111Blockchain-Outside ofCurrenciesDigital currencies w.docx

111
Blockchain-Outside of
Currencies
Digital currencies were the first ever application of blockchain
technology, arguably
without realizing its true potential. With the invention of
bitcoin the concept of blockchain
was introduced for the very first time, but it wasn't until 2013,
with the advent of Blockchain
2.0 that the real benefits of blockchain were realized with its
possible application in many
different industries. Since then a number of use cases of
blockchain technology in different
industries, have been proposed including but not limited to
finance, the Internet of Things,
digital rights management, government, and law. In this
chapter, four main industries
namely the Internet of Things (IoT), government, health, and
finance, have been selected
for discussion. Readers will be introduced to all these fields and
various related use cases
will be presented.
Internet of Things
The Internet of Things or IoT for short has recently gained
much traction due to its potential
for transforming business applications and everyday life. IoT
can be defined as a network of
computationally intelligent physical objects that are capable of
connecting to the Internet,
sensing real-world events or environments, reacting to those

events, collecting relevant
data, and communicating it over the Internet. This simple
definition has huge implications
and has led to exciting concepts, such as wearable's, smart
homes, smart grids, smart
connected cars, and smart cities, that are all based on this basic
concept of an IoT device.
After dissecting the definition of IoT above, there are four
functions that come to light as
being performed by an IoT device. These include sensing,
reacting, collecting, and
communicating. All these functions are performed by using
various components on the IoT
device.
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Blockchain-Outside of Currencies
[ 413 ]
Sensing is performed by sensors. Reacting or controlling is
performed by actuators,
collection is a function of various sensors, and communication
is performed by chips that
provide network connectivity. One thing to note is that all these
components are accessible
and controllable via the Internet in the IoT. An IoT device on its
own is perhaps useful to
some extent but if it is part of a larger IoT ecosystem it is more
valuable.
A typical IoT can consist of many physical objects connecting
with each other and to a
centralized cloud server. This is shown in the diagram below:
Elements of IoT are spread across multiple layers and various
reference architectures exist
that can be used to develop IoT systems. Generally, a five layer
model can be used to
describe IoT, which contains a physical object layer, device
layer, network layer, services
layer, and application layer. Each layer or level is responsible
for various functions and
includes various components. These are described in detail
below.
Physical object layer
These include any physical real-world objects includes people,
animals, cars, trees, fridges,
trains, factories, homes, and in fact anything that is required to

be monitored and controlled
can be connected to the IoT.
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[ 414 ]
Device layer
This layer contains things that make up the IoT such as sensors,
transducers, actuators,
smart phones, smart devices, and Radio Frequency
Identification tags (RFIDs). There can
be many categories of sensors such as body sensors, home
sensors, and environmental
sensors based on the type of work they perform. This is the core
of an IoT ecosystem where
various sensors are used to sense real-world environments. This
includes sensors that can
monitor temperature, humidity, liquid flow, chemicals, air,
pressure, and much more.
Usually, an Analog to Digital Converter (ADC) is required on a
device in order to turn the
real-world analog signal into a digital signal that a
microprocessor can understand.
Actuators in this layer provide the means to enable control of
external environments, for
example, starting a motor or opening a door. These components
also require digital to
analog converters in order to convert a digital signal into

analogue. This is especially
relevant when control of a mechanical component is required by
the IoT device.
Network layer
This layer is composed of various network devices that are used
to provide Internet
connectivity between devices and to the cloud or servers that
are part of the IoT ecosystem.
These devices can include gateways, routers, hubs, and
switches. This layer can include two
types of communication. First is the horizontal means of
communication, which includes
radio, Bluetooth, WiFi, Ethernet, LAN, ZigBee, and PAN and
can be used to provide a
communication between IoT devices. Second, we have
communicating to the next layer,
which is usually through the Internet and provides
communication between machines and
people or other upper layers. The first layer can optionally be
included in the device layer
as it physically is residing on the device layer where devices
can communicate with each
other at the same layer.
Management layer
This layer provides the management layer for the IoT
ecosystem. This includes platforms
that enable processing of data gathered from the IoT devices
and turn that into meaningful
insights. Also, device management, security management, and
data flow management are
included in this layer. It also manages communication between
the device and application
layers.

[ 415 ]
Application layer
This layer includes applications running on top of the IoT
network. This can include a
number of applications depending on the requirements such as
transportation, healthcare,
financial, insurance, or supply chain management. This of
course is not an exhaustive list by
any stretch of the imagination; there is a myriad of IoT
applications that can fall into this
layer:
With the availability of cheap sensors, hardware, and
bandwidth, IoT has gained popularity
in recent years and currently has applications in many different
areas including healthcare,
insurance, supply chain management, home automation,
industrial automation, and
infrastructure management. Moreover, advancements in
technology such as the availability
of IPv6, smaller and powerful processors, and better Internet
access have also played a vital
role in the popularity of IoT. The benefits of IoT range from
cost saving to enabling
businesses to make vital decisions and thus improve
performance based on the data
provided by the IoT devices. Raw data from millions of things

(IoT devices) is analyzed and
provides meaningful insights that help in making timely and
effective business decisions.
[ 416 ]
The normal IoT model is based on a centralized paradigm where
IoT devices usually
connect with a cloud infrastructure or central servers in order to
report and process the
relevant data back. This centralization poses certain
possibilities of exploitation including
hacking and data theft. Moreover, not having control of
personal data on a single,
centralized service provider also increases the possibility of
security and privacy issues.
Whilst there are methods and techniques to build a highly
secure IoT ecosystem based on
the normal IoT model there are certain much more desirable
benefits that blockchain can
bring to IoT. A blockchain-based IoT model differs from the
traditional IoT network
paradigm. According to IBM, blockchain for IoT can help to
build trust, reduce costs, and
accelerate transactions. Additionally, decentralization, which is
at the very core of
blockchain technology, can eliminate single points of failure in
an IoT network. For

example, a central server perhaps is not able to cope with the
amount of data that billions of
IoT devices (things) are producing at high frequency. Also the
peer-to-peer communication
model provided by blockchain can help to reduce costs because
there is no need to build
high-cost centralized data centres or implementation of complex
public key infrastructure
for security. Devices can communicate with each other directly
or via routers.
As an estimate from various researchers and companies, by
2020 there will be roughly 22
billion devices connected to the Internet. With this explosion of
billions of devices
connecting to the Internet, it is hard to imagine that centralized
infrastructures will be able
to cope with the high demands of bandwidth, services, and
availability without incurring
excessive expenditure. Blockchain-based IoT will be able to
solve scalability, privacy, and
reliability issues in the current IoT model.
Blockchain enables things to communicate and transact with
each other directly and with
the availability of smart contracts negotiation and financial
transactions can also occur
directly between the devices instead of requiring a middleman,
authority, or human
intervention. For example, if a room in a hotel is vacant, it can
rent itself out, negotiate the
rent, and can open the door lock for a human who has paid the
right amount of funds.
Another example could be that if a washing machine runs out of
detergent, it could order it
online after finding the best price and value based on the logic

programmed in its smart
contract.
[ 417 ]
The above mentioned five-layer IoT model can be adapted to a
blockchain-based model by
adding a blockchain layer on top of the network layer. This
layer will run smart contracts,
and provide security, privacy, integrity, autonomy, scalability,
and decentralization services
to the IoT ecosystem. The management layer in this case can
consist of only software related
to analytics and processing, and security and control can be
moved to the blockchain layer.
This can be visualized in the following diagram:
In this model, other layers would perhaps remain the same but
an additional blockchain
layer will be introduced as a middleware between all
participants of the IoT network.
It can also be visualized as a peer-to-peer IoT network after
abstracting away all the layers
mentioned above. This is shown in the following diagram where
all devices are
communicating and negotiating with each other without a
central command and control

entity:
[ 418 ]
It can also result in cost saving which is due to easier device
management by using a
blockchain based decentralised approach. The IoT network can
be optimized for
performance by using blockchain. In this case there will be no
need to store IoT data
centrally for millions of devices because storage and processing
requirements can be
distributed to all IoT devices on the blockchain. This can result
in completely removing the
need for large data centres for processing and storing the IoT
data.
Blockchain-based IoT can also thwart denial of service attacks
where hackers can target a
centralized server or data centre more easily but with
blockchain's distributed and
decentralized nature, such attacks are no longer possible.
Additionally, if as estimated there
will be billions of devices connected to the Internet in the near
future, it will become almost
impossible to manage security and updates of all those devices
from traditional centrally-
owned servers. Blockchain can provide a solution to this

problem by allowing devices to
communicate with each other directly in a secure manner and
even request firmware and
security updates from each other. On a blockchain network
these communications can be
recorded immutably and securely which will provide
auditability, integrity, and
transparency to the system. This is not possible with traditional
P2P systems.
[ 419 ]
In summary, there are clear benefits that can be reaped with the
convergence of IoT and
blockchain and a lot of research and work in academia and
industry are already in progress.
There are various projects already proposed providing
blockchain-based IoT solutions. For
example, IBM Blue Horizon and IBM Bluemix are IoT
platforms supporting blockchain IoT
platforms. Various start-ups such as Filament have already
proposed novel ideas on how to
build a decentralised network that enables devices on IoT to
transact with each other
directly and autonomously driven by smart contracts.
In the following section, a practical example is provided on how
to build a simple IoT

