How India can change forever using Ethereum (Smart contracts)?
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Think School
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Sep 25, 2024
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WHAT IS A SMART CONTRACT? A "smart contract" is simply a program that runs on the Ethereum blockchain. It's a collection of code (its functions) and data (its state) that resides at a specific address on the Ethereum blockchain. Smart contracts are a type of Ethereum account. This means they have a balance and they can send transactions over the network. However they're not controlled by a user, instead they are deployed to the network and run as programmed. User accounts can then interact with a smart contract by submitting transactions that execute a function defined on the smart contract. Smart contracts can define rules, like a regular contract, and automatically enforce them via the code. Refugees and asylum seekers forced to leave their homes are often found without paperwork, posing problems for them and for legal authorities in proving their very existence. Without paperwork, it's impossible to prove your date of birth, open a bank account, access government services, and even get a legal job. Blockchain technology offers an interesting solution here - being able to track an identity on a ledger via a unique, immutable and independently verified record provides new opportunities to tackle this problem. The Finnish Immigration Service Migri first partnered with Helsinki-based startup MONI back in 2015, as part of a pilot project that offered refugees a prepaid Mastercard linked to their digital identity (provided by Migri). Blockchain technology, deployed via Ethereum, maintains a record of the financial transactions made with the card. This makes it easier for refugees to find employment and receive money from jobs, and also allows them to pay bills electronically - ultimately speeding up their process of becoming established in Finland. It's thought that there are now thousands of MONI users among Finland's refugee community. Privacy concerns are valid, but the system is voluntary and Migri says that identities are always kept private. At the same time, India also faces certain problems that needs similar solutions.
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