2019 is bringing news in favor of Pakistan. The year has started with an important development in foreign affairs and foreign trade with Sri Lanka. Moreover, Bill Gates has shown interest in investing in IT in Pakistan in his letter to the Prime Minister. Another addition to the good news’ list is the launch of first Blockchain deployment technology-based cross-border payment and money transfer services by the Telenor Group.
The services are going to be launched by Easypaisa offered by Telenor Microfinance bank in collaboration with Valyou of Malaysia. The latter is a financial technology company which provides remittances to underbanked publics. Later in 2018, 45% of the Easypaisa shares were acquired by Alibaba’s Alipay and it was anticipated that this acquisition will bring some technology-based payment services in Pakistan in order to enhance customers’ experience and usage. In less than three months, the online payment platform Alipay has developed remittance service based on Blockchain technology to enable Pakistani citizens of Malaysia to transfer money home conveniently and most importantly securely using Valyou.
What is Blockchain?
The trends are now shifting from hard money to the internet and mobile wallets. It’s an era of digital currency like Bitcoin and Ripple etc. Rather than going to a bank and standing in long queues, we now prefer to transfer online using the internet and mobile banking with just a few taps and clicks. However, there is always a dark side to the use of internet technology and that is the security and privacy of users’ data as well as protected money transfer. Due to the latest security breach of users’ data with the banks in Pakistan, it is now inevitable for the banks to use more safe and secure online payment methods. Moving forward to our current topic of Blockchain Deployment In Pakistan, it is a list of records known as the block which contains following two information about the money transaction:
- Transaction data
This information containing blocks are linked and secured using cryptography. This process makes it impossible to hack, modify, or access the data contained in the blocks.
Cryptography and known records of the transaction on a chain of block leave zero possibility of fraud, corruption, and money laundering. Moreover, there is no involvement of any middle-men like banks or regulatory authorities in such kinds of digital transactions.
Blockchain Deployment In Pakistan
The remittance platform will ensure that the information stored, shared and uploaded is encrypted keeping in view of the users. Blockchain deployment in Pakistan will enable both the senders as well as receivers to track the money throughout the transfer process.
Such kind of remittance is not only important at the user level, but also at the national level to stabilize the economy. Well, the digital future is already knocking at our country’s doorstep and we really hope to see advancements in terms of digital currency and payment methods like Blockchain and PayPal to facilitate Pakistan’s citizens.