Hashgraph Technology Use Case for Governmental Transparency
Distributed Ledgers will Transform Governments
Summary: Human civilization has made leaps and bounds in technology, society and governance in the past millennia, yet, an undeniable reality still remains with positions of power. Any one person in society with an elevated position of authority has the potential to be corrupted and those with absolute power can be absolutely corrupted. It is a strange consequence of distributed ledgers and cryptocurrencies like bitcoin, that they would inspire a movement that addresses these kinds of seemingly inescapable human leadership problems.
The promise of any human technology has always been to improve the status quo and to advance society to a better state. With distributed ledger technology (DLT), like that in the Hedera Hashgraph (HH) network, society can finally achieve this reality of immutable trust and incorruptible consensus and force honesty into any digital system. Expanding on that, the hashgraph algorithm is the only DLT that can secure a file in storage and then confirm its deletion. This allows HH to be GDPR compliant while still achieving an unassailable network for censorship by a corrupt central authority.
In the near future, Hashgraph will be able to host 100’s of millions of transactions in a wide array of use cases that enable the individual in a nation. This will be unlike anything anyone has ever seen before. Bitcoin has proven that a network can become impenetrable in design and resistant to governmental censorship. Now, with a network that can secure all of finance, real estate, and many more tokenized assets, the Hedera Hashgraph network could create a digital asset class that no authority could ever unjustly seize.
In respect to governments, the ability to make a fair and honest network for citizens in a nation is clearly achievable with HH. The ability to maintain the freedom of ownership of an asset and resistance to unlawful asset redistribution is tantamount to absolute freedom. In many developing nations this is a critically important problem. In some countries, unjust capture of land, owned for generations by families, are at times completely seized by corrupt leaders for militaristic or financial gain. However, in a world of digital assets that verify every kind of tangible ownership on a transparent and incorruptible ledger, this deceitful practice could finally come to an end.
The network of Hedera Hashgraph is not your typical cryptocurrency. It is a quiet digital revolution in itself. It aims to force fairness and systemic honesty into all systems of governance. If anything comes of this new digital wonder, it will be a widespread distribution of wealth preservation and censorship resistance in places that are often overrun with central authoritative collusion that steal wealth and prevent economic prosperity for many developing nations.
Investors: Understanding the long term consequences of a network like HH will help an investor make wise choices about hbar tokens in the near and long term future. Realizing that cryptocurrency cannot just help reduce problems in monetary design, but also create a new internet layer of trust that reduces the individual exploitation of many in the world. Investing in DLT is not only a long-term remunerative or high-return prospect, but also a humanitarian fight for the common good.
Hashgraph could well become a beacon of hope for many nations struggling with these governmental corruptive forces. Follow these additional developments of HH and the hbar marketcap in parallel and future price prediction of hbars will be a breeze.
Introduction: In 2016, a Ted Talk was given by Don Tapscott on the power of the distributed ledger revolution. At that time, bitcoin had garnered quite a bit of public media attention after the silk road affairs, Department of Justice prosecutions and multiple cryptocurrency exchange heists. However, what was left out of the media conversations at that time was the growing awareness of what a censorship-resistance ledger could actually do. It was a prescient lecture that Don Tapscott delivered back then. In it he described a wide variety of potential use cases that outline the dynamic and versatile power of something so strangely based on the new crypto revolution.
In this lecture, Tapscott who happens to be an author and executive chairman of the Blockchain Research Institute, expounds the many use cases of blockchain in the near future. He discusses business sector-related changes, economic impact, supply-chain issues and even government level systems of technology based on distributed ledgers. In each poignant example, he helps paint a portrait of the future that is both fair and transparent. He uses individual examples of people in foreign countries and how they are taking advantage of by the current international financial settlement system is broken.
His example is of a Filipino women trying to send money home to her family through a Western Union or other money transfer service. In that anecdote, he relates that at times, the funds are not only delayed but are also severely charged by high fees, leaving much less than what was sent. It is a gripping tale of how the middlemen, or intermediary service providers use slow, low-tech methods to transfer money with little regard for fairness or even civil respect of people’s wealth.
What Tapscott proposes in his vision, is a worldwide web of distributed ledgers that treats all participants with fairness to access, fairness of transparency, minimal fees of service all while remaining censorship free to all parties. He uses terms like blockchain and bitcoin, however, the truth is that no current blockchain or extant DLT is currently capable of meeting this global real time demand any time soon. His vision is met by others as foreshadowing of a new age of international and interpersonal trust that is mediated through computer technology.
The vision of a global internet revolution, also known as the internet 3.0, will be nothing short of extraordinary. The implementation of distributed ledgers in each and every sector including business, healthcare, transportation, universal identification and even the voting process will be a realized dream of countless generations. In order to show how this may work, let us discuss how the government could be radically changed in its national election process throughout the power of an electronic public ledger.
