How Nawaz Sharif (Pakistan’s ex-PM) would have never attempted fraud in a U.Cash universe?
One of the biggest scandals which rocked South Asia in the recent years was the sacking of Pakistan’s ex-PM, Mr Nawaz Sharif. Offshore accounts and illegal properties belonging to the ex PM’s family were discovered in the Panama Paper leaks. Sharif’s daughter, Maryam Nawaz, submitted “original copies” of two certified documents dated February 2006, refuting ownership of several plush London properties in question. However, an investigative team found out that they had used Microsoft Calibri font for the document. The MS Calibri font came out in 2007 and it would have been impossible to have a time-stamped certified document dating Feb 2006. This ultimately forced Mr Sharif to resign from the most powerful post in Pakistan — that of Prime Minister.
Today, our society is embracing and transforming into a paperless solution. E-Copies or soft copies are used in every business, education, law etc. However, tampering of documents as well as false time-stamping is rampant and poses a big pain area for which there had been no permanent solution.
Enter BLOCKCHAIN! The technology to transfer anything of value in a trustful manner. The biggest use case of blockchain technology, other than digital payment, is notarization. Technically one can store even the entire document on the blockchain. But that is a bad practice. Every document has a unique digital fingerprint called as a hash. The easiest way is to just store that hash on the blockchain as part of the transaction data. If there is any change in the document, as minor as the addition of space character, then the hash changes. The authenticity of the document can be verified by anyone very easily.
One of the many features of U.CASH will be to verify and “notarize” the existence of a document on the Bitcoin and Ethereum blockchains with time-stamping. This will enable fraud detection and fraud prevention of documents. Consider the use case of employers who can now easily verify if candidate’s documents are original and genuine. The potential is tremendous.
In future blockchain will prevent corruption and bring transparency on a massive scale. Innovative products like U.CASH will be enablers and bring this to reality. There would be more awareness and knowledge of the power of blockchain technology. In a U.CASH universe, corrupt people like Mr Nawaz Sharif will never attempt fraud and well, even save their powerful position 😀