device and connect it to the Ethereum blockchain. This IoT
device is connected to the
Ethereum blockchain and is used to open a door (in this case the
door lock is represented by
an LED) when the appropriate amount of funds are sent by a
user on the blockchain. This is
a simple example and requires a more rigorously-tested version
in order to implement it in
production but it demonstrates how an IoT device can be
connected, controlled, and
responded to in response to certain events on an Ethereum
blockchain.
IoT blockchain experiment
This example makes use of a Raspberry device which is a Single
Board Computer (SBC).
Raspberry Pi is a single-board computer developed as a low cost
computer to promote
computer education but has also gained much more popularity
as a tool of choice for
building IoT platforms. A Raspberry Pi 3 model B is shown in
the following figure:
[ 420 ]
In the following section, an example will be discussed where a
Raspberry Pi will be used as
an IoT device connected to the Ethereum blockchain and will

perform an action in response
to a smart contract invocation.
First, the Raspberry Pi needs to be set up. This can be done by
using NOOBS which
provides an easy method of installing Raspbian or any other
operating system. This can be
downloaded and installed from the link .
Alternatively, only Raspbian can be installed from the link
. Another alternative available at
can also be used to install a
minimal non-GUI version of Raspbian OS. For the purpose of
the example, NOOBS has
been used to install Raspbian, as such the rest of the exercise
assumes Raspbian is installed
on the SD memory card of the Raspberry Pi.
Once the Raspbian operating system is installed, the next step is
to download the
appropriate binary for the Raspberry Pi ARM platform. The
platform can be
confirmed by running the following command in a terminal
window in Raspberry Pi
Raspbian operating system. The command output shows that
which architecture the
operating system is running on. In this case it is , therefore
ARM-compatible binary
for will be downloaded.
The following steps are described in detail:
download:, note that in the example below a specific version is
downloaded1.
however other versions are available which can be downloaded

from
.
wget https://gethstore.blob.core.windows.net/builds/geth-linux-
arm7-1.5.6-2a609af5.tar.gz
Unzip and extract into a directory, the directory named 2.
will be created automatically with that tar command
next:
tar -zxvf geth-linux-arm7-1.5.6-2a609af5.tar
[ 421 ]
This will create a directory named and will extract
binary and related files into that directory. binary can be
copied into
or the appropriate path on Raspbian to make it available from
anywhere in the operating
system. When the download is finished, the next step is to
create the genesis block.
The same genesis block needs to be used that was created
previously in ,
Ethereum Development. The genesis file can be copied from the

other node on the network.
This is shown in the following screenshot. Alternatively, an
entirely new genesis block can
be generated. This was discussed in detail in , Ethereum
Development.
Once the file is copied onto the Raspberry Pi, the following
command can
be run in order to generate the genesis block. It is important
that exactly the same genesis
block is used that was generated previously otherwise the nodes
will effectively be running
on separate networks:
$ ./geth init genesis.json
This will show the output similar to the one shown in the
following screenshot:
[ 422 ]
After genesis block creation, there is a need to add peers to the
network. This can be
achieved by creating a file named , which contains the enode ID
of the
peer that geth on the Raspberry Pi will connect to for synching.
This information can be obtained from the geth JavaScript

console by running the following
shown command, this command should be run on the peer to
which Raspberry is going to
connect:
> Admin.nodeInfo
This will show the output similar to the one shown in the
following screenshot:
After this step, further instructions presented below can be
followed in order to connect
Raspberry Pi to the other node on the private network. In the
example, the Raspberry Pi
will be connected to the network ID 786 created in , Ethereum
Development. The
key is to use the same genesis file created previously and
different port numbers. Different
ports are not a strict requirement however. If the two nodes are
running under a private
network and access from an environment external to the
network is required then a
combination of DMZ/router and port forwarding will be used.
Therefore it is recommended
to use different TCP ports to allow port forwarding to work
correctly. The identity switch,
which hasn't been introduced previously, in the following
command allows for an
identifying name to be specified for the node.

[ 423 ]
First node setup
First, needs to be started on the first node using the following
command:
$ geth --datadir .ethereum/privatenet/ --networkid 786 --
maxpeers 5 --rpc -
-rpcapi web3,eth,debug,personal,net --rpcport 9001 --
rpccorsdomain "*" --
port 30301 --identity "drequinox"
Once is started up it should be kept running and another
instance should be
started from the Raspberry Pi node.
Raspberry Pi node setup
On Raspberry Pi, the following command is required to be run
in order to start and
sync it with other nodes (in this case only one node). The
following is the command:
$ ./geth --networkid 786 --maxpeers 5 --rpc --rpcapi
web3,eth,debug,personal,net --rpccorsdomain "*" --port 30302
--identity
"raspberry"
This should produce the output similar to the one shown in the
following screenshot. When
the output contains the row displaying Block synchronization
started it means that the
node has connected successfully to its peer.

[ 424 ]
This can be further verified by running commands in the
console on both nodes as
shown in the following screenshot. can be attached by simply
running the command
on the Raspberry Pi:
$ geth attach
Similarly can be attached to by running the command below on
the first node:
$ geth attach ipc:.ethereum/privatenet/geth.ipc
[ 425 ]
Once the console is available can be run to reveal the details
about other
connected nodes as shown in the following screenshot:

Once both nodes are up-and-running further prerequisites can be
installed in order to set
up the experiment. Installation of Node.js and the relevant
JavaScript libraries is required.
The required libraries and dependencies are listed below. First
Node.js and npm need to be
updated on the Raspberry Pi Raspbian operating system. For
this the following steps can be
followed:
Install latest Node.js on the Raspberry Pi using the following
command:1.
$ curl -sL https://deb.nodesource.com/setup_7.x | sudo -E bash
-
This should display output similar to the following. The output
is quite large therefore only
the top part of the output is shown in the following screenshot:
Run the update via :2.
$ sudo apt-get install nodejs
[ 426 ]
Verification can be performed by running the following
command to ensure that the correct

versions of Node.js and are installed, as shown in the following
screenshot below:
It should be noted that these version are not a necessity; any
latest version of and
will work. The examples in this chapter makes use of npm 4.0.5
and node v7.4.0.
Install Ethereum web3 npm, which is required to enable
JavaScript code to access3.
the blockchain:
Similarly, can be installed, which is required in order to4.
communicate with the Raspberry Pi and control GPIO:
When all prerequisites are installed, hardware setup can be
performed. For this purpose a
simple circuit is built using a breadboard and a few electronic
components.
[ 427 ]
These components are listed as follows:
LED: The abbreviation of Light Emitting Diode, this can be
used as visual1.
indication for an event.
Resistor: A 330 ohm component is required which provides

resistance to passing2.
current based on its rating. It is not necessary to understand the
theory behind it
for this experiment; any standard electronics engineering text
covers all these
topics in detail.
Breadboard: This provides a means of building an electronic
circuit without3.
requiring soldering.
T-Shaped cobbler: This is inserted on the breadboard as shown
in the figure 4.
below and provides a labeled view of all GPIO (General
Purpose I/O) pins for
the Raspberry Pi.
Ribbon cable connector: This is simply used to provide
connectivity between the5.
Raspberry Pi and the breadboard via GPIO. All these
components are shown in
the following image:
[ 428 ]
Circuit
As shown in the following image, the positive leg (long leg) of
the LED is connected to pin
number 21 of the GPIO and the negative (short leg) is connected
to the resistor, which is
then connected to the ground (GND) pin of the GPIO. Once the

connections are set up the
ribbon cable can be used to simply connect to the GPIO
connector on the Raspberry Pi.
Once the connections are set up correctly and the Raspberry Pi
has been updated with the
appropriate libraries and geth, the next step is to develop a
simple smart contract that
expects a value. If the value provided to it is not what it expects
it does not trigger an event;
otherwise, if the value passed matches the correct value, the
event triggers which can be
read by the client JavaScript programme running via Node.js.
Of course, the solidity
contract can be very complex and can also deal with the ether
sent to it and if the amount of
ether is equal to the required amount then the event can trigger;
but in this example the aim
is to demonstrate the usage of smart contracts to trigger events
that can then be read by
JavaScript programmes running on Node.js, which then in turn
can trigger actions on IoT
devices using various libraries.
The smart contract source code is shown as follows:
[ 429 ]

The solidity online compiler can be used to run and test this
contract. The Application
Binary Interface (ABI) required for interacting with the contract
is also available in the
Interface field as shown in the following screenshot:
There are two methods by which Raspberry node can connect to
the private blockchain via
the web3 interface. The first is where the raspberry device is
running its own geth and
maintains its own ledger but with resource-constrained devices
it is not possible to run a
full node, or even a light node in a few circumstances. In that
case, the web3 provider
can be initialized to connect to the appropriate RPC channel.
This will be shown later in the
client JavaScript Node.js programme. A comparison of both of
these approaches is shown in
the following diagram:
[ 430 ]
There are obvious security concerns which arise from exposing
RPC interfaces publicly,
therefore it is recommended that this option is used only on
private networks and if
required to be used on public networks appropriate security
measures are put in place, such

as allowing only the known IP addresses to connect to the geth
RPC interface. This can be
achieved by a combination of disabling peer discovery
mechanisms and HTTP-RPC server
listening interfaces. More information about this can be found
in geth help. The traditional
network security measures such as firewalls, Transport Layer
Security (TLS) and
certificates can also be used, but have not been discussed in this
example.
[ 431 ]
Now Truffle can be used to deploy the contract on the private
network ID 786 to which at
this point the Raspberry Pi is connected. A truffle deploy can be
performed simply by using
the following shown command; it is assumed that and other
preliminaries
discussed in , Ethereum Development have already been
performed:
$ truffle migrate
It should produce the output similar to the following screenshot:
Once the contract is deployed correctly, JavaScript code can be
developed that will connect

to the blockchain via web3, listen for the events from the smart
contract in the blockchain,
and turn the LED on via the Raspberry Pi. The JavaScript code
is shown as follows:
[ 432 ]
Note that in the example above the contract address
is specific to the deployment and it
will be different when readers run this example. Simply change
the address in the file to
what the readers see after deploying the contract. This
JavaScript code can be placed in a file
on the Raspberry PI, for example, . It can be run by using the
following
command:
$ sudo nodejs index.js
This will start the programme, which will run on Node.js and
listen for events from the
smart contract. Once the program is running correctly, the smart
contract can be invoked by
using the Truffle console as shown in the following screenshot.
In this case the function is called with parameter 10, which is
the expected value.

