Blockchain as a technology needs a supportive ecosystem of legal boundaries and deep economic integration to solve modern society issues. Former CEO of the Mohammed bin Rashid Al Maktoum Foundation enters the quest to connect blockchain with businesses and local governments, determined to bring decentralized economy to mass adoption.
High tech silos versus everyday users
As the world becomes increasingly connected, advanced technologies like IoT and electric governments are being massively employed to improve all aspects of modern life. The problem is, too often people fall into the fallacy of thinking that technologies alone can transform how people think and go about their lives, without actively addressing fundamental issues that comes with advanced technology:
- Privacy concerns - digitalization requires the acquisition of sensitive data, but the data collected are usually not reported transparently to the people. Authorities, as well as corporates, have been known to exploit this information without public approval.
- Sensory Overload - if you want data, you need sensors, which require compatible infrastructures to install, and massive amount of energy to function steadily.
- Interoperability - there is no universal standard for smart systems and IoT devices. Each device is an isolated silo, unable to communicate or share data with anything outside its own system.
The blockchain revolution
World leaders are starting to embrace blockchain as a cross-protocols solution that shares decentralized database between very different services, tracks and encrypts data securely, provides seamless transactions, and offers credible transparency for public services.
UAE is now pushing to turn Dubai into the first blockchain city by 2020. UAE authorities plan to create a paperless digital government, removing the paperwork burden on both citizens and government officers.
However, most blockchain platforms also come with their own set of limitations:
- Network speed - As of late 2016, cryptocurrencies with the largest capitals and trading volumns per day like Bitcoin can only process about 7 transactions per second, Ethereum 25 per second. In comparison, VISA can process 24 thousand transactions per second.
- Privacy - the openness, decentralized, and immutability of blockchain pose a problem under the new European General Data Protection Regulation (GDPR)
- Changing too fast for regulations - When basic regulations were finally in place for cryptocurrencies, blockchain has moved on to a far wider range of applications than payments. Right now, in 2018, the law regarding blockchain is still a grey area, making it difficult for new users to approach the technology.
The whole is greater than the sum of its parts
Clearly, blockchain by itself doesn’t produce magic. The following requirements are identified for it to reach widespread adoption:
- Availability - the blockchain platform must be widely available and easily acquirable/tradable in both tangible and intangible forms, such as goods, services, legal enforcements, etc.
- Irreplaceable - the technology must enable people to solve problems by utilizing as few resources as possible. As a result those problems can’t be solved nearly as well or efficiently otherwise.
- Confidentiality & Authenticity - unauthorized access to resources and sensitive information is prosecutable by law.
- Transparency, Integrity, and Accountability - resources and information on the blockchain platform must be immutably and transparently recorded on a decentralized, distributed ledger; making it impossible to deny transmission or reception of a resource by all parties involved.
HetaChain’s smart economy solutions
Dubai ranks first in the world when it comes to sheer number and size of blockchain platforms being adopted into real life usage. Among projects ambitious to lead the transformative movement is Relam Investment’s project HetaChain.
Mr Sultan Ali Rashed Lootah - Chairnman & CEO of HetaChain
Founded by Sultan Ali Rashed Lootah, former CEO of the Mohammed bin Rashid Al Maktoum Foundation, Relam Investment is headquartered in Dubai – UAE; with other group offices located in India, Vietnam, Egypt, Turkey & United Kingdom. Sultan Ali Lootah was the main person responsible for the 2005 upgrading of Dubai Department of Economic Development’s IT infrastructure.
In September 2018, Relam Investment officially launched HetaChain and its ICO, aiming to become the technology backbone of smart economy systems around the world. Started in Dubai, the project will proceed to London and Turkey throughout 2018.
Designed to be a universal blockchain platform for diverse industries adaptation, HetaChain is a DPoS + BFT hybrid network focused on addressing the blockchain scalability problem, so as to enable cross-industry scale transactions. The project strives to provide solutions to help tech services break down the adoption wall between them and the public:
- Bridge Protocol – through this protocol, data is still securely enclosed while the Private chain communicates with Main chain to update abstracted transaction details to the public ledger.
