Should a Technology be regulated? - The current state of blockchain regulation
Dear Listers BlockChain Technology is in its infancy the world over. From the US to China to Europe, countries and players haven't really figured out how to play this ground breaking Technology when it comes to regulation. It doesn't help that the Technology is marred by the criminal elements that use Bitcoin to launder money and generally use it to hide from law enforcement agencies. For example Kidnappers and Denial of Service Hackers insist on being paid by Bitcoins because of its potential anonymity. However, criminals since time immemorial have always conducted their activities using mainstream financial engineering methods and tools to hide their ill gotten wealth. Should we confine a Technology that has the biggest potential to positively impact the world in a way not seen since the advent of the internet to criminality because it is being used by criminal elements? Or should we harness its great potential while mitigating its darker side? Many of us know that the Internet has a darker side - The dark web, where activities like Mass Identity Theft, Child Pornography and DDoS Ransoms routinely happen. This hasn't stopped it becoming mainstream and being unequivocally a force for good. http://weartv.com/news/local/dark-web-542017 So why then is the conversation around Bitcoins, other cryptocurrencies and the Technology that makes them possible so marred in controversy? The article below and a research linked therein seeks to answer some of these questions. https://t.co/ZV903HSohf However, even as we read global stories on BlockChain we must chart our own path. This will take players from diverse backgrounds and motivations to pull together to ensure we are not left behind and we harness the full potential of BlockChain Technologies to advance ourselves. Ali Hussein Principal Hussein & Associates +254 0713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim "We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ Aristotle Sent from my iPad
Hello Ali, The whole idea behind BlockChain (and its architecture principle as well as how its algorithms work) is to rid of central point of regulation. The Banking system and the regulatory frameworks already exist, the question then becomes, (and this is not a BitCoin question but more of a BlockChain question) can then banks and other financial entities adopt BlockChain to make more efficient processes instead? Can we then invest in BlockChain to for instance make it possible to have same day and time money transfers from the US to Kenya possible? But in principle regulating BitCoin is the equivalent of sending Nelson Mandela to Robben Island. On Tue, May 9, 2017 at 5:21 AM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Listers
BlockChain Technology is in its infancy the world over. From the US to China to Europe, countries and players haven't really figured out how to play this ground breaking Technology when it comes to regulation. It doesn't help that the Technology is marred by the criminal elements that use Bitcoin to launder money and generally use it to hide from law enforcement agencies. For example Kidnappers and Denial of Service Hackers insist on being paid by Bitcoins because of its potential anonymity.
However, criminals since time immemorial have always conducted their activities using mainstream financial engineering methods and tools to hide their ill gotten wealth. Should we confine a Technology that has the biggest potential to positively impact the world in a way not seen since the advent of the internet to criminality because it is being used by criminal elements? Or should we harness its great potential while mitigating its darker side?
Many of us know that the Internet has a darker side - The dark web, where activities like Mass Identity Theft, Child Pornography and DDoS Ransoms routinely happen. This hasn't stopped it becoming mainstream and being unequivocally a force for good.
http://weartv.com/news/local/dark-web-542017
So why then is the conversation around Bitcoins, other cryptocurrencies and the Technology that makes them possible so marred in controversy?
The article below and a research linked therein seeks to answer some of these questions.
However, even as we read global stories on BlockChain we must chart our own path. This will take players from diverse backgrounds and motivations to pull together to ensure we are not left behind and we harness the full potential of BlockChain Technologies to advance ourselves.
