Blockchain for Government and Enterprise Projects: Simit Naik Speaks at Philippine Blockchain Week

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nChain’s Simit Naik recently attended the Philippine Blockchain Week and gave a talk on blockchain for corporate and government projects.

Introducing Simit Naik and nChain

Naik introduces himself as the Director of the Commercial and Strategy team at nChain. The company’s mission is to secure valuable internet and build the basis for allowing authorities and businesses to exchange data and values.

nChain has three main focus areas: software, professional services and IP licensing. It has one of the world’s largest portfolios of intellectual property related to the blockchain (over 2,800 filed patents with over 500 granted), aiming to allow everyone to build on the innovations it delivers.

Blockchain is more than digital currencies

Naik explains that most people associate blockchains with digital currencies like BTC and Ethereum, but it is so much more than that. It is also more than concepts like CeFi (centralized finance), DeFi (decentralized finance), CEX (centralized exchange), DEX (decentralized exchange) and other associated buzzwords. It is not about avoiding regulation or bypassing government rules.

Blockchain is a tool for data integrity; it’s a timestamp server that gives us the ability to introduce a real-time audit trail – an immutable record of what happened, when and in what order.

“Bitcoin itself is just an audit of transactions that have happened,” he says.

Looking back to the original design of Bitcoin, Naik tells the audience that it was a peer-to-peer electronic cash system.

“It’s about the exchange of values ​​between equals,” he continued.

He dives deeper and explains that a blockchain is a distributed ledger that enables micropayments, provides a secure infrastructure to deliver value and is scalable today. He distinguishes between private ledgers such as Hyperledger and public blockchains such as Bitcoin.

Private ledgers versus public blockchains

Naik then outlines the key advantages and disadvantages of public blockchains versus private ledgers.

“Private accounts may be cheap, but they are not secure,” he says.

They still rely on centralized entities and there is no independent way to verify anything. On public blockchains, anyone can verify anything.

“Public blockchains can be fast, and they can be cheap,” says Naik, dispelling a common myth. It all comes down to their design, and nChain builds on BSV Blockchain for this reason. It’s public, secure, the protocol is stable and doesn’t change, and it’s fast and cheap to trade.

Challenges and opportunities

What are the problems nChain is trying to solve? Naik outlines them according to three main categories.

The data is bad. Everyone uses and shares data, but data is fragmented, inaccurate and often compromised. Blockchain is an important part of solving this problem and can create a reliable database we can trust.

Fragmented system. Many people do not have access to banking services and rely on cash globally. They cannot participate in Web 3.0 or Defi. Blockchain gives us the opportunity to create more inclusive financial systems that give these people access.

Lack of trust. All exchange of value involves interaction with another who may or may not be trustworthy. How do we overcome this trust deficit? Blockchain gives us the ability to handle it.

From a government perspective, blockchain has a lot to offer as well. It can allow governments to enable policies, create jobs, upgrade and educate the population, and promote inclusion.

nChain’s solutions and case studies

nChain collaborates with companies and governments worldwide. Many of the solutions it has developed are now ready to be taken to the market. Naik outlines some of them.

As the world moves towards central bank digital currencies, nChain has developed a scalable and cost-effective solution to allow nations to offer CBDCs that respect privacy, guarantee security and transparency, and offer traceability. Naik says he is extremely passionate about CBDCs and believes they will be key to delivering peer-to-peer payments with low transaction costs.

nChain is also building a payment solution for both online and real-world gaming and helping to digitally connect the islands of Tuvalu, as well as revolutionizing supply chains, showing how blockchain technology can impact a wide range of industries.

See: Philippine Blockchain Week Highlights: Positioning the Philippines as the Blockchain Capital of Asia

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New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – originally envisioned by Satoshi Nakamoto – and blockchain.