monitoring and Maintenance

Maintain a vigilant approach to network monitoring and regular maintenance. Ensure that all servers and nodes are functioning correctly to avoid downtime and potential security breaches.

Data Verification and Validation

Design a robust data verification and validation process to ensure data integrity and prevent fraudulent activities. This process is critical, especially in contexts like e-voting systems, where the accuracy of data is paramount.

Collaboration with External Experts

It is also important to engage with external experts who can offer valuable advice and insights. Collaborating with experienced blockchain consultants or seeking advice from other government organizations that have successfully implemented blockchain can be highly beneficial.

Implementing and managing blockchain databases in the public sector is a transformative endeavor with vast potential. The choice of the right blockchain platform, programming language, and consensus mechanism is crucial. While private blockchains offer enhanced security, public blockchains provide transparency and openness. The steps to create a blockchain database are not as complex as they may seem, and the benefits of proper implementation are substantial. By empowering the public sector with blockchain technology, governments can enhance data management, increase security, and improve efficiency for the betterment of society as a whole.

This video is part of a consultation session on “Technical Expert Service on Improvement of Public Sector Efficiency Using Blockchain-based Database”. The implementing organizations include the Ministry of Industry and Technology of Turkiye and the Asian Productivity Organization. The event was held in Ankara and Bolu, Turkiye, from 4–7 July 2023.

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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From centralisation to decentralisation; how blockchain-oriented fintech can benefit the financial sector

From centralisation to decentralisation; how blockchain-oriented fintech can benefit the financial sector

Additional comments.

Blockchain has the potential to digitize the entire trade finance lifecycle while increasing security and efficiency, lower fraud, human error, and overall counterparty risk.

From a productivity stand point, blockchain intervention allows the whole banking process to be automated within a given set of variables and guidelines and certain banking functions can work 24/7 instead of 9 to 5. In the example of payment, the current system for cross border transactions can take up to a week to clear, with the help of blockchain the amount can be cleared instantly.

On top of everything, it can enable more transparent governance as all the transactions are trackable and traceable on the blockchain.

 

Anndy Lian

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From centralisation to decentralisation; how blockchain-oriented fintech can benefit the financial sector

As stated by experts, blockchain has the capability to digitise the trade finance ecosystem with increment in security and efficiency, reduction in fraudulent practices and human errors, and overall fall in counterparty risks

From what it seems one of the burgeoning technology blockchain is expected to have an impact across sectors including finance. Insights from a study conducted by Market Research Future, a market analysis company, have shown that blockchain within the fintech market will be valued at $31.4 billion by 2030, thereby clocking a 47.90% compound annual growth rate (CAGR). “Blockchain’s influence on the fintech sector can play a key role in boosting privacy and reduction of risks, while transactions are conducted. With no intermediaries involved, customers can conduct transactions at a reduced cost. As the financial industry starts to use blockchain, the potential to provide reliable and transparent transactions will become prevalent,” Prashant Kumar, founder, and CEO, weTrade, a cryptocurrency startup, told FE Digital Currency.

As stated by experts, blockchain has the capability to digitise the trade ecosystem with increment in security and efficiency, reduction in fraudulent practices and human errors, and overall fall in counterparty risks. A blog by International Business Machines (IBM) Corporation, a technology corporation, mentioned that 54% of banks surveyed said that transformative technologies such as blockchain, digital trade, and online trade platforms are priority areas of development with regard to future growth. “From a productivity standpoint, blockchain’s intervention will allow the banking system to be automated within a given set of variables, to allow them to function 24×7. Moreover, it can enable transparent governance, as transactions will become traceable on blockchain,” Anndy Lian, chief digital advisor, Mongolian Productivity Organisation, a governmental organisation, said.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Look to the Long Term To Prosper in the Crypto Sector, Says BigONE Exchange’s Anndy Lian

Look to the Long Term To Prosper in the Crypto Sector, Says BigONE Exchange’s Anndy Lian

Speaking on the panel ‘Why are crypto exchanges still flourishing?’ at Crypto Expo Dubai on March 16, 2022, the Chairman of BigONE Exchange Anndy Lian and council member to Kishu Inu said he firmly believed in the sector’s long term prospects.

“All the good actors we have to understand why we’re here; is it because there is a chance to earn more money, a chance to earn a few million dollars on exit? That’s not true, people at Binance or FTX are all looking at the long term investment in infrastructure, including investing in licenses, and most importantly investing in people, not just their own staff but also their community,” said Lian. “Is it better for an exchange to be located in Seychelles versus Singapore or South Korea? It becomes a choice where you want to be regulated, where your community is,” he added.

Clearly, the crypto exchange industry is at a crossroads, with the sanctions against Russia together with incoming crypto regulation led by the US likely to lead to a significant change in how exchanges operate.

Until now exchanges outside the US which have largely ignored regulation have been at an advantage, allowing them to win as they benefited from lower overheads and restrictions. But as financial regulation starts to bite, this liberal regime that allowed global players like Binance to thrive is no longer the case. It was reported in December 2021 that Binance, the world’s largest cryptocurrency exchange with a daily turnover of US$76 billion, withdrew its application to start a cryptocurrency exchange in Singapore.

In the US the SEC amended rules published in January which expand its oversight to securities traded outside its supervision means that decentralized exchanges such as Uniswap, which traded more than $70bn in volume in January, could also be affected. US President Biden’s new executive order, directing agencies to work out a comprehensive approach to cryptocurrencies bodes well for the sector, but regulatory implementation will be key.

“In conclusion, I think there’s still a lot of good money out there to be made. It’s not just about Binance or FTX, if you in your jurisdiction do well, and create your own community and be truthful in your operations, whether a meme coin or layer 2, then there is sufficient money in the market, there are sufficient exchanges to be listed on for you to prosper; but overall, it’s going to be a long term process,” Lian remarked.

At this panel discussion, we are joined by Osama Bari (CTO, Difx), Peter Sumer (CEO, Bitmarkets), Mohammad Khalifa (CEO, Garantex), Shantnoo Saxsena (COO, Lbank) and Anndy Lian (Chairman, Bigone & Council Member, Kishu Inu Foundation) and moderated by Uptin Saiidi. Crypto Expo Dubai is the premier event for cryptocurrency investors, project developers and industry leaders to network, share innovation and create business relationships in the world’s fastest-growing financial country.

About BigONE Exchange

BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.

About Crypto Expo Dubai 2022

Crypto Expo Dubai is the premier event for cryptocurrency investors, project developers and industry leaders to network, share innovation and create business relationships in the world’s fastest-growing financial country.

 

Original Source: https://www.digitaljournal.com/pr/look-to-the-long-term-to-prosper-in-the-crypto-sector-says-bigone-exchanges-anndy-lian

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j