*Ali Hussein* *Principal* *Hussein & Associates* +254 0713 601113 <+254%20713%20601113>
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim
"We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ Aristotle
Sent from my iPad
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
-- *Ahmed Maawy* Principal Product Management Specialist - Al Jazeera Media Network Skype: ultimateprogramer
Dear listers, Blockchain technology is no doubt revolutionary but in regards to criminal activities there is a case for increased liability by stakeholders so that we have trust over the use of the platforms. There is evidence that distributed ledger technology can be tweaked to have permissions and there may be a case for the creation of a semblence of compliance to assist in crime prevention. The above may be radical but we need to start thinking of how we can try catch up with the technologies from a regulatory and compliance point of view. Regards, Rosemary Koech-Kimwatu Lawyer-FinTech and ICT Policy Dear Listers BlockChain Technology is in its infancy the world over. From the US to China to Europe, countries and players haven't really figured out how to play this ground breaking Technology when it comes to regulation. It doesn't help that the Technology is marred by the criminal elements that use Bitcoin to launder money and generally use it to hide from law enforcement agencies. For example Kidnappers and Denial of Service Hackers insist on being paid by Bitcoins because of its potential anonymity. However, criminals since time immemorial have always conducted their activities using mainstream financial engineering methods and tools to hide their ill gotten wealth. Should we confine a Technology that has the biggest potential to positively impact the world in a way not seen since the advent of the internet to criminality because it is being used by criminal elements? Or should we harness its great potential while mitigating its darker side? Many of us know that the Internet has a darker side - The dark web, where activities like Mass Identity Theft, Child Pornography and DDoS Ransoms routinely happen. This hasn't stopped it becoming mainstream and being unequivocally a force for good. http://weartv.com/news/local/dark-web-542017 So why then is the conversation around Bitcoins, other cryptocurrencies and the Technology that makes them possible so marred in controversy? The article below and a research linked therein seeks to answer some of these questions. https://t.co/ZV903HSohf However, even as we read global stories on BlockChain we must chart our own path. This will take players from diverse backgrounds and motivations to pull together to ensure we are not left behind and we harness the full potential of BlockChain Technologies to advance ourselves. *Ali Hussein* *Principal* *Hussein & Associates* +254 0713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim "We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ Aristotle Sent from my iPad _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Unsubscribe or change your options at https://lists.kictanet.or.ke/ mailman/options/kictanet/chemukoechk%40gmail.com The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development. KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
Hello Rosemary, My discussions with various stakeholders who are experts in Blockchain actually put the blame on things other than tweaking: 1. Some cryptocurrencies have been developed on standards other than Blockchain. So its a valid cryptocurrency yes, but its not a valid Blockchain technology and it ends up being a phony scheme. This for the most part is upon us, end users, to fix, not regulatory frameworks. Conmen rob men in broad day light and while yes it is a crime, technology has nothing to do with it. 2. In other cases cryptocurrencies may have been rolled out without sufficient and aggressive testing on the cryptocurrency algorithm. The bugs that can be exposed in such cases end up being areas that can be exploited. A very good example of an issue like this close to home was when we had the heartblead SSL <http://heartbleed.com/> bug which affected SSL implementations worldwide and compromised worldwide SSL security. In most cases issues like these may not be solved by regulation but may be solved by associations. I will give you a good example of how things like these work. Kicktanet has strategic alliance with Blockchain players like IPDB as recently announced <http://www.cio.co.ke/news/main-stories/ipdb-foundation-announces-kictanet-as-a-caretaker>. Let me tell you why something like this is relevant: When you have bodies like this that act like IEEE (which is not a government entity) it becomes more a matter of how we put in institutions to protect the rest of us more than centrally controlled regulations. The World Wide Web is not centrally regulated but its one of the most insecure places you can navigate but is governed by Internet Standards. That is what needs to happen to Blockchain instead. On Tue, May 9, 2017 at 12:38 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear listers,
Blockchain technology is no doubt revolutionary but in regards to criminal activities there is a case for increased liability by stakeholders so that we have trust over the use of the platforms.
There is evidence that distributed ledger technology can be tweaked to have permissions and there may be a case for the creation of a semblence of compliance to assist in crime prevention.
The above may be radical but we need to start thinking of how we can try catch up with the technologies from a regulatory and compliance point of view.
Regards,
Rosemary Koech-Kimwatu Lawyer-FinTech and ICT Policy Dear Listers
BlockChain Technology is in its infancy the world over. From the US to China to Europe, countries and players haven't really figured out how to play this ground breaking Technology when it comes to regulation. It doesn't help that the Technology is marred by the criminal elements that use Bitcoin to launder money and generally use it to hide from law enforcement agencies. For example Kidnappers and Denial of Service Hackers insist on being paid by Bitcoins because of its potential anonymity.
