Where and How Can we Use Blockchain
Where and How Can We Use Blockchain
The question is where and how can we use blockchain that's the real question so blockchain has been many manifestations of the use of blockchain but we can now begin to see more and more deployment of blockchain more and more use of blockchain so for example in the Islamic fintech space there is a company which is using blockchain to launch work projects so the work process end-to-end work is being managed on a blockchain the assets you know the traceability the recording the governance the distribution it's all being done on the blockchain
Recording data in such a way to record day-to-day it minimizes costs it may brings more transparency and it brings immutability meaning it can't be changed and the the work the beauty of our Workforce as everybody knows what becomes permanent assets work physics essentially something a person gives for the sake of Allah for reward purposes but it's utility its benefit is permanent he the ownership transfer is permanent a person can never retrieve the asset and then the asset becomes permanently in works for a general causes charitable causes or the public interest so I the idea of work is all about being permanent it's about being serving the community on a permanent basis nobody can buy the asset nobody can sell the asset so think how well that aligns with blockchain because blockchain is immutable blockchain has a permanent record so never will a person be able to change something recording us work for the blockchain and change that has not been worked and work requires being permanent so work is a beautiful example of blockchain.
Another example of Islamic fintech on blockchain is zakat right it's a card services so there's been ideas research done and testing done on how can zaka be used using a blockchain how can we spend the car because the car requires governance and good practice we should be able to see and ensure that the beneficiary of zakat receives the zakat fund because a person is paying in one place the beneficiary somewhere else how do we ensure and trust that the person who we intended to give the car to has received this occur so the blockchain because it's a a ledger because it records it traces it can track and trace we can have a system where the guy is paid on a blockchain and then we can see exactly where it's been and trace it so we can know with certainty that has reached this recipient's account it's not been you know it's not been lost in the system whereas in the traditional Services if you pay the car you'll be using a charity or you'll be doing a bank transfer or some other transfer sometimes the funds can get lost you don't have full transparency you as a payer don't know you have to double check you don't know what the intermediary organization is doing with the funds but using zakat on a blockchain will allow that full transparency and it will be a track and Trace system in essence so that's another beauty of is starting fintech in terms of blockchain.
Another idea that is becoming increasingly common is investing on the blockchain or using blockchain to manage funds and assets so it's an asset under management there's a whole area of blockchain where assets can be recorded on the blockchain so if any fund is managing assets a design firm can have its assets listed recording on the blockchain and can be there visible for all but as I said this is infancy that people are still testing and trying different methods um these were you could say Islamic fintech space ideas of blockchain.
There are many more and for example that's another very common one we have the concept of smart to cook launched issued on a blockchain so whoever invests in this cook will will get a token or certificate by the blockchain and all the process of the cook will be visible on the blockchain and the proceeds the governance the recording regulatory requirements everything will be visible on the blockchain and will be functioning on the blockchain so all the data will be stored on the blockchain that's another way to really use blockchain and some non islamic or just generic kind of practice use it was a firm called medical chain what they did was they used the blockchain to record all the data or keep the data of patients so at any one time anyone can access the blockchain data and see exactly the history of the client again it's like it's like a cloud-based service where everybody can see you can put a data and always remain there but it's only one record which everybody's getting access to at one time that allowed the decentralization of knowledge you could say all of this data and it enabled secure faster and more transparent exchange of information and data that was the benefit of that so I mean there's there's many other medical channels one IBM.
Food trust is another project on the blockchain and it's all about tracing food on the blockchain giving greater transparency and efficiency this is an amazing project because all of us know that today's food chain supplies are huge right food is produced in one country and shipped package somewhere else and sent somewhere else right so food is.
Another great example of um using blockchain to enhance transparency to enhance the checks and balances to ensure all the correct information is there to ensure security and safety for the consumers and to ensure that the food is you know ethical it's you know done in a proper way it's not been mismanaged so all these kinds of things and this kind of data can be recorded in the blockchain and we can trace we can see where did this particular food come from the blockchain will give you the full Trail which is the beauty of blockchain