[ 433 ]
After the contract is mined, will be triggered, which will turn
the LED on. In
this example it is a simple LED but it can be any physical
device such as a room lock that
can be controlled via an actuator. If all works well, the LED
will be turned on as a result of
the smart contract function invocation as shown in the following
image:
As demonstrated in the preceding example, a private network of
IoT devices can be built
that runs a geth client on each of the nodes and can listen for
events from smart contracts
and trigger an action accordingly. The example shown is simple
on purpose but
demonstrates the underlying principles of an Ethereum network
that can be built using IoT
devices along with smart contract-driven control of the physical
devices.
In the next section, other applications of the blockchain
technology in government, finance,
and health will be discussed.

[ 434 ]
Government
There are various applications of blockchain being researched
currently that can support
government functions and take the current model of e-
government to the next level. First, in
this section some background for e-government will be provided
and then a few use cases
such as e-voting, homeland security (border control), and
electronic IDs (citizen ID cards)
will be discussed.
E-government or electronic government is a paradigm where
information and
communication technology is used to deliver public services to
citizens. The concept is not
new and has been implemented in various countries around the
world but with blockchain
a new avenue of exploration has opened up. Many governments
are researching the
possibility of using blockchain technology for managing and
delivering public services.
Transparency, auditability, and integrity are attributes of
blockchain that can go a long way
in effectively managing various government functions.
Border control
Automated border control systems have been in use for decades

now in order to thwart
illegal entry into countries and prevent terrorism and human
trafficking.
Machine-readable travel documents and specifically biometric
passports have paved the
way for automated border control; however current systems are
limited to a certain extent
and blockchain technology can provide solutions. A Machine-
readable Travel Document
(MRTD) standard is defined in document ICAO 9303 by the
International Civil Aviation
Organization (ICAO) and has been implemented by many
countries around the world.
Each passport contains various security and identity attributes
that can be used to identify
the owner of the passport and also circumvent attempts at
tampering with the passports.
These include biometric features such as retina scan, finger
prints, facial recognition, and
standard ICAO specified features including Machine Readable
Zone (MRZ) and other text
attributes that are visible on the first page of the passport.
One key issue with current border control systems is
centralization whereby the systems are
controlled by a single entity and the fact that data is not readily
shared between law
enforcement agencies. This makes it difficult to track suspected
individuals. Another issue
is related to the immediate implementation of blacklisting of a
travel document, for
example, when there is an immediate need to track and control
suspected travel documents.
Currently, there is no mechanism available to immediately

blacklist or revoke a suspected
passport.
[ 435 ]
Blockchain can provide a solution to this problem by
maintaining a blacklist in a smart
contract which can be updated as required and any changes will
be immediately visible to
all agencies and border control points thus enabling immediate
control over the movement
of a suspected travel document. It could be argued that
traditional mechanisms like PKIs
and P2P networks can also be used for this purpose but they do
not provide the benefits
that a blockchain can provide. With blockchain the whole
system can be simplified without
the requirement of complex networks and PKI setups which will
also result in cost
reduction. Moreover blockchain based systems will provide
cryptographically guaranteed
immutability which helps with auditing and discourages any
fraudulent activity.
The full database of all travel documents perhaps cannot be
stored on the blockchain
currently due to scalability issues but a backend distributed
database such as BigChainDB,

IPFS, or Swarm can be used for that purpose. In this case, a
hash of the travel document
with the biometric ID of an individual can be stored in a simple
smart contract and a hash
of the document can then be used to refer to the detailed data
available on the distributed
file system such as IPFS. This way, when a travel document is
blacklisted anywhere on the
network, that information will be available immediately with
the cryptographic guarantee
of its authenticity and integrity throughout the distributed
ledger. This functionality can
also provide effective support in anti-terrorism activities, thus
playing a vital role in the
homeland security function of a government.
A simple contract in solidity can have an array defined for
storing identities and associated
biometric records. This array can be used to store the
identifying information about a
passport. The identity can be a hash of Machine readable zone
(MRZ) of the passport or
travel document concatenated with the biometric record from
the RFID chip. A simple
boolean field can be used to identify blacklisted passports. Once
this initial check passes,
further detailed biometric verification can be performed by
traditional systems and
eventually when a decision is made regarding the entry of the
passport holder that decision
can be propagated back to the blockchain, thus enabling all
participants on the network to
immediately share the outcome of the decision.
A high-level approach to building a blockchain-based border
control system can be

visualized as shown in the following figure. In this scenario, the
passport is presented for
scanning to an RFID and page scanner which reads the data
page and extracts machine-
readable information along with a hash of the biometric data
stored in the RFID chip. At
this stage, a live photo and retina scan of the passport holder is
also taken. This information
is then passed on to the blockchain where a smart contract is
responsible for verifying the
legitimacy of the travel document by first checking its own list
of blacklisted passports and
then requesting more data from the backend IPFS database for
comparison. Note that the
biometric data such as photo or retina scan is not stored on the
blockchain, instead only a
reference to this data in the backend (IPFS or BigChainDB) is
stored in the blockchain.
[ 436 ]
If the data from the presented passport matches with what is
held in the IPFS as files or in
BigChainDB and also passes the smart contract logical check
then the border gate can be
opened.
After verification this information is propagated throughout the

blockchain and is instantly
available to all participants on the border control blockchain.
These participants can be a
worldwide consortium of homeland security departments of
various nations.
Voting
Voting in any government is a key function and allows citizens
to participate in the
democratic election process. Whilst voting has evolved over
time into a much more mature
and secure process, it still has limitations that need to be
addressed in order to achieve a
desired level of maturity. Usually, the limitations in current
voting systems revolve around
fraud, weaknesses in operational processes, and especially
transparency. Over the years,
secure voting mechanisms have been built which make use of
specialized voting machines
that promised security and privacy but they still had
vulnerabilities that could be exploited
in order to subvert the security mechanisms of those machines.
This can lead to serious
implications for the whole voting process and can result in
mistrust in the government by
the public.
Blockchain-based voting systems can resolve these issues by
introducing end-to-end
security and transparency in the process. Security is provided in
the form of integrity and
authenticity of votes by using public key cryptography which
comes as standard in a
blockchain. Moreover, immutability guaranteed by blockchain
ensures that votes cast once
cannot be cast again. This can be achieved through a

combination of biometric features and
a smart contract maintaining a list of votes already cast. For
example a smart contract can
maintain a list of already casted votes with the biometric ID (for
example a fingerprint) and
can use that to detect and prevent double casting. Secondly,
zero knowledge proofs can also
be used on the blockchain to protect voters' privacy on the
blockchain.
[ 437 ]
Citizen identification (ID cards)
Electronic IDs or national ID cards are issued by various
countries around the world at
present. These cards are secure and possess many security
features that thwart duplication
or tampering attempts. However, with the advent of blockchain
technology there are
several improvements that can be made to this process.
Digital identity is not only limited to just government-issued ID
cards, it is a concept that is
applicable in online social networks and forums too. There can
be multiple identities used
for different purposes. A blockchain-based online digital
identity allows control over
personal information sharing. Users can see who used their data

and for what purpose and
can control access to it. This is not possible with the current
infrastructures which are
centrally controlled. The key benefit is that a single identity
issued by the government can
be used easily and in a transparent manner for multiple services
via a single government
blockchain. In this case, the blockchain serves as a platform
where government is providing
various services such as pensions, taxation, or benefits and a
single ID is being used for
accessing all these services. Blockchain in this case provides an
immutable record of every
change and transaction made by a digital ID, thus ensuring
integrity and transparency of
the system. Also citizens can notarize birth certificates,
marriages, deeds, and many other
documents on the blockchain tied with their digital ID as a
proof of existence.
Currently, there are successful implementations of identity
schemes in various countries
that work well and there is an argument that perhaps blockchain
is not really required in
identity management systems. Although, there are several
benefits such as privacy and
control over the usage of identity information but due to the
current immaturity of
blockchain technology perhaps it is not ready for use in real-
world identity systems.
However, research is being carried out by various governments
to explore the usage of
blockchain for identity management.
Moreover, laws such as the right to be forgotten can be quite
difficult to incorporate in to