However, criminals since time immemorial have always conducted their activities using mainstream financial engineering methods and tools to hide their ill gotten wealth. Should we confine a Technology that has the biggest potential to positively impact the world in a way not seen since the advent of the internet to criminality because it is being used by criminal elements? Or should we harness its great potential while mitigating its darker side?
Many of us know that the Internet has a darker side - The dark web, where activities like Mass Identity Theft, Child Pornography and DDoS Ransoms routinely happen. This hasn't stopped it becoming mainstream and being unequivocally a force for good.
http://weartv.com/news/local/dark-web-542017
So why then is the conversation around Bitcoins, other cryptocurrencies and the Technology that makes them possible so marred in controversy?
The article below and a research linked therein seeks to answer some of these questions.
However, even as we read global stories on BlockChain we must chart our own path. This will take players from diverse backgrounds and motivations to pull together to ensure we are not left behind and we harness the full potential of BlockChain Technologies to advance ourselves.
*Ali Hussein* *Principal* *Hussein & Associates* +254 0713 601113 <+254%20713%20601113>
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim
"We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ Aristotle
Sent from my iPad
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
-- *Ahmed Maawy* Principal Product Management Specialist - Al Jazeera Media Network Skype: ultimateprogramer
Ahmed, Thanks for your feedback and it is in line with what we could call the regulatory life cycle. First there is no regulation Second is self regulation like the example in your suggestion above and basically the modus operandi in internet governance Third comes regulation by governments and government bodies mainly when there is a need to secure the rights of masses
From a blockchain perspective we need to perfect self regulation or we may find ourselves falling under greater government supervisions. In some jurisdictions Bitcoin exchanges have to be licenced and they must perform Know Your Client (KYC) on users...this is a sign of the possibility of regulation.
The message here is self regulate or get regulated! Kind regards, Rosemary Koech-Kimwatu Lawyer-FinTech and ICT Policy On May 9, 2017 12:57 PM, "Ahmed Mohamed Maawy" <ultimateprogramer@gmail.com> wrote:
Hello Rosemary,
My discussions with various stakeholders who are experts in Blockchain actually put the blame on things other than tweaking:
1. Some cryptocurrencies have been developed on standards other than Blockchain. So its a valid cryptocurrency yes, but its not a valid Blockchain technology and it ends up being a phony scheme. This for the most part is upon us, end users, to fix, not regulatory frameworks. Conmen rob men in broad day light and while yes it is a crime, technology has nothing to do with it. 2. In other cases cryptocurrencies may have been rolled out without sufficient and aggressive testing on the cryptocurrency algorithm. The bugs that can be exposed in such cases end up being areas that can be exploited. A very good example of an issue like this close to home was when we had the heartblead SSL <http://heartbleed.com/> bug which affected SSL implementations worldwide and compromised worldwide SSL security.
In most cases issues like these may not be solved by regulation but may be solved by associations. I will give you a good example of how things like these work. Kicktanet has strategic alliance with Blockchain players like IPDB as recently announced <http://www.cio.co.ke/news/main-stories/ipdb-foundation-announces-kictanet-as-a-caretaker>. Let me tell you why something like this is relevant:
When you have bodies like this that act like IEEE (which is not a government entity) it becomes more a matter of how we put in institutions to protect the rest of us more than centrally controlled regulations. The World Wide Web is not centrally regulated but its one of the most insecure places you can navigate but is governed by Internet Standards. That is what needs to happen to Blockchain instead.
On Tue, May 9, 2017 at 12:38 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear listers,
Blockchain technology is no doubt revolutionary but in regards to criminal activities there is a case for increased liability by stakeholders so that we have trust over the use of the platforms.
There is evidence that distributed ledger technology can be tweaked to have permissions and there may be a case for the creation of a semblence of compliance to assist in crime prevention.
