From billions lost to billions saved: Pakistan’s potential with blockchain
Founder & CEO at ARF Interactives (Pvt.) Ltd. | Software Development Services | Applications, Websites and Games Development
Introduction:
Lahore
Pakistan’s infrastructure is in need of modernization, and the use of blockchain technology can help address some of the challenges in managing infrastructure projects. Hyperledger Fabric, an open-source blockchain framework, is a promising solution for streamlining supply chain management and reducing corruption in infrastructure projects.
Supply Chain Management: A Complex Process and Huge Problem in Pakistan’s Mega Project.
Supply chain management is a complex process that involves tracking the movement of goods and services from the source to the destination. In large infrastructure projects, this can be a daunting task, as there are many different suppliers, vendors, and contractors involved. The lack of transparency and accountability can lead to delays, cost overruns, and corruption.
No Tracking and Monitroing of goods (One Big cause of Corruption)
This supply chain management and tracking of goods, and other resources from different vendors in the infrastructure of Pakistan, causes a huge loss and with no monitoring and controlling, the corruption is on top, as the use of high end technology is not still in consideration.
Hyperledger Fabric: A Secure and Transparent Platform
Hyperledger Fabric can provide a secure and transparent platform for tracking the movement of goods and services. It is a modular and scalable framework that allows for the creation of private, permissioned blockchain networks. By using Hyperledger Fabric, all parties involved in the supply chain can have access to the same information in real-time, reducing delays and improving efficiency.
Case Study: Metro Bus System Project
Islamabad-Rawalpindi Metro Bus System
Pakistan’s metro bus system project is a prime example of how Hyperledger Fabric can be applied in infrastructure projects. The project involves a fleet of buses that run on dedicated lanes, providing a fast and efficient mode of transportation in urban areas.
Fare Control Challenges:
One of the challenges in the project is managing fare controls. Revenue losses due to fare evasion and mismanagement can be significant, impacting the sustainability of the project.
Hyperledger Fabric can be used to track fare transactions and ensure that all revenue is accounted for. The transparent and immutable ledger provided by the blockchain technology can reduce corruption and improve the overall efficiency of the project.
Reducing Corruption in Mega Projects
Corruption in Mega Projects
Corruption is a significant problem in Pakistan’s infrastructure projects. Mega projects are often plagued by corruption, resulting in cost overruns and delays. The lack of transparency and accountability in the procurement process provides opportunities for rent-seeking and other corrupt practices.
Hyperledger Fabric can help reduce corruption by providing a transparent and immutable ledger of all transactions. All parties involved in the supply chain can access the same information, reducing the potential for corruption and increasing accountability.
Conclusion: The Future of Blockchain Technology in Pakistan
Hyperledger Fabric has the potential to revolutionize Pakistan’s infrastructure projects by improving supply chain management, reducing corruption, and increasing efficiency.
The use of blockchain technology in infrastructure projects is still in its early stages in Pakistan, but with the government and private businesses exploring its potential, it’s only a matter of time before we see blockchain technology being integrated into infrastructure projects on a larger scale.