blockchain due to its immutable nature.
[ 438 ]
Miscellaneous
Other government functions where blockchain technology can
be implemented in order to
improve cost and efficiency include collection of taxes, benefits
management and
disbursement, land ownership record management, life event
registration (marriages,
births), motor vehicle registration, and licenses. This is not an
exhaustive list and over time
many functions and processes of a government can be adapted
to a blockchain-based
model. The key benefits of blockchain such as immutability,
transparency and
decentralization can help to bring improvements to most of the
traditional government
systems.
Health
The health industry has been identified as another major
industry that can benefit by
adapting blockchain technology. Blockchain provides an
immutable, auditable, and
transparent system that traditional P2P networks cannot. In
addition blockchain provides a

cost-effective, simpler infrastructure as compared to traditional
complex PKI networks. In
healthcare, major issues such as privacy compromises, data
breaches, high costs, and fraud
can arise from lack of interoperability, overly complex
processes, transparency, auditability,
and control. Another burning issue is counterfeit medicines;
especially in developing
countries, this is a major cause of concern.
With the adaptability of blockchain in the health sector, several
benefits can be realized,
ranging from cost saving, increased trust, faster processing of
claims, high availability, no
operational errors due to complexity in the operational
procedures, and preventing the
distribution of counterfeit medicines.
From another angle, blockchains that are providing a digital
currency as an incentive for
mining can be used to provide processing power to solve
scientific problems that can help
to find cures for certain diseases. Examples include
FoldingCoin, which rewards its miners
with FLDC tokens for sharing their computer's processing
power for solving scientific
problems that require particularly large calculations.
FoldingCoin is available at
. Another similar project is called CureCoin which is available
at
. It is yet to be seen that how successful these projects will be
in
achieving their goals but the idea is very promising.

[ 439 ]
Finance
Blockchain has many applications in the finance industry.
Blockchain in finance is the
hottest topic in the industry currently and major banks and
financial organizations are
researching to find ways to adapt blockchain technology
especially due to its highly-desired
potential to cost-save.
Insurance
In the insurance industry, blockchain technology can help to
stop fraudulent claims,
increase the speed of claim processing, and enable transparency.
Imagine a shared ledger
between all insurers that can provide a quick and efficient
mechanism for handling inter-
company claims. Also with the convergence of IoT and
blockchain, an ecosystem of smart
devices can be imagined where all these things are able to
negotiate and manage their own
insurance policies controlled by smart contracts on the
blockchain.
Blockchain can reduce the overall cost and effort required to
process claims. Claims can be
automatically verified and paid via smart contracts and the

associated identity of the
insurance policy holder. For example a smart contract with the
help of Oracles and possibly
IoT can make sure that when the accident occurred, it can
record related telemetry data and
based on this information can release payment. It can also
withhold payment if the smart
contract after evaluating conditions of payment concludes that
payment should not be
released. For example in a scenario where the vehicle was not
repaired by an authorized
workshop or was used outside a designated area and so on and
so forth. There can be many
conditions that a smart contract can evaluate to process claims
and choice of these rules
depend on the insurer, but the general idea is that smart
contracts in combination with IoT
and Oracles can automate the entire vehicle insurance industry.
Several start-ups such as Dynamis have proposed smart
contract-based peer-to-peer
insurance platforms that run on Ethereum blockchain. This is
initially proposed to be used
for unemployment insurance and does not require underwriters
in the model. It is available
at .
Post trade settlement
This is the most sought-after application of blockchain
technology. Currently, many
financial institutions are exploring the possibility of using
blockchain technology to
simplify, automate, and speed up the costly and time-consuming
post-trade settlement
process.

[ 440 ]
In order to understand the problem better, the trade lifecycle is
described briefly. A trade
lifecycle contains three steps: execution, clearing, and
settlement. Execution is concerned
with the commitment of trading between two parties and can be
entered into the system via
front office order management terminals or exchanges. Clearing
is the next step whereby
the trade is matched between the seller and buyer based on
certain attributes such as price
and quantity. At this stage, accounts that are involved in
payment are also identified.
Finally, settlement is where eventually the security is
exchanged for payment between the
buyer and seller.
In the traditional trade lifecycle model, a central clearing house
is required in order to
facilitate trading between parties which bears the credit risk of
both parties. The current
scheme is somewhat complicated, whereby a seller and buyer
have to take a complex route
in order to trade with each other. This comprises of various
firms, brokers, clearing houses,
and custodians but with blockchain a single distributed ledger
with appropriate smart

contracts can simplify this whole process and can enable buyers
and sellers to talk directly
to each other.
Particularly, the post trade settlement process takes two to three
days and has dependency
on central clearing houses and reconciliation systems. With the
shared ledger approach, all
participants on the blockchain can immediately see a single
version of truth regarding the
state of the trade. Moreover, peer-to-peer settlement is possible,
which results in the
reduction of complexity, cost, risk, and the time it takes to
settle the trade. Finally,
intermediaries can be totally eliminated by making use of
appropriate smart contracts on
the blockchain.
Financial crime prevention
Know your customer (KYC) and Anti Money laundering (AML)
are the key enablers for
the prevention of financial crime. In the case of KYC, currently
each institution maintains
their own copy of customer data and performs verification via
centralized data providers.
This can be a time-consuming process and can result in delays
in on-boarding a new client.
Blockchain can provide a solution to this problem by securely
sharing a distributed ledger
between all financial institutions that contains verified and
accurate identities of customers.
This distributed ledger can only be updated by consensus
between the participants thus
providing transparency and auditability. This can not only
reduce costs but also enable
meeting regulatory and compliance requirements in a better and

consistent manner.
[ 441 ]
In the case of AML, due to the immutable, shared, and
transparent nature of blockchain,
regulators can easily be granted access to a private blockchain
where they can fetch data for
relevant regulatory reporting. This will also result in reducing
complexity and costs related
to the current regulatory reporting paradigm where data is
fetched from various legacy and
disparate systems and aggregated and formatted together for
reporting purposes.
Blockchain can provide a single shared view of all financial
transactions in the system that
are cryptographically secure, authentic, and auditable, thus
reducing the costs and
complexity associated with the currently employed regulatory
reporting methods.
Media
Key issues in the media industry revolve around content
distribution, rights management,
and royalty payments to artists. For example, digital music can
be copied many times
without any restriction and any attempts to apply copy
protection have been hacked in

some way or other. There is no control over the distribution of
the content that a musician
or song writer produces; it can be copied as many times as
needed without any restriction
and consequently has an impact on the royalty payments. Also,
payments are not always
guaranteed and are based on traditional airtime figures. All
these issues revolving around
copy protection and royalty payments can be resolved by
connecting consumers, artists,
and all players in the industry, allowing transparency and
control over the process.
Blockchain can provide a network where digital music is
cryptographically guaranteed to
be owned only by the consumers who pay for it. This payment
mechanism is controlled by
a smart contract instead of a centralized media agency or
authority. The payments will be
automatically made based on the logic embedded within the
smart contract and number of
'downloads'. Moreover, illegal copying of digital music files can
be stopped altogether
because everything is recorded and owned immutably in a
transparent manner on
blockchain. A music file for example can be stored with owner
information and timestamp
which can be traced throughout the blockchain network.
Furthermore, the consumers who
own a legal copy of some content are cryptographically tied to
the content they have and it
cannot be moved to another owner unless permissioned by the
owner. Copyrights and
transfers can be managed easily via blockchain once all digital
content is immutably
recorded on the blockchain. Smart contracts can then control the
distribution and payment

to all concerned parties.
[ 442 ]
Summary
There are many applications of blockchain technology and as
discussed in the chapter they
can be implemented in various industries to bring about
multiple benefits to existing
solutions. In this chapter, five main industries that can benefit
from blockchain have been
discussed. First IoT was discussed, which is another
revolutionary technology on its own;
and by combining it with the blockchain several fundamental
limitations can be addressed,
which brings about tremendous benefits to the IoT industry.
More focus has been given to
IoT as it is the biggest and most ready candidate for adapting
blockchain technology.
Already, practical use cases and platforms have emerged in the
form of Platform as a
Service (PaaS) for blockchain-based IoT such as the IBM
Watson IoT blockchain. IBM Blue
Horizon is also now available for experimentation, which is a
decentralized blockchain-
based IoT network. Second, applications in the government
sector were discussed whereby
various government processes such as homeland security,

identification cards, and benefit
disbursements can be made transparent, secure, and more
robust. Furthermore, issues in
the finance sector were discussed with possible solutions that
blockchain technology can
provide. Although the finance sector is exploring the
possibilities of using blockchain with
high energy and enthusiasm, it is still far away from production-
ready blockchain-based
systems. Finally, some aspects of the health sector and music
industry were also discussed.
All these use cases and many more in the industry stand on
pillars provided by core
attributes of blockchain technology such as decentralization,
transparency, reliability, and
security. However, certain challenges need to be addressed
before blockchain technology
can be adapted fully; these will be discussed in the next chapter.
Third World QuarTerly, 2017
Vol. 38, No. 8, 1710–1732
https://doi.org/10.1080/01436597.2017.1298438
Will blockchain emerge as a tool to break the poverty chain in
the Global South?
Nir Kshetri
Bryan School of Business and economics, The university of