The above may be radical but we need to start thinking of how we can try catch up with the technologies from a regulatory and compliance point of view.
Regards,
Rosemary Koech-Kimwatu Lawyer-FinTech and ICT Policy Dear Listers
BlockChain Technology is in its infancy the world over. From the US to China to Europe, countries and players haven't really figured out how to play this ground breaking Technology when it comes to regulation. It doesn't help that the Technology is marred by the criminal elements that use Bitcoin to launder money and generally use it to hide from law enforcement agencies. For example Kidnappers and Denial of Service Hackers insist on being paid by Bitcoins because of its potential anonymity.
However, criminals since time immemorial have always conducted their activities using mainstream financial engineering methods and tools to hide their ill gotten wealth. Should we confine a Technology that has the biggest potential to positively impact the world in a way not seen since the advent of the internet to criminality because it is being used by criminal elements? Or should we harness its great potential while mitigating its darker side?
Many of us know that the Internet has a darker side - The dark web, where activities like Mass Identity Theft, Child Pornography and DDoS Ransoms routinely happen. This hasn't stopped it becoming mainstream and being unequivocally a force for good.
http://weartv.com/news/local/dark-web-542017
So why then is the conversation around Bitcoins, other cryptocurrencies and the Technology that makes them possible so marred in controversy?
The article below and a research linked therein seeks to answer some of these questions.
However, even as we read global stories on BlockChain we must chart our own path. This will take players from diverse backgrounds and motivations to pull together to ensure we are not left behind and we harness the full potential of BlockChain Technologies to advance ourselves.
*Ali Hussein* *Principal* *Hussein & Associates* +254 0713 601113 <+254%20713%20601113>
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim
"We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ Aristotle
Sent from my iPad
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/
Unsubscribe or change your options at https://lists.kictanet.or.ke/m ailman/options/kictanet/chemukoechk%40gmail.com
The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
-- *Ahmed Maawy* Principal Product Management Specialist - Al Jazeera Media Network Skype: ultimateprogramer
Ahmed You raise pertinent concerns. My sense is that of we adopt a Multi-Stakeholder framework to the development of this Technology the world will be a better place. Ali Hussein Principal Hussein & Associates +254 0713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim "We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ Aristotle Sent from my iPad
On 9 May 2017, at 12:56 PM, Ahmed Mohamed Maawy via kictanet <kictanet@lists.kictanet.or.ke> wrote:
Hello Rosemary,
My discussions with various stakeholders who are experts in Blockchain actually put the blame on things other than tweaking: Some cryptocurrencies have been developed on standards other than Blockchain. So its a valid cryptocurrency yes, but its not a valid Blockchain technology and it ends up being a phony scheme. This for the most part is upon us, end users, to fix, not regulatory frameworks. Conmen rob men in broad day light and while yes it is a crime, technology has nothing to do with it. In other cases cryptocurrencies may have been rolled out without sufficient and aggressive testing on the cryptocurrency algorithm. The bugs that can be exposed in such cases end up being areas that can be exploited. A very good example of an issue like this close to home was when we had the heartblead SSL bug which affected SSL implementations worldwide and compromised worldwide SSL security. In most cases issues like these may not be solved by regulation but may be solved by associations. I will give you a good example of how things like these work. Kicktanet has strategic alliance with Blockchain players like IPDB as recently announced. Let me tell you why something like this is relevant:
When you have bodies like this that act like IEEE (which is not a government entity) it becomes more a matter of how we put in institutions to protect the rest of us more than centrally controlled regulations. The World Wide Web is not centrally regulated but its one of the most insecure places you can navigate but is governed by Internet Standards. That is what needs to happen to Blockchain instead.
On Tue, May 9, 2017 at 12:38 PM, Rosemary Koech-Kimwatu via kictanet <kictanet@lists.kictanet.or.ke> wrote: Dear listers,
Blockchain technology is no doubt revolutionary but in regards to criminal activities there is a case for increased liability by stakeholders so that we have trust over the use of the platforms.
