In 2019, Pakistan saw probably the very first use case of blockchain technology when the mobile money app Easypaisa announced its blockchain-based international remittances from Malaysia.
However, due to its immense potential, blockchain is set to impact many different sectors of the country such as banking, government, business, etc. To understand this better, it is important to understand what blockchain is and how it works.
Complex in its mechanics, but simple in the basic idea, blockchain simply decentralizes the storage of data so that it cannot be owned, manipulated, or controlled by any other party. In simpler words, it makes your data secure.
Blockchain is a technology that can change the way we look at privacy, ownership, and uncertainty in the digital world, be it financial markets, supply chain management, or simply casting a vote during the elections.
How does blockchain technology work?
To understand how this technology works, you must think of it as a historical record of transactions. Each block is chained to the previous one in a certain sequence.
A unique identifier, sometimes called the digital fingerprint, is applied to each transaction. Trust, accountability, transparency, and security are forged into the chain.
This enables many types of organizations and trading partners to access and share data, a phenomenon known as third-party, consensus-based trust.
All the participants maintain an encrypted record of each transaction within a decentralized, highly scalable, and resilient recording mechanism that cannot be renounced.
Xord, the Pioneer of Blockchain in the Country
Unfortunately, only a handful of companies are working actively on blockchain technology in Pakistan, among which Xord stands out as a pioneer.
Acing the world of blockchain technology, Xord is a Pakistan-based development company that is set on creating the most powerful products and services in collaboration with the biggest companies worldwide.
Being a mission-driven company, focused on implementing blockchain in an attempt to bring transparency and honesty to the world’s systems, Xord is redefining cultural norms by promoting authenticity and creativity in its team.
Pushing their limits to do the undoable, the Xordians are beating the odds by setting their goals higher than the rest. It won’t be an overstatement to say that blockchain technology is slowly building the foundations on which the world will operate in the next decade.
In such circumstances, Xord builds an autonomous and agile team of individuals who work on ground-breaking products to solve problems.
At Xord’s Solutions circle, Xordians work with like-minded startups to launch revolutionary products in the blockchain sphere, and provide consultancy on how they can best make use of the technology.
Their in-house research team Novon acts as a think tank where an elite team of research engineers works on making breakthroughs in technology.
Xord is also launching cutting-edge products that make the development workflow easier for Polkadot, Solana, and Ethereum.
Xord is rapidly evolving, both in terms of technology and human resources. Currently, they are an ambitious team of 100+ people set to change the mindset of Pakistan by introducing the latest blockchain techniques.
At Xord, a passionate team of blockchain engineers, marketers, and developers work on innovative projects across many industries impacting lives in extraordinary ways.
Xord is working on the ideology of adding value within the blockchain space. Therefore, they work on a partnership model that makes no compromises on their mission and founding values. These fruitful partnerships are carefully created to solve a problem that helps Xordians innovate as they tap into the different domains of blockchain.
Using their expertise and knowledge, Xord is helping start-ups and companies on a global level to realize their Blockchain vision and convert their ideas into go-to-market products. Clients such as Blockzero, Numio, PhoenixDAO, Dafi, DoYourTip, Polkalokr, Protokol, Bees Social, Hedge Exchange, Crevetal Technologies, and One Ring make the list of Xordian partners that choose to stay ahead of competition and change, by adopting blockchain technologies.
When it comes to helping businesses worldwide transit from conventional technology platforms to blockchain-driven systems, research, design thinking-driven approach, and unmatched solutions in strategy, consulting, technology and operations create an innovative roadmap.
Xord works in domains like Decentralized Finance (DeFi), on-chain & off-chain governance, tokenization, layer 2 solutions, digital sovereign identity, enterprise blockchain, and blockchain core.
Through their efforts, Xordians aim to empower people to create an honest world by being innovation-oriented and actively working towards solving the most complex problems of the world using blockchain technology.
Blockchain holds the potential to improve the way agencies handle their most sensitive data. The amount of security this technology ensures is essential to gaining an increased level of public trust and their cooperation with the judicial system.
Incorporating blockchain in different sectors of the country can greatly help in resolving many issues. It can play a major role in the healthcare sector where information, accessed at a better pace, can give us more control over the health records.
As the technology simplifies the supply chain and administrative processes of healthcare, blockchain can be instrumental when it comes to streamlining prior authorization, in turn decreasing the cost.
Moreover, blockchain can greatly reduce the risks of being cyber attacked by locating inaccurate information faster.
In terms of data storage security, blockchain technology can prove to be wonderful for the government, citizens, and business data. The provision of an official registry for public and private assets through blockchain is possible.
Each citizen’s personal information such as driving license, passport information, marriage license, etc. can be comprehensively stored in the national database through a digital identity mechanism.
Due to its capability to simplify data management mechanisms, a significant reduction in labor-intensive processes can be brought by using blockchain. It eliminates the chance of fraudulence and instills fool-proof ways of accountability while reducing excessive costs.
Many countries in the world are curbing data tampering and fraudulent activities using blockchain. It has emerged as a progressive technological development that can solve global issues on an equal level.
Therefore, the necessity of implementing and adopting this technology in Pakistan cannot be stressed enough, as it can greatly improve the country’s economic system.