- Dapp Store - plug-and-play Dapps, software, smart contracts, etc. pre-built by the community and third parties for the ecosystem.
- Offchain Database - designed for large data storage, HetaChain's Main chain connects with third-party data centers to provide enterprises with big data analysis for efficient project development.
- Auto generating Dapp - the platform allows anyone with little programming knowledge to create simple smart contracts by just dragging, dropping, and adjusting.
HetaChain uses blockchain’s decentralized and encrypted properties as a way to store, save, and optimize resources. It acts as hub for connecting companies with modern data technologies and in-depth insights that helps to significantly shorten decision-making time.
True to the vision of the project, HetaChain does not develop its system alone. It is working very closely with founding members like Mr. Ali Juma AlAjme – Director of UAE’s Ministry of Health & Prevention’s IT Department, as well as technical partners and advisors like MLG Blockchain solutions and Stallion.ai to deploy its Mainnet and other applied blockchain platform functions.
Ecosystem expansion and market liquidity development
Business model is the core of HetaChain’s strength. Since launching, the project has focused much of its efforts into expanding its ecosystem, so as to ensure and increase market liquidity for HetaCoin. Thanks to partnerships with leaders in financial investment and public management services, Hetachain is able to provide entrepreneurs and organizations instant connection with business founders and investors in a wide variety of markets through its smart economy platform:
- In September 2018, Sultan Ali Lootah and Michael Gord, CEO of MLG Blockchain and Advisor to the Kerala Blockchain Academy (India), have met and discussed possibilities of cooperation with Shafi Parambil – a member of 14th Kerala Legislative Assembly; Indian National Congress; and represents Palakkad constituency. Mr. Parambil will be the main supporter of HetaChain in India to apply blockchain to government and Indian’s own smart economy system.
“In my understanding, Kerala can take pole position in Global Blockchain Environment and both Michael and Sultan has agreed to work very closely in helping us being at the forefront of this innovation. I will actively take this topic in Legislative Assembly as well as in other forums to ensure that we develop a landmark policy for Blockchain Technology […] It will also provide new markets for our farmers and help us develop into a Global Hub for Innovation.”
- Mr. Parambil on his official Facebook page
- Starting from May 2018, Relam Investment has entered the Indian market with a commitment to invest $300 million in real estate and technology sectors over the next five years.
- Also since May 2018, Relam has officially cooperated with IAC company to launch T-Hub - a system of online cargo and freight in Egypt that runs on HetaChain.
- In October 2018, Relam officially signed a Memorandum of Understanding with Mr. Zeng Yuexing, Director of Fuzhou High-Tech Industry Park, to implement Hetachain and T-Hub at Fozhou High-Tech Park. The MOU will empower HetaChain and T-Hub to serve various sectors in China, such as Tourism, Banking, Healthcare, E-Commerce, and other industries.
- Relam has also partnered up with Cygnus Technology Services to launch technology systems in UAE and Vietnam.
Thanks to the financial strength and experience of Relam, and the support of high-profile partners around the world, HetaChain is able to systematically achieve its roadmap goals much more reliably than pure tech projects that are trying to mobilize capital through ICO campaigns.
As a result, HetaChain's ICO goal is mainly to expand and diversify its network of users, thereby increasing the scopes and possible markets of its partner projects within its smart economy ecosystem. Currently HetaChain is preparing to launch its Public ICO campaign from 11/11/2018 through the end of 10/02/2019. For detailed information please visit the site.
Onward to a global scale smart blockchain economy
If done right, smart economies backed by decentralized platforms can enable individuals to report their unmet needs to a collective database, and become actively involved in the processes that will help balance and optimize global resources.
Amidst the feverish race between governments, startups, and global tech giants towards a new blockchain utopia, a project that closely connects countries at the government and local business level like HetaChain might just be able to take the torch and march forth, through this still unfolding revolutionary era of big, distributed data and hyper-connectedness.