There is evidence that distributed ledger technology can be tweaked to have permissions and there may be a case for the creation of a semblence of compliance to assist in crime prevention.
The above may be radical but we need to start thinking of how we can try catch up with the technologies from a regulatory and compliance point of view.
Regards,
Rosemary Koech-Kimwatu Lawyer-FinTech and ICT Policy
Dear Listers
BlockChain Technology is in its infancy the world over. From the US to China to Europe, countries and players haven't really figured out how to play this ground breaking Technology when it comes to regulation. It doesn't help that the Technology is marred by the criminal elements that use Bitcoin to launder money and generally use it to hide from law enforcement agencies. For example Kidnappers and Denial of Service Hackers insist on being paid by Bitcoins because of its potential anonymity.
However, criminals since time immemorial have always conducted their activities using mainstream financial engineering methods and tools to hide their ill gotten wealth. Should we confine a Technology that has the biggest potential to positively impact the world in a way not seen since the advent of the internet to criminality because it is being used by criminal elements? Or should we harness its great potential while mitigating its darker side?
Many of us know that the Internet has a darker side - The dark web, where activities like Mass Identity Theft, Child Pornography and DDoS Ransoms routinely happen. This hasn't stopped it becoming mainstream and being unequivocally a force for good.
http://weartv.com/news/local/dark-web-542017
So why then is the conversation around Bitcoins, other cryptocurrencies and the Technology that makes them possible so marred in controversy?
The article below and a research linked therein seeks to answer some of these questions.
However, even as we read global stories on BlockChain we must chart our own path. This will take players from diverse backgrounds and motivations to pull together to ensure we are not left behind and we harness the full potential of BlockChain Technologies to advance ourselves.
Ali Hussein Principal Hussein & Associates +254 0713 601113
Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim
"We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ Aristotle
Sent from my iPad
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
-- Ahmed Maawy Principal Product Management Specialist - Al Jazeera Media Network Skype: ultimateprogramer _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
Dear Listers, There are three words that describe the mainstream opinion to blockchain: Fear, Uncertainty and Doubt. Fear: Even if the status quo is pretty bad, they fear the change to a new system. The reverse argument, one that should eliminate this species of status-quo bias, is the same. Would we want to move to the current system if we had thought of blockchain first? Uncertainty: They're uncertain of the near-to-long term economy anyway, and since this change is so salient, they project that uncertainty on this specific technology. Most technological changes that have affected the financial system, either positively or negatively have been a bit hidden from most citizens and regulators. Here I'm thinking of HFT technologies in particular. We have an opportunity to propose a publicly visible technology with lots of hype behind it, that promises to overhaul everything that needs a trust element. Doubt: The introduction of a new class of experts, and subjects requiring new forms expertise (cryptoeconomics) from corners of the world that are basically unknown, considering the open-source and anonymity-first nature of this technology. I think there are many solutions to this, but all of them have the component of patience, because it'll take time for everyone who can make decisions to learn what it takes to make good decisions in this space. -- Software Engineer - Savannah Informatics Ltd.
+1 Brian. Ali Hussein Principal Hussein & Associates +254 0713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim "We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ Aristotle Sent from my iPad
On 9 May 2017, at 1:01 PM, Brian Muhia via kictanet <kictanet@lists.kictanet.or.ke> wrote:
Dear Listers, There are three words that describe the mainstream opinion to blockchain: Fear, Uncertainty and Doubt.
Fear: Even if the status quo is pretty bad, they fear the change to a new system. The reverse argument, one that should eliminate this species of status-quo bias, is the same. Would we want to move to the current system if we had thought of blockchain first?
Uncertainty: They're uncertain of the near-to-long term economy anyway, and since this change is so salient, they project that uncertainty on this specific technology. Most technological changes that have affected the financial system, either positively or negatively have been a bit hidden from most citizens and regulators. Here I'm thinking of HFT technologies in particular. We have an opportunity to propose a publicly visible technology with lots of hype behind it, that promises to overhaul everything that needs a trust element.
