19th August 2023, Kathmandu
CAN Federation the umbrella organization of the information and communication technology sector, is going to organize the Nepal Blockchain Conclave on Sunday, 17th September 2023.
Chiranjibi Adhikari, General Secretary of CAN Federation, informed that an international-level conclave is going to be held with the aim of greater interaction and cooperation among stakeholders to raise awareness, encourage and promote blockchain technology.
An agreement has been signed between CAN Federation and Club B Business Technology. The agreement was signed by CAN Federation General Secretary Chiranjibi Adhikari and Club B Business Technology Head Yuvaraj Acharya.
After the agreement, General Secretary Adhikari said, ‘In Nepal, many people still have a wrong understanding of blockchain technology. That’s why we are organizing a conclave to interact widely among stakeholders to create awareness, encourage and promote blockchain technology.
Similarly, Yuvaraj Acharya, head of business technology of Club B Business Technology, the co-organizer of the conclave, said that the discussion and knowledge exchange between the stakeholders under one roof will help in blockchain technology and its expansion in Nepal. He said, ‘Increasing awareness about the application of the technology, providing opportunities for knowledge exchange among experts, addressing challenges and opportunities for adoption, exploring the possibilities of blockchain technology in various fields.
Similarly, Ranjeet Kumar Poddar, president of the CAN Federation, said that companies working in the blockchain field, experts, technology professionals, educational institutions, policymakers, and various bodies of the Nepalese government will participate.
The keynote speech, panel discussion, presentations by experts and experts, as well as sessions on various topics including finance, healthcare, supply chain management, the role of academics in blockchain technology, and applications of blockchain technology will be the main attraction of the program.
According to CAN Federation, online registration can be done from next September 7 for individuals and organizations interested in participating in the conclave.
The Potential of Blockchain in Nepal and developing agricultural countries
The concept of Blockchain was first used in the context of Bitcoin, the digital currency that emerged in the year 2009. Bitcoin was launched to simplify online transactions by bypassing government control of currency. While the usage of Bitcoin has been growing, with companies like Microsoft, Paypal, and many other well-known firms now accepting Bitcoin as a form of payment, the blockchain’s potential is not limited only to cryptocurrency.
During the next twenty years, Blockchain has the potential to change our life in the same way the internet has changed our life during the past two decades. For this reason, people have dubbed it Internet 2.0. Blockchain has more potential than one can imagine. Developing countries like Nepal especially can benefit more from the concept than countries that are already developed.
Agriculture is still the primary occupation of the people living in Nepal. More than three-quarters of Nepal’s population is engaged in this profession. Today, with help from information technology, farmers are always learning and implementing new ideas and strategies to increase crop yields. However, this is not the end of the journey for the farmer. He also has to undertake different steps and deal with intermediaries to distribute his product to the final consumer. This is where problems can occur for the farmer.
Intermediaries can take advantage of both the producer (farmer) and the consumer by altering the information of the transaction. Potentially, intermediaries can manipulate the price to raise the cost of the product for the consumer. In the same way, a dishonest intermediary also can reduce the price the farmer receives for his product. An unscrupulous middleman can do these things because there is a lack of transparency in the transaction. The fact that the middleman alone has full access to the financial details of the transaction sets off alarm bells.
Blockchain provides a solution to this problem. In a channel of distribution operating under the concept of Blockchain, fraudulent behavior becomes impossible. This is because Blockchain introduces transparency into the process. With Blockchain, any fraudulent attempt in the transaction channel can be easily traced. By introducing transparency in the transaction, anyone who acts fraudulently can be identified and held accountable.
With Blockchain, a ledger is programmed and distributed among all parties involved in the distribution process. Each party updates his part of the transaction, which is approved and verified by the parties involved. Once an entry is updated, it becomes immutable, the system allows the correction of the entries that were wrongly entered only with the consent of the parties involved.
Blockchain also makes agriculture traceable. With Blockchain’s transparency, the consumer can not only trace where his product came from but also track when it was harvested and processed and who produced it. This could go a long far to prevent food fraud/adulteration, false labeling, and redundant middlemen.
Another major issue that developing countries face is corruption. When the records of operations are held by one body or one organization, an authority figure can easily tamper the data, if they want to. Corruption adversely affects the growth and development of the country as a whole. When Blockchain is introduced into the system, it can immediately and effectively eliminate corruption.
Blockchain can be implemented in various other fields as well. For example, medical institutes can use the concept of Blockchain to store all medical records securely. Banks and other financial institutes can perform and verify KYC in Blockchain. Governments can use it to keep and manage records of National ID, registry of land, and other properties. Sierra Leone has become the first country in the world to use Blockchain technology to verify votes in its recent election.
Blockchain Myths in Nepal
Blockchain technology is often surrounded by misconceptions, but it’s important to understand its true potential and applications.
Here, we clarify common misunderstandings about blockchain:
Blockchain is Solely About Money, Right?
Reality: While cryptocurrencies like Bitcoin are popular applications of blockchain, their use goes beyond money. Blockchain is used for identity management, supply chain tracking, and ensuring authenticity.
Is Blockchain Illegal in Nepal?
Reality: No, it’s not. While converting Nepali currency for transactions involving public blockchains like Bitcoin may be restricted, the underlying blockchain technology itself is not illegal.
Does Blockchain Rely on Bitcoin to Succeed?
Reality: Blockchain platforms don’t require Bitcoin for success. Crypto tokens like Ethereum’s Ether are used for transaction security. These can be replaced with local currencies or rewards.
Is Blockchain a Must for Every Business?
Reality: Not necessarily. While blockchain will impact many areas, not all businesses need it to succeed. Each business should evaluate its digital practices based on its unique needs.
Will Cryptocurrencies Replace Traditional Money?
Reality: Unlikely. Cryptocurrencies won’t replace local currencies as they lack stability for consistent price comparisons and transactions.
In Nepal, the gap in blockchain education is addressed by initiatives like eSatya, Blockchain Community Nepal, Clock B Business Technology, Center For Cybersecurity Research and Innovation (CSRI), and One Cover Pvt. Ltd. conducting sessions to dispel misconceptions and raise awareness. While challenges exist, developing nations like Nepal could greatly benefit from secure and decentralized projects on public blockchain platforms.
