Combining Governance and Blockchain
Sharing with you the OriginalMy project and ABC token
Bureaucracy, inefficiency, fraud and fake news. These are problems faced by many organisations today, especially in big organisations in the public and corporate sector. Even in developed countries application processes are still paper based and involves face to face verification.
Furthermore, bureaucracy involves the centralization of power, and with it the opportunity for fraud. Fake news is also prevalent in this new age of social media. With its decentralised, immutable and transparent nature, Blockchain technology is seen as a natural solution to tackle these problems.
OriginalMy is a project that implements Blockchain technology to the regulatory sector and has been in operation since 2015. Read on to understand what they do and the utility of the ABC token!
You can watch this video for a summary of the project done by the team themself.
Using Blockchain For Governance
One Blockchain ID For Multiple Use-cases
Users can register their identity on the OriginalMy platform just once and it can be used for a variety of actions. The process involves two rounds of validating individual details with the main aim of verifying the individual.
Once the Blockchain ID has been successfully created, users no longer need to fill in registration forms on websites and they can have easy access to business establishments without doing verification each time they enter. Companies receive better user data due to better identification of users, making optimisation of business processes.
Sign and Certify Documents On The Blockchain
The use of the Blockchain ID extends to signatures as well. Instead of having to be physically present (sometimes flying to other countries to be there), you can sign a document through the OriginalMy app. Most importantly, the signatures has legal validity, making it more enticing for adoption from both users can enterprises.
In addition to signing a document, the document itself can be uploaded onto the Blockchain through the BitRegistro platform. Artists, writers and musicians can prove the authorship of their work through BitRegistro.
The function of certifying a document extends to certification of documents through a notary, reducing stressful waiting times that can be expected from notary services. OriginalMy has partnered with a notary in Brazil to do the notary authentication part.
The Fight Against Fraud and Fake News
Voting on any scale requires a high level of trust in the system. Unfortunately, fraud is prevalent in many organisations, both in the private and public sector. On the OriginalMy platform members of any organisation can carry out voting for leadership positions.
Most importantly, fraud is prevented for this voting, as each vote is tied to one Blockchain ID. The Brazilian Fintech Association used the OriginalMy platform for voting, in a demonstration of real life application of the project’s technology. Furthermore, OriginalMy has developed Hääl, the first protocol for secret voting on public blockchains in the world.
OriginalMy has developed a web plugin that scans the page and produces a report with everything in it and registers that on the Blockchain and notary authentication, thus producing solid evidence of the content if the person needs to go to court.
It is common for defendants to delete slanderous and false posts and just taking a screenshot is not considered valid proof in the court. Having the report is useful for personal purposes such as protecting yourself from slanderous and untruth comments made online.
A Pioneer In Brazil
The Brazil Crypto scene has arguably seen a bloom only in late 2016, as can be seen by the surge in BTC trading from localbitcoins volume.
The OriginalMy project is arguably a Blockchain pioneer in Brazil, having started operations way before the surge in interest for Cryptocurrencies. The team has since moved to Estonia and has a strong focus on the Brazilian and European markets.
The platform is currently connected to four different Blockchains- Bitcoin, Ethereum, Ethereum Classic and deCRED. The project’s developments on the Ethereum Classic Blockchain has been gaining public exposure, such as this recent coverage by Coindesk.
Utility of ABC Token
Anti Bureaucracy Coin (ABC) is the native token of the OriginalMy platform. It is used as payment for the products and services provided on the platform, as shared previously. You can receive discounts by paying with ABC, with the discount levels varying with the amount of ABC you hold. You will enjoy higher discounts by holding more ABC tokens. Rewarding users that provide data or help to validate data is in the roadmap as the next use case of the token.
There was no Initial Coin Offering (ICO) conducted for the ABC token, with a private sale for the token conducted in Asia. The token metrics is as follows:
Wrapping It Up
Despite much hype around using Blockchain technology in the regulatory sector, there are not many projects working on this. Even fewer projects have a working product. OriginalMy is one of the pioneers in this field with a working product and clients, having been in operation since 2015, even before the launch of Ethereum. By focusing on the South American market, a large demand for their services is still untapped.
Disclaimer: The above article is a brief overview of the OriginalMy project and is in no way an endorsement of ABC tokens from ABCC Exchange or financial advice in any form. Users are reminded to carry out their own due diligence and execute trades based on their research and risk tolerance.
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