Doubt: The introduction of a new class of experts, and subjects requiring new forms expertise (cryptoeconomics) from corners of the world that are basically unknown, considering the open-source and anonymity-first nature of this technology.
I think there are many solutions to this, but all of them have the component of patience, because it'll take time for everyone who can make decisions to learn what it takes to make good decisions in this space.
-- Software Engineer - Savannah Informatics Ltd. _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
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Blockchain to be or not to be.... My take is we find ourselves in the precarious position in .KE today that they owners of Capital are the same as the makers of Policy. until this anomaly is addressed then this will forever be an issue not just in Blockchain but in the era of new tech. Secondly, i think there is an issue of understanding of what Blockchain really is and its use case examples. Unfortunately, there are many "experts" who i have come across who have very little grasp of what blockchain really is. Solution: The future of blockchain lies in the banking industry in Kenya - the consequences of blockchain for consumers will perhaps be felt most profoundly in Infrastructure ( Resources and Systems in place to facilitate and regulate trade, or the flow of cash - including considerations around user identity and privacy) where developments relating to identity, privacy and security are taking shape. Our banks need to initiate conversations on blockchain based solutions, in-turn lobbying the government in adoption/acceptance of the same, unless we revert to my second point of "understanding" and this becomes a different conversation. On the issue of criminality, to me this is a non-issue because do we shut down the internet because a teenager in Kenya committed suicide playing the "popular" Blue whale game? Or Shut down Mpesa because it makes it easier for the youth to gamble from their beds? The answer is no - since time-imemorial this go hand in hand, virtue and vice in equal measure i must say.. Currently Barclays and Wave have completed the worlds first blockchain trade finance transaction. Moving to paperless trade would be hugely beneficial in supporting the supply chain, through reduced costs, error free documentation, and faster transfer of original documents to customers. http://www.newsroom.barclays.co.uk/r/3396/barclays_and_wave_complete_world_f... This is an example of what the market will be able to leverage on and adopt user case examples. Regards, E Njoroge Mwangi Technology| FINTECH | Big Data Cell +44 7539372742 Skype: Erick.mwangi On Tue, May 9, 2017 at 11:01 AM, Brian Muhia via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Listers, There are three words that describe the mainstream opinion to blockchain: Fear, Uncertainty and Doubt.
Fear: Even if the status quo is pretty bad, they fear the change to a new system. The reverse argument, one that should eliminate this species of status-quo bias, is the same. Would we want to move to the current system if we had thought of blockchain first?
Uncertainty: They're uncertain of the near-to-long term economy anyway, and since this change is so salient, they project that uncertainty on this specific technology. Most technological changes that have affected the financial system, either positively or negatively have been a bit hidden from most citizens and regulators. Here I'm thinking of HFT technologies in particular. We have an opportunity to propose a publicly visible technology with lots of hype behind it, that promises to overhaul everything that needs a trust element.
Doubt: The introduction of a new class of experts, and subjects requiring new forms expertise (cryptoeconomics) from corners of the world that are basically unknown, considering the open-source and anonymity-first nature of this technology.
I think there are many solutions to this, but all of them have the component of patience, because it'll take time for everyone who can make decisions to learn what it takes to make good decisions in this space.
-- Software Engineer - Savannah Informatics Ltd.
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
Ali, The criminal argument against Blockchain is probably the weakest, especially from a Kenya PoV where you might want to ask, how many criminals have been caught in the mainstream financial system viz-a-viz the amounts of monies laundered? Rgds On Tue, May 9, 2017 at 5:21 AM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Listers
BlockChain Technology is in its infancy the world over. From the US to China to Europe, countries and players haven't really figured out how to play this ground breaking Technology when it comes to regulation. It doesn't help that the Technology is marred by the criminal elements that use Bitcoin to launder money and generally use it to hide from law enforcement agencies. For example Kidnappers and Denial of Service Hackers insist on being paid by Bitcoins because of its potential anonymity.