The George Bush & Al Gore presidential election in United States of America in 2000, was a cataclysmic legal debacle and global spectacle. The entire election process at that time was scrutinized for the great errors that occurred for the candidates, the courts and worse, the American public. What occurred in the state of Florida was an election count that one of the closest in history.
Although Bush appeared to win the state of Florida, it was by such a close margin that state law demanded a recount. A recount ensued and ended in several legal court battles. Ultimately, the election ballot process was fraught with human error and alleged ballot fixing or manipulation. The final result, a contentious Supreme Court battle, favoring Bush over Gore 5-4. It was a prolonged and expensive process that disillusioned the American people and led to many voting reforms because of these identified errors.
Now, imagine an election process that no longer occurs in a physical election booth, but on a mobile phone and mediated not by a community election committee, but by a national distributed ledger. Also imagine in that ledger a proof, so mathematically correct that even a computer proofing software code could prove it was 100% fair.
Now, picture the voting process. A citizen, verified by universal ID with an incorruptible ledger enters their vote thru a government issued voting app, that is numerated within seconds and updates the public ledger. Every citizen that votes has registered once, provable so, with a biometric such as a fingerprint, iris scan, or other biologic determiner to confirm only one-vote-per-citizen. In that election process, every registered citizen could cast their vote without burning a gallon gas, paying for a ride or driving to an election booth. In that scenario, a hidden cost-savings occurs as well.
Finally, imagine when all the votes are cast the answer of who one the election would be both immutable, or unchangeable as well as completely transparent. This is the future of fair voting. This is the future of internet technology where the citizen is empowered right in the palm of their hands with a radically transformative technology that would be censorship-resistant as well as incredibly efficient. What is important to know next is not so much the myriads of use cases, but the underlying technological requirements that could support this kind of DLT fair voting initiative.
Although bitcoin and the underlying blockchain technology as described by the presumably pseudonymous Satoshi Nakamoto began the distributed ledger revolution, it is currently unable to take it any further. The fundamental limits of power usage through electrically-consumptive proof-of-work systems, the probabilistic nature of consensus that requires multitudes of confirmations for even one transaction and the incredibly slow speed of the network will never be able to perform at a local, national or international level at full scale.
However, in parallel with bitcoin’s development an alternative DLT has been created that can suit each and every one of these fundamental requirements with ease. It is called the Hedera public DLT, powered by the Hashgraph algorithm, and managed by a Governing Council of 39 multinational, multi-sectoral globally-distributed, corporations and members with enormous reputations at stake.
The Hedera Hashgraph (HH) public DLT is capable of performing at full scale within one database network, or shard, up to 100,00 transactions per second (TPS) and can scale to millions and millions with additional sharding architecture. The security of Hashgraph is also bar none in all the DLT world. Compared to bitcoin and all other blockchains, it stands out as the ONLY DLT capable of verifying and demonstrating the concept of asynchronous Byzantine Fault Tolerance (aBFT). This is a challenging property of an implemented algorithm and is fully explained in this link:
What is important to know is that no DLT is 100% certain about its consensus like Hedera Hashgraph’s public ledger. It has been formally verified by a sophisticated mathematical software program called COQ. It was used by a third-party scholar in computer science and mathematics to show that the Hashgraph algorithm achieves aBFT and is therefore resistant to attacks from botnets, distributed denial of service (DDoS) attacks and even Sybil attacks by overall design.
There may be no other DLT in all of the crypto universe that can complete with HH on this property. It is an unassailable network design. Capable of sustaining international elections, in real-time, globally with the use of cell phones and achieve consensus on the winner in the shortest time possible. HH is even more amazing. It is merely limited in transactional throughput by the network bandwidth, or internet service capability. The Hashgraph algorithm can sustain attacks, fly at the speed of light, secure global national resources, maintain a universal identity service and more. Getting to know this DLT will be monumentally important in large institutional investment groups and nations that eventually secure their wealth in the new internet age of immutable ledgers.
REF: The Blockchain Insider Podcast ‘The great wealth transfer’ caught up with Hedera Hashgraph’s CEO and co-founder, Mance Harmon, https://bi.11fs.com/96
INVESTORS: In order to invest an entire nation’s population of citizens, identities, real estate ownership verification and even the national treasury, governments will have to use the most sophisticated and mathematically verified distributed ledger known to humanity. Bitcoin and the blockchain structure sparked a revolution that allowed thousands of iterations and improvements to the basic structure. However, bitcoin and all other blockchains are unable to perform at the level necessary to support the new global internet 3.0.
Investing in Hedera Hashgraph and its supportive ancillary industries may have the potential to bring wild benefits based on its superior technology and scholarly verifications of claims. Besides having the best-in-class performance specs in regard to speed, scale, security and governance, there is none more important than the property of asynchronous Byzantine Fault Tolerance (aBFT). It is essential to understand this property of Hedera alone and the subject of a separate article.
Guessing the hbar price in the near and long term future will require having both a firm conviction and a well-informed technical analysis of Hashgraph versus Blockchain. The hbar is the utility token that may end up with the largest coinmarketcap in the end based on these and many other points.