HetaChain – Blockchain Platform for The Smart Economy

Blockchain as a technology needs a supportive ecosystem of legal boundaries and deep economic integration to solve modern society issues. Former CEO of the Mohammed bin Rashid Al Maktoum Foundation enters the quest to connect blockchain with businesses and local governments, determined to bring decentralized economy to mass adoption.

High tech silos versus everyday users

As the world becomes increasingly connected, advanced technologies like IoT and electric governments are being massively employed to improve all aspects of modern life. The problem is, too often people fall into the fallacy of thinking that technologies alone can transform how people think and go about their lives, without actively addressing fundamental issues that comes with advanced technology:

  • Privacy concerns - digitalization requires the acquisition of sensitive data, but the data collected are usually not reported transparently to the people. Authorities, as well as corporates, have been known to exploit this information without public approval.
  • Sensory Overload - if you want data, you need sensors, which require compatible infrastructures to install, and massive amount of energy to function steadily.
  • Interoperability - there is no universal standard for smart systems and IoT devices. Each device is an isolated silo, unable to communicate or share data with anything outside its own system.

The blockchain revolution

World leaders are starting to embrace blockchain as a cross-protocols solution that shares decentralized database between very different services, tracks and encrypts data securely, provides seamless transactions, and offers credible transparency for public services.

UAE is now pushing to turn Dubai into the first blockchain city by 2020. UAE authorities plan to create a paperless digital government, removing the paperwork burden on both citizens and government officers.

However, most blockchain platforms also come with their own set of limitations:

  • Network speed - As of late 2016, cryptocurrencies with the largest capitals and trading volumns per day like Bitcoin can only process about 7 transactions per second, Ethereum 25 per second. In comparison, VISA can process 24 thousand transactions per second.
  • Privacy - the openness, decentralized, and immutability of blockchain pose a problem under the new European General Data Protection Regulation (GDPR)
  • Changing too fast for regulations - When basic regulations were finally in place for cryptocurrencies, blockchain has moved on to a far wider range of applications than payments. Right now, in 2018, the law regarding blockchain is still a grey area, making it difficult for new users to approach the technology.

The whole is greater than the sum of its parts

Clearly, blockchain by itself doesn’t produce magic. The following requirements are identified for it to reach widespread adoption:

  • Availability - the blockchain platform must be widely available and easily acquirable/tradable in both tangible and intangible forms, such as goods, services, legal enforcements, etc.
  • Irreplaceable - the technology must enable people to solve problems by utilizing as few resources as possible. As a result those problems can’t be solved nearly as well or efficiently otherwise.
  • Confidentiality & Authenticity - unauthorized access to resources and sensitive information is prosecutable by law.
  • Transparency, Integrity, and Accountability - resources and information on the blockchain platform must be immutably and transparently recorded on a decentralized, distributed ledger; making it impossible to deny transmission or reception of a resource by all parties involved.

HetaChain’s smart economy solutions

Dubai ranks first in the world when it comes to sheer number and size of blockchain platforms being adopted into real life usage. Among projects ambitious to lead the transformative movement is Relam Investment’s project HetaChain.

Mr Sultan Ali Rashed Lootah - Chairnman & CEO of HetaChain

Founded by Sultan Ali Rashed Lootah, former CEO of the Mohammed bin Rashid Al Maktoum Foundation, Relam Investment is headquartered in Dubai – UAE; with other group offices located in India, Vietnam, Egypt, Turkey & Unite