North Carolina at Greensboro, Greensboro, NC, uSa
ABSTRACT
Just like its recent predecessors, blockchain – also known as the
distributed ledger technology – is considered to have the
potential
to cause major economic, political and social transformations in
the
Global South. The visible effects of this technology are already
being
noted there. We present early evidence linking the use of
blockchain in
overcoming some economic, social and political challenges
facing the
Global South. The article highlights the key applications and
uses of
blockchain in developing countries. It demonstrates how
blockchain
can help promote transparency, build trust and reputation, and
enhance efficiency in transactions. The article looks at
opportunities
and key triggers for blockchain diffusion in these countries. It
also
delves into challenges and obstacles that developing economies
are
likely to encounter in the use of blockchain.
Introduction
Just like its recent predecessors such as cloud computing1 and
the Internet of Things (IoT),2
blockchain – also known as the distributed ledger technology –
is considered to have the
potential to cause major economic, political and social
transformations in the Global South
(GS). Some have touted blockchain as the biggest innovation in

computer science.3 Others
consider this technology to be ‘the biggest disruptor to
industries since the introduction of
the Internet’.4 The World Economic Forum (WEF) considers
blockchain to be among six com-
puting ‘mega-trends’ that are likely to shape the world in the
next decade.5
A blockchain can be viewed as a data structure which makes it
possible to create a tam-
per-proof digital ledger of transactions and share them.
Cryptography allows anyone access
to add to the ledger securely. There is no central authority or a
middleman such as a bank
or financial institution.6 It is impossible or extremely difficult
to change or remove data blocks
recorded on the ledger.7 Due to these features, blockchain can
arguably make it possible to
reduce or eliminate integrity violations such as fraud and
corruption, and reduce transaction
costs.
According to the WEF, 10% of the global gross domestic
product (GDP) will be stored on
blockchain by 2027,8 compared to 0.025% in 2016.9 While
most discussion of blockchain
© 2017 Southseries inc., www.thirdworldquarterly.com
KEYWORDS
Blockchain
corruption
land registry
microinsurance
smart contract
transparency

ARTICLE HISTORY
received 5 September 2016
accepted 20 February 2017
CONTACT Nir Kshetri [email protected]
mailto: [email protected]
http://www.tandfonline.com
http://crossmark.crossref.org/dialog/?doi=10.1080/01436597.20
17.1298438&domain=pdf
THIRD WORLD QUARTERLY 1711
focuses on bitcoin, this paper addresses additional, potentially
more important, influences
of this technology in the GS.
Blockchain affects economic, social and political outcomes in
the GS by many direct and
indirect pathways. As noted above, the first of blockchain’s
direct benefits is potential reduc-
tion of corruption and fraud. For instance, blockchain can
empower donors. It can ensure
that donations reach the intended recipients. To give an
example, donors can buy electricity
for a South African School using bitcoin. A blockchain-enabled
smart meter makes it possible
to send money directly to the meter. There are no organisations
involved to re-distribute
funds. Donors can also track electricity being consumed by the
school and calculate the
power their donations can buy.10 This programme was launched
by South African bitcoin
startup Bankymoon via the crowdfunding platform Usizo. It

allows African public schools to
use blockchain to crowdsource utility credits.11
Increase in efficiency and reduction in transaction costs
constitute a second kind of ben-
efit. There is no third party or central body involved. That is,
blockchain transactions are
conducted by the concerned parties themselves. There are
already some signs of block-
chain-led disintermediation in international remittances and
international trade finances.
In September 2016, the Chinese government announced that
blockchain will be used in its
social security system in order to lower transactions costs. In
2015, China’s National Council
for Social Security Fund managed US$285 billion.12
To be sure, blockchain is in its infancy. Some compare the
current level of development
to ‘the World Wide Web in the early 1990s’.13 Nonetheless,
multinationals, local companies
and policymakers have devoted considerable attention to
blockchain. The renowned
Peruvian economist Hernando de Soto, who is well known for
his work on informal and
unofficial economy, is involved in the development of a
blockchain-based platform for prop-
erty records in the Republic of Georgia.
Major global technology companies and software vendors such
as IBM and Microsoft
have extended their offerings to incorporate numerous services
around blockchain. For
instance, in September 2016, IBM announced an internal re-
organisation to build blockchain
capability. A new unit called Watson Financial Services

integrates Watson, cloud, and block-
chain-related offerings and strategy.14 IBM also created new
roles specifically devoted to
blockchain. These companies’ blockchain-related offerings are
available in the GS. IBM’s India
research labs are involved in some of IBM’s blockchain-related
work.15 GS-based firms are
also susceptible to pressure to adopt blockchain from their
business partners and other
value-delivery network members from the industrialised world.
We present early evidence linking blockchain use to overcoming
economic, social and
political challenges facing the GS. The paper is structured as
follows. We proceed by first
providing a literature review of key challenges in GS
economies. Next, we look at blockchain’s
applications and uses to overcome these challenges. Then, we
examine the opportunities
and key triggers for blockchain diffusion. The section following
this looks at the challenges
and obstacles. It is followed by a section on discussion and
implications. The final section
provides concluding comments.
Literature review: key challenges facing the GS
Causes of economic prosperity and poverty
There are many and varied sources of underdevelopment, which
include colonialism
(Howard, 1978) dependence on commodities,16ethnic tension
and political violence.17 In

1712 N. KSHETRI
this paper, we focus on institutional environments. Poor
countries mostly lack good institu-
tions that ensure strict enforcement of property rights, have the
ability to deal with corrupt
practices effectively, and provide equal opportunity to all
members of society.18
The lack and poor enforcement of property rights
According to a 2011 report of the United Nations (UN) Food
and Agriculture Organization
(FAO) and Transparency International, in over 61 countries,
weak governance led to corrup-
tion in land occupancy and administration. Corruption varied
from small-scale bribes to the
abuse of government power at the national, state and local
levels.19
Enforcement of property rights increases incentives to invest
and provides resources to
get out of the poverty trap. Clear property rights would allow
entrepreneurs to use the assets
as collateral and thus increase their access to capital. A large
proportion of poor people in
the GS lack property rights. For instance, about 90% of land is
undocumented or unregistered
in rural Africa. Likewise, the lack of land ownership remains
among the most important
barriers to entrepreneurship and economic development in
India.20 One estimate suggested
that over 20 million rural families in India did not own land and
millions more lacked legal
ownership to the lands they built houses on, lived on and
worked.21 Indeed, landlessness is
arguably a more powerful predictor of poverty in India than

caste or illiteracy.22
Disregard and lack of respect of the rule of law
In some GS economies, the rule of law is disregarded and not
respected by corrupt politicians,
government officials and other powerful groups. These groups
sometimes expropriate the
incomes and investments of poor people or create an uneven
playing field.
Less opportunity for disadvantaged groups
Economically and socially disadvantaged groups have less
opportunity to access finance,
credit, insurance, education and other things. These groups thus
cannot make investments
and participate in productive economic activities. Consider for
instance, insurance. In India,
86% of the rural population and 82% of the urban population
lacks health insurance.23
Regarding access to finance, in China, small and medium-sized
enterprises (SMEs) account
for 70% of GDP but have access to 20% of financial
resources.24 Eighty-nine percent of SMEs
in the country face difficulty in satisfying banks’ requirements
to get loans.25 Small borrowers
often lack sufficient collateral required by most traditional
banks.26
Unavailability of financing is a more critical barrier faced by
most entrepreneurs. For
instance, despite high interest rates, demand for credit exists in
most GS economies. Banks in
the Democratic Republic of Congo (DRC) reject over one-third
of credit and loan applications.
The fact that they cannot enforce their legal rights as lenders

has led to the risk-averse behav-
iour of the banking industry. This situation is a manifestation of
a broader structural problem
in the GS, such as the DRC in which a large proportion of the
population lacks access to formal
banking institutions.27 The situation is not much different in
other GS economies. For instance,
in Africa, only 20% have bank accounts – 10% in Kenya, 5% in
Tanzania and 15% in Liberia.28
Barriers related to measurement, implementation, enforcement
and
transaction costs
A related point is that poor-quality institutions lead to
transaction cost-related barriers. To
make this statement meaningful requires a more detailed
discussion of what is meant by
transaction costs. In the context of business transactions
involving two or more parties, for
Douglas North, ‘transaction costs are … two things: (1) the
costs of measuring the dimensions
of whatever it is that is being produced or exchanged and (2)
the costs of enforcement’.29
He goes on to say that ‘a lot of what we need to do is to try to
measure the dimensions of
what we are talking about in such a way that we can define them
precisely’.30
Many GS economies are faced with challenges in enforcing
commercial contracts, social

and economic rights, laws and regulations (eg agro-
environmental), and standards (eg pol-
lution-related). Put differently, these economies are
characterised by the lack of effective
enforcement mechanisms. Emphasising the importance of
measurements in enforcement,
North argues: ‘Without being able to measure accurately
whatever it is you are trying to
enforce, there cannot be effective enforcement, even as a
possibility’.31 The technology avail-
able is among the important factors that affect the costs of
measurement and enforcement
and hence the transaction costs.32 In this regard, blockchain can
make up for the lack of
relevant institutions or the problems associated with high
transaction costs.
Enforcement can be implemented at three levels: first party,
second party and third
party.33 It is suggested that third-party enforcement
mechanisms, which are often formal
coercive enforcement measures by the state, have been
relatively ineffective in the GS.34
Blockchain has the potential to strengthen the governments’
enforcement powers and sanc-
tions against individuals or organisations that breach
regulations.
Key blockchain applications to overcome challenges facing the
Global South
Some of the key current applications and future prospects of
blockchain are presented in
Table 1. As is clear from the table, various barriers and
challenges faced by the GS can be
addressed through blockchain. In parentheses, we indicate how

