Background of GBFC establishment #2

Background of GBFC establishment #2

The opportunity from the role of NGO’s and Blockchain technology 

The role of UN and NGO’s worldwide has grown.

And this is all thanks to the participation of non-governmental institutions and the voluntarily participation of citizens.

Today, the world is transitioning into a decentralized, city-centered auto-management policies

Whereas all eyes are on the blockchain technology 

It is expected that this technology can finally pave a road for ending famine and bring about redistribution of wealth. 

The Earth’s Conscience: NGOs

As the world evolves, and globalization expands the subject of world governance isn’t limited to governments but it’s spreading its wings to include international organization, corporations and NGOs.

In recent times, we’ve witness how common citizens have taken charge of their roles in society and organizing themselves systematically to directly and aggressive appeal to their governments, demanding proper solutions, therefore growing the power of citizen governance.

Additionally, the UN itself has come to the realization that efforts from governments and intergovernmental organizations isn’t the answer. It has accepted NGOs as its strategic partner to fulfill its very purpose, to deliberate and create appropriate effective polices.

New opportunities through Blockchain Financial Technology  

The most controversial topic of the 4th industrial revolution : Blockchain 

It isn’t only the UN but governments, financial institutions, global corporations are actively getting involved with the development and utilization of blockchain technology 

The WEG chose the blockchain as the 4th industrial revolution’s core technology at the World Economic Forum, Davos Forum predicting that by 2025 10% of the countries’ GDP will be originated from a blockchain based platform

Gartner predicted that the blockchain technology will see a yearly growth of 128%, by 2020 and a market value of 3 trillion USD by 2030.

 

What is blockchain?

Blockchain technology is a distributed, decentralized public ledge.  that is collectively managed by a peer to peer network

Each block contains and records data from each transaction, and the blockchain is a database with linked blocks. 

Traditional transactions were managed by a centralized 3rd party power, the bank but with blockchain is a decentralized and transparent public ledger where everyone has access to.

 

Advantages of a blockchain based financial industry 

(1. Transaction efficiency) The blockchain based financial industry will see these advantages:

First, without a centralized third party power involved, the direct transaction between involved parties shortens the overall transaction time and reduces system management costs for storing and recording transaction data. 

(2. Reduced Transaction Fees) Second, the blockchain based financial industry will have a much more simplified transaction process, for payments, settlements, deposits etc. leading to a huge cut in service fees.

(3.Growing reliability in transactions) Third, the distributed public ledger is shared and because it is opened, it’s highly secure. 

But regrettably, each one of the financial blockchain technologies from different countries, were discovered to be no quite by the book especially during the stock issuance and fund raising process

It brought turmoil into the society, giving birth to speculation since it was not immune to crime after all. 

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