FEATURE: DISRUPTIVE TECHNOLOGY
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Collaborate and share intelligence: Public
and private sector collaboration is essential
to drive Blockchain adoption, protect, for
example GDPR, and fight cybercrime. We
must develop ecosystems of collaborators to
solve business problems together. Breaking
down traditional silos within organisations
and creating a culture of openness will be
advantageous to all. that develops Blockchain solutions for
governments and enterprises, has introduced
Smart Laws as its answer to transaction
fidelity for Blockchain.
In summary, Potgieter adds: “Blockchain
and its influence on privacy and security
affect everyone and, if organisations tackle
these challenges together, the benefits will
be far greater. They provide a mechanism to verify or
negate when the implementation of a
smart contract contradicts the laws of the
country or policies of the enterprise. In
fact, they fulfil the role of legislation within
Blockchain ecosystems.
“Sharing intelligence and automating its
integration back into cyberdefences raises
Smart Laws allow verifying the existence
of any licenses, permits and any other
conditions necessary that were not taken
into account when writing a smart contract.
Muhammed Arafath, Executive Director at
Apla, said: “Dubai is well recognised for being
at the forefront of technological innovation
and we are pleased to be able to contribute
to the innovation.
“Increased security and autonomous
governance was a key requirement that
was realised when developing Blockchain
solutions. Our concept of Smart Law is the
most appropriate solution for transaction
management and allows governing bodies
to pre-set their own regulations and
conditions, thereby building a governing
protocol within the system.”
Paul Potgieter, Managing Director – UAE,
Dimension Data
the cost and complexity for threat actors
to operate. Intelligence sharing shifts the
economics of cybercrime back into the
defender’s favour.”
Ensuring transaction fidelity
With common standards still to totally
emerge, how is it possible to ensure
transaction fidelity through the use of
Blockchain? Apla, a technology company
Smart Laws therefore bring several
advantages to the deployment of
Blockchain technology. The first is that
Smart Laws are able to function in
conjunction with existing regulations,
and even allow authorised parties to
reverse fraudulent financial transactions,
returning any stolen digital currency to
rightful owners.
They regulate contract execution with
a higher level of control that is assigned
by the governing authorities and provide
an opportunity for authorised parties to
intervene and change the regulations
embedded in the system as per the
updated requirements.
BLOCKCHAIN AND ITS INFLUENCE
ON PRIVACY AND SECURITY
AFFECT EVERYONE.
60
INTELLIGENTCIO
Muhammed Arafath, Executive Director
at Apla
Secondly, the application of Smart Laws
doesn’t contradict the immutable nature
of the register, nor its autonomy or its
decentralised attributes, as none of the
previous entries have been altered.
By bringing a system of law to code and
creating Smart Laws built on top of smart
contracts, a regulatory system is created
where judicial recourse can be taken, and
wrongs can be put right.
Finally, if a party takes advantage of an
error in a contract for their own personal
gain, the law will come into effect, thereby
revoking the negative consequences of
the unauthorised action. This is done not
by deleting a part of the register to travel
back in time, but by executing a series of
new transactions.
This solution means that the integrity of the
register is not compromised since changes will
take place in accordance with a contract-law,
which already exists in the network at launch.
Blockchain based smart contracts are being
increasingly deployed across the finance
and government sectors with an even more
widespread adoption expected across other
sectors as greater functionality and common
standards emerge.
The use of Blockchain solutions steadily
replaces legacy systems in the UAE and is
set to transform organisational processes
for businesses across government and
enterprise sectors. n
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