the use cases have the
potential to address various causes of poverty by strengthening
the rule of law (SRL), helping
to enforce property rights (EPR) and creating opportunity for
disadvantaged groups (ODR).
Promoting transparency and reducing fraud and corruption
Blockchain can help achieve transparency in various settings. In
mid-2016, Ant Financial,
Alibaba’s online payments affiliate, announced the launch of
blockchain technology for
payments. Blockchain was first applied to Alipay’s donation
platform. Donors on its ‘Ant Love’
charity platform can track transaction histories, and understand
where their funds go and
how they are used.35 The goal is to increase transparency and
provide a trust mechanism by
recording each payment and spending of donations on the
blockchain.
The use of fake export invoices to disguise cross-border capital
flows has been pervasive
in China. Since China has maintained strict capital control
regimes, some importers and
exporters falsify trade transactions in order to move capital in
and out of the country. Many
banks do not check the authenticity of trade documents.36
During April to September of
2014, China found US$10 billion worth of fake trade
transactions.37 Some major fraud cases
were in Qingdao, the world’s seventh-busiest port. Some firms
had used fake receipts to
secure multiple loans against a single cargo of metal.38
The Qingdao frauds involved 300,000 tons of alumina, 20,000

tons of copper and 80,000
tons of aluminium ingots.39 Due to the scandals, Chinese banks
charge higher interest rates
1714 N. KSHETRI
Table 1. Blockchain in the Global South: some applications
currently in use or being developed.
aSee note 12.
bSee note 11.
cSee note 41.
dSee note 44.
eredherring.com “Georgia Pilots and Sweden Ponders.”
fSee note 50.
gSee note 54.
hSee note 55
iSee note 59
jSee note 62.
kSee note 63, 64.
lSee note 65.
mSee note 75, 76.
nSee note 60.
oSee note 78.
pMaiya “Benefit with Blockchain.”
ePr: helping to enforce property rights, odr: creating
opportunity for disadvantaged groups, Srl: strengthening the
rule
of law.
Blockchain use Explanation and examples
Promoting transparency and reducing fraud and corruption
alipay’s donation platform (odr)a

South africa’s Bankymoon allows public schools in africa
to use blockchain to crowdsource utility credits (odr)b
Standard Chartered and dBS Group’s blockchain-based
platform detects falsification and frauds in trade
transactions (Srl)c
ukraine’s blockchain-based eauction platform (Srl, ePr)d
a Peruvian political party, Peru Possible, told voters that it
would use blockchain to fight corruptione (Srl).
reducing friction and costs of property registration honduran
government’s plan to transfer land registry
onto a blockchain-enforced digital database (ePr)f
Bitland’s blockchain-based land registry system based in
Ghana (ePr)g
BitFury and the Georgian government’s agreement to
develop a system for registering land titles using
blockchain (ePr)h
Promoting efficiency in international B2B trade and
increasing access to trade and supply chain finance
Skuchain’s blockchain-based products for B2B trade and
supply chain finance (odr)i
reducing costs and increasing efficiency in international
payment systems
Bitspark’s bitcoin remittance from hong Kong to GS
economies (odr)j

Bitsoko uses bitcoin for money transfer, remittance
services and payment processing in Ghana, Zimbabwe,
uganda, Sierra leone and rwanda (odr)k
Mexico’s mexBT uses blockchain for cross-border
payments among firms in emerging economies (odr)l
Circle aims to focus on the Chinese international P2P
payments market (odr)m
insurance and risk management Mexican mobile payments
platform Saldo.mx has
launched a microinsurance service (odr)n
China’s insurance company Ping an joined a global
consortium of financial institutions to explore
blockchain use (odr)o
Banking india’s central bank, the reserve Bank, was reported to
be
considering the use of blockchain to reduce cheque
counterfeiting. digitised cheques are expected to
reduce paper use and the risk of theft and fraudp (Srl).
and have a lower tendency for collateral financing.40
Blockchain arguably can stop scandals
such as those in Qingdao.
Recent high-profile fraud has increased blockchain’s
attractiveness. The British multina-
tional banking and financial services company, Standard
Chartered, lost about US$200 mil-

lion from Qingdao fraud. Standard Chartered has teamed up
with DBS Group and Singapore’s
Infocomm Development Authority to develop a blockchain-
based platform.41 Other players
such as Bank of America and HSBC are also exploring
blockchain for trade finance and other
applications.42
In November 2015, Bitcoin Foundation Ukraine and KUNA
Bitcoin Agency signed an mem-
orandum of understanding (MoU) with Ukraine’s Kyiv
Regional State Administration to
implement a blockchain project to set up an e-governance
system in the port city of Odessa.
It was announced that the first project would be a government
real estate auction. The goal
is to ensure a fair, transparent auction and eliminate the chance
of document forgery.
Subsequent application areas are expected to be in various
public services such as personal
identification, public records and banking.43
In February 2016, Ukrainian technology innovation group
Distributed Lab implemented
an eAuction platform, which is among the largest and most
important public blockchain
initiatives in the country. Two banks – Oschadbank and
PrivatBank – participated in the
project.44 Blockchain is connected to the banks’ infrastructures.
When someone bids, the
payment goes to the seller’s account. The bank produces a
signed receipt for the transaction,
which is added to the blockchain as a proof that money was
sent.45
Reducing friction and costs of property registration

Blockchain can reduce friction and conflict as well as costs of
property registration. Regarding
the costs, it is possible to do most or all of the process
including the use of a notary service
using smart phones.46
In mid-2015, the US-based startup Factom and the Honduran
government reportedly
reached an agreement to transfer land registry in Honduras into
a blockchain-enforced
digital database. The goal is to create a land title-keeping
system that is reliable and trans-
parent. According to the United States Agency for International
Development (USAID), only
14% of Hondurans legally hold their properties. Among those
properties that are occupied
legally, only 30% are registered.47 It is not uncommon for
government officials to alter titles
of registered properties. In some case, government officials
allocate properties with altered
titles to themselves. The country’s bureaucrats reportedly
altered titles and registered beach-
front properties for themselves.48 They also allegedly accepted
bribes in exchange for prop-
erty titles. Citizens often lack access to records, and records
that are accessible provide
conflicting information. Property owners are often unable to
defend themselves against
infringement of property use or mineral rights.49
However, sufficient progress has not been made in the
Honduran government’s plan to
transfer land registry to blockchain. It was reported in
December 2015 that the project had
‘stalled’ due to political issues.50

The US-based platform for real estate registration Bitland
announced the introduction of
a blockchain-based land registry system in Ghana, where 78%
of land is unregistered.51 There
is a long backlog of land-dispute cases in Ghanaian courts.52
About 90% of land is
1716 N. KSHETRI
undocumented or unregistered in rural Africa. Bitland records
transactions securely with
global positioning system (GPS) coordinates, written
description and satellite photos. The
process is expected to guarantee property rights and reduce
corrupt practices. As of mid-
2016, 24 communities in Ghana had expressed interest in the
project.53 Bitland is planning
to expand to Nigeria in 2017 in collaboration with the
Organization of Petroleum Exporting
Countries (OPEC) Fund for International Development
(OFID).54
Bitcoin company BitFury and the Georgian government signed a
deal to develop a
system for registering land titles using the blockchain.55 As
noted above, the Peruvian
economist Hernando de Soto will assist in the development of
the platform. In order to
buy or sell land in Georgia, currently the buyer and the seller go
to a public registry house.
They are required to pay US$50–200, which depends on the
speed with which they want
the transaction to be notarised. The pilot project will move this

process onto the block-
chain. The costs for the buyer and the seller are expected to be
in the range of US$0.05–0.10
range.56
Promoting efficiency in international business to business
(B2B) trade and
increasing access to trade and supply chain finance
The global trade finance market, which is valued at US$18
trillion, is likely to be transformed
by the blockchain by disintermediation and other efficiency
measures. First, the global trade
finance market relies on paper documentation for most
processes. Paper-based methods
such as letter of credit (LoC) and factoring account for about
US$5 trillion of annual trade
worldwide.57 It costs 1–3% of the trade’s value to buy an LoC.
The LoC involves mailing of
physical documents and verification.
Factors are key intermediary players in the global trade finance
market. They offer money
to exporter. Based on the promised future payments, exporters
borrow from factors.
Exporting firms make an outright sale of accounts receivable to
factors in order to maintain
liquidity. For instance, a Chinese exporter selling to Walmart
can take invoice for those goods
to a factor, which can pay the exporter right away. For a
US$100 invoice, the factor may pay
as little as US$90. The upshot is that buyers such as Walmart
pay more for goods they buy
from GS-based sellers. The global factoring market is estimated
at over US$2 trillion
annually.58

