Being a successful graduate of Belarusian State Economic University (BSEU), Maria has acquired competencies in economic and social studies. Given Maria’s previous research working experience, and desire to explore what's really shaping the future, the main research focus is placed on FinTech and Blockchain Technology.
While blockchain builds an alternative self-regulatory crypto-economy, Universa comes to solve specific tasks of the existing one.
Many critics of the cryptoworld often attack not only the volatile market of crypto-currencies, but also blockchain technology. Some of the arguments are high costs and low speeds of transactions, as well as the notorious mining.
Considering the development of the technology apart from speculation of crypto-currencies, we see that the blockchain slowly but surely offers new perfect solutions for everyday life, growing into a powerful complex high-tech industry, the work of which can not be explained on the “fingers” as the work of Bitcoin.
The revolutionary nature of blockchain technology lies in the fact that it is still the easiest way to create a public history of things.
Modest but Effective Universa
One of the successful networks offering instant, low-cost transactions to date is the Universa network. Unlike many ambitious start-ups, designed to make the whole world happy, Universa is aimed at solving already existing specific tasks of the real sector of the economy.
In fact, we have a fast and cheap system of instantaneous transfer of financial or other information that could potentially replace, say, the worldwide SWIFT payment system. Russian Alfabank has already tested the Universa network as a banking settlement system.
The Ethereum blocking program today enforces 15 transactions per second, while Universa issues 20,000. The speed and low transaction fees are largely due to the lack of mining, each transaction is certified by a decentralized notarial cloud, the documents themselves can be stored anywhere, only data on the status of the document is transmitted.
Decentralized Service of a Centralized Environment
In the environment of crypto-enthusiasts, libertarian and anti-state beliefs predominate. Indeed, the blockchain is building an alternative self-regulatory crypto-economy, with their own laws and philosophy. There are no compulsory taxes, borders and excessive bureaucracy. Nevertheless, each of us is forced to interact with the state apparatus in this or that jurisdiction, not to mention in business.
Having rejected idealism, it is worth accepting that the state, as an institution, will not go anywhere in the foreseeable period of history, on the contrary, the states will compete with each other for a place in the cryptoworld, increasing the comfort of citizens, which is what Singapore and Malaysia are currently engaged in.
Automation of state regulation with the help of blockchain will allow to reduce the bureaucracy as much as possible and making interaction with the state practically irreplaceable.
Moving from words to deeds, Universa together with the government of Malaysia is working on a pilot project “smart money” – this is digital money that will give out social assistance to 6 million Malaysian citizens. In addition, Universa is negotiating with the governments of several African countries, the CIS and Bahrain.
As for Russia, Universa is the only blockchain project that allows use of the electronic digital signature permissions in Russia.
In the next five years, the blockchain will become the main trend in the state and municipal management, however, the use of existing networks is difficult, because not every state will put national security issues in dependence on the consensus of a group of semi-anonymous programmers, and the process of developing own decision is long and thorny.
The flexibility of the Universa network makes it possible to adapt the final product to public tasks, taking into account the existing management model and legislation – be it Islamic finance or a national tender platform.
The Universa business model involves franchise development in which state institutions or enterprising commercial companies implement effective network mechanisms, receiving comprehensive technological support from the Universa team.
The introduction of decentralized databases in such ubiquitously regulated areas as, say, the car market, will significantly simplify the life of all participants. The downed VIN numbers and edited car history run will remain in the past. In the blockchain network the entire history of the car will be seen – even a detailed description and of maintenance and service history.
The same applies to any databases related to evidence of ownership.
Using a single decentralized base by several states will immediately make it impossible to steal cars, all kinds of gray schemes and forgery of documents.
What if we imagine a transparent world, where every taxpayer sees on the blockchain network, what every penny of the taxes are spent on? Because of the Universa we will be one step closer to the world of maximum trust and transparency.