Blockchain Interaction Unit (BIU) – No Internet, No Mobile Phone, No Computer. No Problem.

370

Share with:


A recently published paper by Kartik Hegadekatti Ph.D. has unveiled an interesting concept called the Blockchain Interaction Unit (BIU) – a method that renders Blockchain services accessible to individuals without having to use any electronic devices.

This paper envisages a method to make Blockchain accessible to all irrespective of whether they possess personal devices or not.

The Blockchain Interaction Units (BIU):

BIUs can be setup in certain places, as is the case with ATMs, where individuals without access to electronic devices can operate their NationCoin wallets. The organization responsible for issuing and managing RSBCs, which is known as the Digital Assets Reserve (DAR), can setup 500 BIUs across the country as a start, via funding from the federal government. These 500 BIUs will cost approximately 5 million USDs, considering the current cost of conventional ATM machines.

BIUs will enable users to operate their NaionCoin wallets. 50-70% of ATMs in any given country can be presumably replaced by BIUs over a period of approximately 5 years. Furthermore, conventional ATMs can be customized to operate as BIUs too. Accordingly, there will be a single machine that can handle both fiat and cryptocurrency operations.

Each owner of a NationCoin wallet, who doesn’t have access to a personal electronic device, will be given a flash drive that includes the public and private keys of his/her coins, so that he/she can operate the wallet on the BIU. BIUs will communicate with the Blockchain network the same way personal electronic devices do; the only difference will be that they have a public interface. For illiterate individuals, transactions can be initiated via BIUs setup as public service initiatives.

BIUs can also be used to carry out non-monetary transactions such as property transfer, smart contracts…etc. All federal agencies will have BIUs setup on their premises. This is essential to catalyze the establishment of a flourishing digital economy.

The below figure illustrates a possible interface for the BIU:

BIU.PNG

The following needs to be ensured:

  1. Power connectivity: Just like an ATM, a BIU needs electric power to function. This represents a great opportunity to introduce renewable sources of energy. Solar panels can be utilized to power BIUs.
  2. Data connectivity: BIUs require internet connection, just like a conventional ATM, to operate.
  3. Flash drives: a 64 MB flash drive is sufficient to store a user’s private and public keys. They can be massively produced for as low as 50 cents a piece. Extremely poor individuals can be identified and these flash drives can be offered to them along with simple training on how to operate their cryptocurrency wallets.

The following represents the advantages of BIUs:

  1. BIUs will give the poor and illiterate individuals the opportunity to have access to the Blockchain economy.
  2. One won’t need to carry a smartphone, a tablet or a laptop to send or receive payments on the Blockchain.
  3. As governmental agencies will rely on BIUs, this will greatly reduce manpower, staffing costs and other resources.
  4. Record keeping and administration will be paperless and hassle-free.
  5. Apart from an economy based on cash, BIUs will enable governments to have a real-time prediction of the total amount of money circulating in the system.
  6. Middlemen and intermediaries, that are the source of much corruption in third world countries, will be bypassed as any individual will be able to transact and trade using BIUs.
  7. BIUs cannot be stolen or looted as is the case with conventional ATMs. The logistical hassles of transferring cash to supply ATMs will be eliminated.
  8. Unlike conventional ATMs, individuals will be able to deal with currencies of several countries via BIUs.

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

Visit Website
View All Articles
Buy Bitcoin at CEX.IO

Get Blockchain News Where You Are!

Join our Linked in GroupLike our Facebook Page
Linkedin Group BlockchainLinkedin Facebook Group