Venture capital (VC)-funded startups such as Skuchain are
creating blockchain-based
products to address inefficiencies in B2B trade and supply chain
finance.59 The products are
expected to eliminate the roles of intermediaries and financiers.
Buyers and sellers agree on
the terms of a deal. Blockchain can track and manage the
transaction from start to finish.
Reducing costs and increasing efficiency in international
payment systems
The transaction costs on remittances, especially small
remittances, are very high. Immigrants
use transfer services such as Western Union, which cost as
much as 7% of the transfer
amount.60 In order to transfer 300 Rand from South Africa to
neighbouring countries, transfer
fees varied from 35 to 68.2 Rand by bank draft to 19.2 to 62.5
Rand by electronic transfer,
25.3 Rand by Moneygram and 6.2 Rand by iKobo’s services.61
Bitspark, the bitcoin remittance in Hong Kong, was reported to
charge a flat HK$15 (about
US$1.90) for remittances of less than HK$1200, and 1% above
that amount. For instance,
when remittances are sent to the Philippines, Bitspark’s local
partner, Rebit, converts bitcoin
into pesos for receivers.62

Bitcoin startup Bitsoko, which as of July 2016 had a presence in
Ghana, Zimbabwe,
Uganda, Sierra Leone and Rwanda, uses bitcoins for money
transfer, remittance services and
payment processing. It charges customers a fraction of the
current rates.63
In mid-2015, Banco Santander launched a trial version of a
blockchain-based app that
can be used to transfer £10–10,000 (US$13.20–1,320) in euros
to 21 countries, and dollars
to the US.64
Mexico’s mexBT uses blockchain for cross-border payments
among GS-based firms. The
company hopes that by lowering rates, payments and transfers
of remittances can be made
easier. mexBT launched the platform Pay.meXBT for
international payment, mainly between
Latin America and Asia. Pay.meXBT uses bitcoin and
blockchain to facilitate cross-border
payments. The platform allows payments in local currencies.
The system is also expected to
speed up payment processes.65
Insurance and risk management
Blockchain may provide risk managers with an effective way to
protect individuals and
companies from uncertain loss or catastrophe. Insurance and
derivatives can be used as a
tool to control or minimise the risk factors associated with
unpredictable or uncontrollable
events. By supporting decentralised insurance models,
blockchain may make derivatives
more transparent. A meaningful risk management process can be

designed using reputa-
tional systems based on peoples’ social and economic capital
and online behaviour.66
Blockchain-based insurance is connected to big data, the IoT
and health trackers to ensure
better pricing and risk assessment.67
The IoT makes it easier for cars, electronic devices or home
appliances to have their own
insurance policies. Using blockchain, they can be registered,
and their insurance policies are
administered by smart contracts. Damages are automatically
detected, which trigger the
repair process, claims and payments.68 Payouts are made
against the insurable event and
the policyholder does not have to a make a claim. The insurer
does not need to administer
claims. The costs of claims processing are thus close to zero.
Even more importantly, there
is less likelihood of fraud.69
To take an example, Mexican mobile payments platform
Saldo.mx has launched a micro-
insurance service, Consuelo, which allows users to buy
blockchain-powered health and life
insurance policies. The target groups are Mexicans living in the
country as well as
diaspora.70
Identity management has been a big issue. In financial
institutions such as the insurance
industry, the ability to prove someone is who he/she says online
is very important in order
to increase the accuracy of risk assessments and reduce fraud.71
In this regard, the Delaware,
USA-based blockchain startup Tradle is developing solutions

for know-your-customer (KYC)
data. A customer can grant access to identity data to companies
such as Tradle for a contract
closure. After verifying the KYC profile, a customer can
forward the identity data to other
companies for different contracts. There is no need to repeat the
identification and
verification process for each transaction, which speeds up the
process and increases
efficiency.72
1718 N. KSHETRI
Opportunities and key triggers for blockchain diffusion
Among the main triggers of blockchain diffusion is a rapid rise
in investment in this tech-
nology. VC-backed investments in blockchain totalled US$3
million in two deals in 2011,
which increased to 74 deals and US$474 million in 2015.73 An
estimate by Virtual Capital
Ventures suggested that VC investments in blockchain-related
startups would exceed US$2.5
billion by 2016.74
Blockchain investment is increasing in the GS. The Chinese
search engine Baidu invested
in the US blockchain company Circle. Circle China announced a
plan to enter the Chinese
peer-to-peer (P2P) payment market with bitcoin with the
partnership of Goldman Sachs and
Barclays.75 Circle specifically aims to focus on the Chinese
international P2P payments
market.76

Chinese firms have launched major initiatives to develop the
blockchain industry and
market. Thirty-one technology and financial firms including the
financial services firm Ping
An Bank and Tencent formed a blockchain consortium, which
focuses on capital markets
technology, securities exchange, trading platforms, life
insurance and banking.77
GS-based firms are also participating in strategic agreements
such as global consortia
built around blockchain, which can facilitate the sharing of
technology and resources. China’s
second-biggest insurance company, Ping An, joined a global
consortium of financial insti-
tutions led by the FinTech firm R3.78 In September 2016, China
Merchants Bank joined R3.79
R3’s consortium includes members from Asia, Europe and North
America, such as Morgan
Stanley, HSBC, UBS, Credit Suisse, Barclays, Societe Generale
and Commerzbank. These mem-
bers are working with R3 to use blockchain for a wide range of
applications. In July 2016,
Barclays Africa also joined R3.
In some GS economies, there is a strong horizontal linkage
providing supports for block-
chain diffusion. For instance, China is the world’s biggest
bitcoin market, with an estimated
800,000 bitcoin users in 2016.80 Some argue that blockchain
may allow China’s banking
system to leapfrog the west.
Industrialised world-based blockchain companies are also
making inroads to the GS. For

instance, the public blockchain-based distributed computing
platform Ethereum, which
features smart contract functionality, has a presence in many GS
economies. The Chinese
online insurance company Zhong An announced a partnership
with Ethereum to use the
platform in smart contracts.81 Likewise, a number of South
African banks were reported to
be testing the use of Ethereum.82 As of 2015, the US-based
blockchain infrastructure provider
and transaction processing company BitFury Group had a data
centre located in Gori,
Georgia.83 In September 2015, the company announced a
US$100 million investment to
build second data centre in Tbilisi.84
Investments have also been made or are being planned in niche-
market applications. A
study suggested that finance and technology companies’
investments related to capital
markets would reach US$1 billion in 2016.85 As of mid-2016,
about 20 blockchain startups
were focusing on insurance solutions.86
Many blockchain solutions are based on cloud services of global
information technology
(IT) giants such as IBM and Microsoft. For instance,
verification of the microfinance operation
on Mijin and some processes of the eAuction platform in
Ukraine are performed on Microsoft
Azure.87 IBM’s supply chain customers can build and test
blockchain solutions on the com-
pany’s LinuxOne system. Its target users are companies that
want to track high-value items

in complex supply chains.88 Global IT companies’ significant
presence in the GS would help
stimulate blockchain diffusion.
Opportunities
Blockchain has opened up new opportunities to solve a number
of fundamental problems
facing the GS. Among the positive externalities created by
blockchain could be that it will
be harder for corrupt government officials to hide financial
waste or corruption. Among the
benefits of blockchain is also that people across the world can
more freely interact financially
with each other.89
As noted above, blockchain can promote transparency and
reduce fraud and corruption.
Blockchain deployment for purposes such as crowdsourcing
utility credits for schools is likely
to become more commonplace since smart meters are
increasingly affordable and accessible
to organisations in developing countries. For instance, in the
US, total capital costs per meter,
including installation, were reported to be as little as $81.90
Some utility companies such as
Nevada’s NV Energy instal smart meters for free.
Blockchain can also improve internal and external auditing. A
public auditor can make a
real-time audit of data. The auditor can examine the registry
daily instead of yearly. More
frequent auditing may lead to less corruption and more efficient

economies.
Pervasiveness of fraud in the insurance sector has been a
concern in the GS. One estimate
suggested that false claims in the Indian healthcare insurance
industry account for 10–15%
of total claims. The industry is estimated to lose about US$90
million on false claims annually.
Major fraud categories or schemes reported include
misrepresented services, services not
provided and services provided to ‘rented’ patients.91 Likewise,
the Chinese insurance indus-
try suffers from rampant abuses and malpractices that are
committed by patients and med-
ical staff. In Lipanshui city in Guizhou province, fraud cases
were found in 107 of the 135
hospitals and medical centres. All hospitals in Anshun were also
found to engage in mis-
management of medical insurance. Some medical staff had
provided fake medical records
to get payments for treatments which were not performed.92
Such fraud can be prevented
with blockchain.
Fraud is rampant in the microfinance sector too. During 2010–
2012, in India’s Kerala state,
the president and secretary of the Adoor Sree Narayana Dharma
Paripalana Union received
loans of US$1.15 million from Bank of India on behalf of 5000
families. The families had no
knowledge of the loans but faced debt collection proceedings.93
Blockchain can prevent
such fraud. In July 2016, two Japan-based firms, Tech Bureau
and Infoteria, successfully
demonstrated the deployment of microfinance service in
Myanmar using the blockchain

platform Mijin. They transferred loans and the account data
located in the system of local
microfinance firm BC Finance.94
Blockchain has the potential to drastically reduce administrative
and operations costs in
diverse economic sectors. According to Santander, by
facilitating cross-border payments
and securities trading, and streamlining regulatory barriers and
processes, blockchain is
likely to generate cost savings in the range of US$15–20 billion
by 2022.95
In the insurance industry, for instance, an automated
verification of policyholder identity
and contract validity can be performed using blockchain.
Submission and registration of
claims are done online, and are auditable. Relevant data (eg
encrypted transaction of data
on injured parties prepared by hospitals and medical centres)
are obtained from third parties,
1720 N. KSHETRI
which are made accessible to the insurer to verify payment.
Payouts for claims can be made
via a blockchain-based infrastructure or smart contracts.96
Reinsurers can be provided with controlled access to claims and
claims histories registered
on the blockchain. Having access to auditable data in an
automated way improves trans-
parency for the reinsurer.97

