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:
The following needs to be ensured:
- 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.
- Data connectivity: BIUs require internet connection, just like a conventional ATM, to operate.
- 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:
- BIUs will give the poor and illiterate individuals the opportunity to have access to the Blockchain economy.
- One won’t need to carry a smartphone, a tablet or a laptop to send or receive payments on the Blockchain.
- As governmental agencies will rely on BIUs, this will greatly reduce manpower, staffing costs and other resources.
- Record keeping and administration will be paperless and hassle-free.
- 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.
- 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.
- 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.
- Unlike conventional ATMs, individuals will be able to deal with currencies of several countries via BIUs.
- Archax Opts for R3’s Corda for Digital Exchange DLT Infrastructure - October 18, 2019
- Dubai Property Giant Emaar to Launch Blockchain-Based Rewards and Loyalty Ecosystem - October 17, 2019
- World’s Largest Cryptocurrency-Fueled Darknet Child Pornography Website Hammered – 300+Busted - October 17, 2019
- Wanxiang Blockchain and PlatON Launch Consortium Blockchain Infrastructure in China - October 7, 2019
- PayPal Quits Facebook Cryptocurrency Project Libra - October 7, 2019
- Walmart To Use Blockchain For Shrimp - October 7, 2019
- Channel Tools adds Blockchain-Driven Verification Service Evident Proof To It’s Kit - October 7, 2019
- Zuckerberg Under Intense Pressure to Testify to US Congress about Libra - October 4, 2019
- Report: Canadian Blockchain Industry Has Some of The Highest Paid Workers in the Country - October 4, 2019
- Bavarian Company RISE Wealth Technologies with Houston-based Entoro, Launching Largest European STO to Date at USD$120 million - October 4, 2019
- October Launch Confirmation for Telegram Open Network (TON) - October 4, 2019
- Liechtenstein Parliament Passes Blockchain Act - October 4, 2019
- Pioneer of Blockchain Certification For The Visual Arts Verisart, Raises $2.5 million in Series Seed Funding - October 4, 2019
- Uruguayan Digital Party to Embrace Æternity Blockchain Technology For Member Voting - October 3, 2019
- Decentralized Trading Technology Startup Vega Raises $5 Million Seed – Pantera Capital Leads Oversubscribed Round - October 3, 2019
- Malta-Based OKEx Kicks Off Global Compliance Standards Initiative for Cryptocurrency Exchanges - October 3, 2019
- Dama Financial and Helix TCS Establish First Blockchain-Fueled, Complaint Cannabis Marketplace - October 3, 2019
- New Digital Rights Law Enacted in Russia – Establishes Basic Definition Of Tokens And Governs Smart Contracts - October 2, 2019
- Six major Japanese Brokerage Firms Establish Japan Security Token Offering Association - October 2, 2019
- Vancouver’s BIGG Digital Assets Cuts Deal with US Federal Government Agency - October 2, 2019