However, criminals since time immemorial have always conducted their activities using mainstream financial engineering methods and tools to hide their ill gotten wealth. Should we confine a Technology that has the biggest potential to positively impact the world in a way not seen since the advent of the internet to criminality because it is being used by criminal elements? Or should we harness its great potential while mitigating its darker side?
Many of us know that the Internet has a darker side - The dark web, where activities like Mass Identity Theft, Child Pornography and DDoS Ransoms routinely happen. This hasn't stopped it becoming mainstream and being unequivocally a force for good.
http://weartv.com/news/local/dark-web-542017
So why then is the conversation around Bitcoins, other cryptocurrencies and the Technology that makes them possible so marred in controversy?
The article below and a research linked therein seeks to answer some of these questions.
However, even as we read global stories on BlockChain we must chart our own path. This will take players from diverse backgrounds and motivations to pull together to ensure we are not left behind and we harness the full potential of BlockChain Technologies to advance ourselves.
*Ali Hussein* *Principal* *Hussein & Associates* +254 0713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim
"We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ Aristotle
Sent from my iPad
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
-- *Regards,* *Wait**haka Ngigi* Chief Executive Officer | Alliance Technologies | MCK Nairobi Synod Building T +254 20 525 0750 |Office Mobile: +254 716 201061 | M +254 737 811 000 www.at.co.ke
Ngigi Absolutely. Unfortunately what happens in cases where potential for disruption is high is that incumbents play the fear factor to try and block it from happening. Unfortunately for them they will simply be swept by the wayside.. Ali Hussein Hussein & Associates +254 0713 601113 / 0770906375 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim Blog: www.alyhussein.com "Discovery consists in seeing what everyone else has seen and thinking what no one else has thought". ~ Albert Szent-Györgyi Sent from my iPad
On 9 May 2017, at 1:13 PM, Ngigi Waithaka via kictanet <kictanet@lists.kictanet.or.ke> wrote:
Ali,
The criminal argument against Blockchain is probably the weakest, especially from a Kenya PoV where you might want to ask, how many criminals have been caught in the mainstream financial system viz-a-viz the amounts of monies laundered?
Rgds
On Tue, May 9, 2017 at 5:21 AM, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> wrote: Dear Listers
BlockChain Technology is in its infancy the world over. From the US to China to Europe, countries and players haven't really figured out how to play this ground breaking Technology when it comes to regulation. It doesn't help that the Technology is marred by the criminal elements that use Bitcoin to launder money and generally use it to hide from law enforcement agencies. For example Kidnappers and Denial of Service Hackers insist on being paid by Bitcoins because of its potential anonymity.
However, criminals since time immemorial have always conducted their activities using mainstream financial engineering methods and tools to hide their ill gotten wealth. Should we confine a Technology that has the biggest potential to positively impact the world in a way not seen since the advent of the internet to criminality because it is being used by criminal elements? Or should we harness its great potential while mitigating its darker side?
Many of us know that the Internet has a darker side - The dark web, where activities like Mass Identity Theft, Child Pornography and DDoS Ransoms routinely happen. This hasn't stopped it becoming mainstream and being unequivocally a force for good.
http://weartv.com/news/local/dark-web-542017
So why then is the conversation around Bitcoins, other cryptocurrencies and the Technology that makes them possible so marred in controversy?
The article below and a research linked therein seeks to answer some of these questions.
However, even as we read global stories on BlockChain we must chart our own path. This will take players from diverse backgrounds and motivations to pull together to ensure we are not left behind and we harness the full potential of BlockChain Technologies to advance ourselves.
Ali Hussein Principal Hussein & Associates +254 0713 601113
Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim
"We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ Aristotle
Sent from my iPad
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
-- Regards,
Waithaka Ngigi Chief Executive Officer | Alliance Technologies | MCK Nairobi Synod Building T +254 20 525 0750 |Office Mobile: +254 716 201061 | M +254 737 811 000 www.at.co.ke _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
participants (7)
-
Admin CampusCiti -
Ahmed Mohamed Maawy -
Ali Hussein -
Brian Muhia -
Erick Mwangi -
Ngigi Waithaka -
Rosemary Koech-Kimwatu