The distributed nature of blockchain can promote trust. In a
centralised database, some
actors may corrupt the contents. They can be bribed to mark
forged or stolen items as legit-
imate.98 ‘The Trust Machine’ was the title of the cover story of
an October 2015 issue of the
Economist magazine which explained blockchain’s potential
impacts.99 Blockchain enables
the accrual of reputation to connect trading partners directly.
For instance, global multina-
tionals such as Walmart can provide supply-chain financing
directly to their small GS-based
suppliers.
In order to establish trust and verify identity, banks rely on
rating agencies, data analytics
firms, and retail and wholesale banks. These actors decide the
access to finance and insurance.
Blockchain lowers or eliminates the need for third-party trust-
producing institutions.
Challenges and obstacles
GS economies encounter a number of challenges and obstacles
in blockchain adoption.
While bitcoin is just one of the applications of blockchain,
currently it is the most popular
way of using blockchain. The bitcoin network is already
congested. It was reported in
November 2016 that over 65,000 transactions were waiting to
process during peak times.
During some periods in October 2016, users were required to
wait for an average of more
than six hours.100
It is not clear how the capacity to meet blockchain’s growth

needs will be financed. For
instance, there is a lack of a formal roadmap and action plans
for how all global financial
transactions could be transferred to blockchain. Analysts say
that enough investments have
not been flowing in blockchain. For instance, investments on
the Internet during the early
phase of its development were many times bigger than the
current investment in blockchain.
Marc Andreessen, of the VC firm Andreessen Horowitz,
considered bitcoin in 2014 to be
similar to PC in 1975, and the Internet in 1993, in terms of its
levels of development and
maturity.101 In this regard, it is worth noting that as of early
2014, total VC investment in
bitcoin was less than US$100 million, compared to more than
US$500 million received by
Internet startups in 1995.102
The attempts to regulate blockchain have been another area of
controversy. The roles of
regulators and state authorities are not clear. It is not also clear
how best to determine relative
priorities and allocate resources to different economic and
social segments. The functioning
of blockchain may also conflict with regulatory requirements.
For instance, information
stored in a public ledger cannot be modified or deleted. The
information can be accessed
by any user instantly. This feature is in contradiction to the
right to be forgotten.103
A further concern is related to energy consumption. Due to the
burden of proof-of-work
consensus, writing data in blockchain is extremely energy
intensive. The ‘miners’ that perform

validation are required to show proof of work – consumption of
electricity and use of com-
puting power – and are paid in new bitcoins for their work.
First, in order to add blocks of
transactions to the blockchain, validation of all of the
transactions is required within the
block. Then it is required to perform repeated calculations
(called hashing) to find a ‘magic
number’ that makes the created block valid and acceptable to
other participants according
to the network’s rules. The second step is computationally
expensive and energy intensive.104
They need to reach consensus to confirm each other’s work in
order to establish a new page,
also known as a block, of the ledger.105
Energy consumption is also a function of the hardware. Data
miners keep details of their
hardware secret. It is thus difficult to estimate power consumed
by the network. One estimate
suggested that if the bitcoin miners use the most efficient
hardware, the annual electricity
usage could be about two terawatt-hours (more than that used by
150,000 people in the
US). Under pessimistic assumptions, the amount of electricity
consumed could be up to 40
terawatt-hours.106
Among the negative externalities created by blockchain is the
additional bandwidth
required to relay transaction across the network.107 This may

be even more severe in GS
economies facing network congestion problems.
Many GS economies lack absorptive capacity to benefit from
blockchain. For instance, in
order to develop the eAuction platform in Ukraine, the platform
needed to be integrated
into the bank’s system. Digital signatures and a special
application programming interface
(API) were integrated to retrieve signed receipts, which needed
to be connected to core
back offices. The entire process reportedly took only two
days.108 While Ukraine is known for
technological achievement, many GS economies have limited
technological capabilities.
The major obstacles also include the lack of education,
information, and user-friendly
applications.109 There has been a lack of awareness of
blockchain among key stakeholders.
For instance, Saldo is reported to educate underbanked
communities. The company also
works with the Mexican foreign ministry in financial literacy
events. Saldo found that it is
too complex to talk about blockchain. It started educating
financial institutions first, which
are more familiar with blockchain.110
There are also negative perceptions of blockchain due to its
association with bitcoin,
which has been used in illegal and dark-side activities such as
money laundering and illegal
drugs.111 Overcoming such perceptions remains a significant
challenge.
Among key challenges are also interoperability and

standardisation. For instance, the
participants on a distributed ledger need to agree on common
standards for an invoicing
platform. For one thing, different banks need to have an
agreement on the number of data
fields used from an invoice to generate the hash value. They
may also need common mes-
saging standards. The banking industry, which is among the
early adopters of blockchain,
is characterised by a culture of competitiveness, which poses a
challenge to working
together.112
Finally, regarding the effect on the reduction of fraud and
corruption, blockchain may
face different risks and obstacles. For instance, systems such as
Bankymoon’s blockchain-en-
abled smart meter to crowdsource utility credits may be subject
to other, different risks such
as tampering and physical tapping of school meters in order to
resell electricity to non-school
users. In order to ensure that inappropriate actions do not occur,
an appropriate party to
audit and verify may be needed.
1722 N. KSHETRI
Discussion and implications
While it can be argued that it may be within the self-interest of
providers of blockchain-re-
lated services to exaggerate the potential benefits of this
technology, the above analysis
suggests that blockchain, in combination with other

technologies such as the IoT and cloud
computing, has the potential to drive economic, social and
political transformations in the
GS. Among the most attractive features of blockchain is that
once a record is created it is
almost impossible to tamper with, forge or alter it. Blockchain
will thus make data secure.
Transactions can also be conducted to achieve any degree of
privacy or openness depending
on the need.113
An Economist article asserts that blockchain is ‘[t]he great
chain of being sure about
things’.114 This technology helps make sure that corrupt
officials do not engage in fraudulent
activities. Organisations can make sure that their business
partners play by the rules. Services
providers can make sure that people are who they say they are
when they enrol and partic-
ipate in various services. These features are of special interest
in the GS economies that lack
effective trust-producing institutions. Blockchain can
compensate for the unavailability of
such institutions.
The widespread adoption of blockchain may enhance a
country’s image. For instance,
Georgia has been trying to promote itself as a corruption-free
country with a modern and
transparent governance model.115
Blockchain is especially likely to make contract enforcements
more efficient and effective.
For instance, a blockchain-based life or health insurance smart
contract can be a powerful
tool to improve the market mechanism. A smart contract can be

executed either ‘above’ the
blockchain or ‘on’ the blockchain. In the former, the software
program runs outside the block-
chain and feeds information to the blockchain. In the second
case, the software program is
coded into blocks.116 It is possible to automatically activate
policy based on diagnosis. For
instance, if a diagnosis indicates the existence of a triggering
condition for the policy that
is written in the smart contract, the information is fed to the
blockchain. The smart contract
automatically authorises payments based on the policy. Smart
contracts can also act as a
warranty for down payment to the medical service provider, and
there is no need to have a
previous contractual relationship between the medical service
provider and the insurance
company. In this way, smart contracts drastically reduce
administrative costs.
Some application areas discussed above are land registration (eg
Honduran government),
and tracking donations and payments (eg Alibaba and
Bankymoon’s crowdfunding platform,
Usizo). Bitcoin as an interoperable system can more easily
convert various currencies and
facilitate cross-border trade.
Blockchain is particularly suitable for detecting widespread
fraud in diverse industries
such as insurance and banking. As Bankymoon’s crowdsourcing
of utility credits suggest,
blockchain makes it possible for donors to directly make
payments to the causes that they
are passionate about. Donors no longer need to depend on other
organisations to act as

middlemen. In this way, blockchain helps prevent the misuse
and abuse of donor money.
The GS needs to deal with various challenges and bottlenecks in
successful blockchain
deployment. Powerful actors that are against transparency and
openness may oppose block-
chain. In the land ownership example, blockchain can increase
the transparency of land
ownership records and make it difficult or impossible for
corrupt officials to alter land
registries after the records are on the blockchain. However,
blockchain cannot address cor-
ruption in decisions about how land is registered in the
ledger.117
Blockchain’s takeoff hinges on harmonised standards and
regulations. In order to realise
the benefits of blockchain beyond what is possible with
traditional database solutions, coop-
eration and coordination among a number of actors such as
industry associations, compet-
itors (eg cooperation among insurers), manufacturers, customers
and other parties are
needed.118 If regulatory reforms are brought about to digitise
the relevant regulatory infor-
mation and transfer it to a blockchain ledger, compliance with
disclosure laws can also be
increased.
Countries vary in their ability to benefit from blockchain.

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