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To solve the problems of modern society, blockchain technology needs an ecosystem characterized by well-defined legal boundaries and deep economic integration. The former CEO of Mohammed bin Rashid Al Maktoum Foundation has set himself the goal of connecting the blockchain to local businesses and governments, determined to bring the decentralized economy to mass adoption.
As the world becomes more and more connected, advanced technologies such as IoT are being mass employed to improve all aspects of modern life. The problem is that all too often people fall into the trap of thinking that technologies alone can transform the way people think and lead their lives, without actively addressing the fundamental issues arising from advanced technologies:
Privacy issues: Digitization requires the acquisition of sensitive data, but the data collected is usually not reported transparently to the individuals themselves. It is well known that authorities, as well as companies, exploit this information without public approval.
Sensory overload: If you want information, you need sensors, which need a compatible infrastructure and a huge amount of energy to function consistently.
Interoperability: There is no universal standard for intelligent systems and IoT devices. Each device is an isolated silo, unable to communicate or share data with anything outside of its system.
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Leaders around the world are beginning to adopt the blockchain as a cross-protocol solution that shares decentralized databases between very different services, tracks and encrypts data securely, enables seamless transactions and provides credible transparency for public services.
The UAE is now looking to turn Dubai into the first "blockchain city" by 2020. The country's authorities intend to create a digital government, freeing both citizens and state officials from the burden of bureaucracy.
However, most blockchain platforms also have their own set of limitations:
Network Speed - From the end of 2016, the largest crypto currencies in terms of market capitalization and trading volume can process a few transactions per second, 7 in the case of Bitcoin and 25 in the case of Ethereum. In comparison, VISA can process 24,000 transactions per second.
Privacy - the openness, decentralization and immutability of the blockchain is a problem under the new European Data Protection Regulation (GDPR).
They change too fast for regulations - When basic rules for cryptocurrency were finally introduced, blockchain technology has been applied in many use cases that go beyond payments. At this time, in 2018, the blockchain law is still a grey area.
The whole is greater than the sum of its parts
Clearly, blockchain technology alone is not enough. In order for widespread adoption to be achieved, certain conditions must be met:
Availability: The blockchain platform must be widely available and easily acquireable/negotiable in both tangible and intangible forms, such as assets, services, legal measures, etc.
Irreplaceable: Technology must enable people to solve problems using as few resources as possible. As a result, these problems cannot be solved efficiently using other ways.
Confidentiality and authenticity: Unauthorized access to sensitive resources and information is punishable by law.
Transparency, integrity and accountability: Resources and information on the blockchain platform must be recorded immutably and transparently on a decentralized and distributed registry; making it impossible to deny the transmission or receipt of a resource by all parties involved.
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Dubai is the first city in the world in terms of the number and size of blockchain platforms that are adopted in real use. Among the ambitious projects driving this transformation movement is Relam Investment: HetaChain.
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Founded by Sultan Ali Rashed Lootah, former CEO of Mohammed bin Rashid Al Maktoum Foundation, Relam Investment is based in Dubai, United Arab Emirates and has offices in India, Vietnam, Egypt, Turkey and the United Kingdom. Sultan Ali Lootah was primarily responsible for upgrading the IT infrastructure of the Dubai Department of Economic Development in 2005.
In September 2018, Relam Investment officially launched HetaChain and its ICO, with the aim of becoming the backbone of smart economy systems technology worldwide. Started in Dubai, the project will continue in London and Turkey throughout 2018.
Designed to be a universal blockchain platform for multiple industries, HetaChain is a hybrid DPoS + BFT network that aims to solve the problem of blockchain scalability, so as to allow transactions on a cross-sector scale. The project aims to provide solutions to help technology services break down the wall that hinders public adoption:
Bridge Protocol - through this protocol, information is securely stored even when the private chain communicates with the main chain to update transaction details on the public register.
Dapp Store - Dapp plug and play, software, smart contract, etc. pre-built for the ecosystem by the community and third parties.
Offchain Database - designed for large data storage, HetaChain's core chain connects with third-party datacenters to provide businesses with big data analysis services that enable them to develop projects more efficiently.
Automatic Dapp Generation: The platform allows anyone with little programming knowledge to create simple smart contracts using common gestures such as drag & drop.
HetaChain uses the encryption and decentralization features of the blockchain as a way to store, save and optimize resources. It acts as a hub to connect companies with modern technologies that help significantly reduce decision making time.
In keeping with its vision of the project, HetaChain does not develop its own system. For the deployment of its mainnet and to implement the other functions of its blockchain platform, it is working closely with technical partners and consultants such as Ali Juma AlAjme, Director of IT at the Ministry of Health and Prevention of the United Arab Emirates, MLG Blockchain solutions and Stallion.ai.
Expanding the Ecosystem and Developing Market Liquidity
The business model is at the heart of HetaChain's strength. Since its launch, the project has focused primarily on expanding its ecosystem to ensure and increase HetaCoin's market liquidity. Through various partnerships with leaders in the financial investment and public management services industry, Hetachain is able to provide entrepreneurs and organizations with an instant connection to 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 consultant to the Kerala Blockchain Academy (India), met and talked about the possibilities of cooperation with Shafi Parambil, member of the 14th Kerala Legislative Assembly and Indian National Congress and representative of the Palakkad constituency. Parambil will be the main supporter of HetaChain in India, and will commit to applying the blockchain to the Indian government and smart economy system.
"In my view, Kerala can lead Global Blockchain Environment and both Michael and the Sultan have agreed to work closely together to help us be at the forefront of this innovation. I will actively take this issue up in the Legislative Assembly and other fora, to ensure the development of a policy reference for Blockchain technology [...] This will also open up new markets for our farmers and help us become a global hub for innovation.
- said Parambil on its official Facebook page.
Since May 2018, Relam Investment has entered the Indian market with the aim of investing $300 million in real estate and technology over the next five years.
In addition, since May 2018, Relam has officially partnered with the IAC company to launch T-Hub, an online transport and shipping system in Egypt that uses HetaChain.
In October 2018, Relam officially signed a memorandum of understanding with Zeng Yuexing, director of Fuzhou's high-tech industrial zone, for the implementation of Hetachain and T-Hub in the city's high-tech sector.
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In October 2018, Relam officially signed a memorandum of understanding with Zeng Yuexing, director of the Fuzhou high-tech industrial zone, for the implementation of Hetachain and T-Hub in the city's high-tech sector. The memorandum will allow HetaChain and T-Hub to serve various sectors in China: tourism, banking, healthcare and e-commerce and others.
Relam has also partnered with Cygnus Technology Services to launch technology systems in the United Arab Emirates and Vietnam.
Thanks to Relam's financial strength and experience and the support of high-profile partners around the world, HetaChain is able to systematically achieve the objectives of its roadmap much more reliably than purely technological projects, which attempt to mobilize capital through ICO campaigns.
As a result, the goal of HetaChain's ICO is primarily to expand and diversify its user network, thereby increasing its reach and possible markets for its partner projects within its smart economy ecosystem. Currently HetaChain is preparing to launch its public ICO from 11/11/2018 to 10/02/2019. For detailed information please visit the website.
Towards a global, blockchain-based smart economy
If properly implemented, smart economies based on decentralized platforms can enable people to report their needs to a collective database and to be actively involved in processes that will help balance and optimize global resources.
In the almost feverish rush to utopia blockchain involving governments, start-ups and technology multinationals, a project that closely links countries to government and local businesses such as HetaChain may be able to take the lead in this revolutionary era of big data and hyper-connectivity.