In a recently published interview in Khaleej Times paper in the UAE, Zurab Ashvil, the CEO and Founder of L3COS, he reveals that the future lies in a blockchian consensus operating system that is permissioned decentrlaized and regulated by governments. In the interview he states that for blockchain to truly become mainstream it needs regulation which will help bring on instituationla investment.
UNLOCK wrote about L3COS when it was launched by ex Softbank employee Zurab Ashvil. LECOS blockchain platform aims to provide a secure opeating system Blockchain platform for governmental entities, businesses, organizations and individuals using triple layer structure. As mentioned in the Khaleej times article, L3COS has developed the first quantum-safe blockchain operating system with sufficient scale and speed to meet the growing needs of central banks around the world. According to the article, its blockchain technology is immutable, fully auditable, traceable and transparent, all of which makes fraud, money laundering or other black-market financing impossible.
Ashvil explains in the article that the digitalisation of economies will be accelerated by regulated blockchain. He states, ” The digitalisation of economies involves the automation of services in order to make them quicker, cheaper and more efficient. This process is made possible through blockchain, as smart contracts can be used to manage all manner of transactional relationships between governments, corporations and individuals.”
He adds, ” What is needed is a new, regulated blockchain that provides the benefits of decentralisation for the people and corporations that use it, while also reflecting the representative government and societal structures we recognise.”
In the article Ashvil provides example of Blockchain implementations such as in Sweden where the land registry department is experimenting with blockchain for record keeping as has Estonia. Even Central Bank’s are looking into CBDCs ( Central Bank Digital Currencies) such as the Bank of England.
He believes that existing Blockchains wont work for governments because they believe in anonymity above all else and this excludes the role that governments must play, so he believes a totally new approach is required. He believes that government need a blockchain consensus operating system that they can regulate. he explains in the article, ” They need to be able to control who is registered and brought into the system, so that corporations and individuals can use it to feel safe, secure and able to prosper. Once in the system, these entities can interact in a decentralised manner, using smart contracts that automate processes and drive efficiency. By failing to achieve this ideal, existing blockchain networks have never been adopted en masse and will never be able to meet the needs of sovereign states. This is why I designed L3COS, a regulated blockchain that will accelerate the benefits of the digital economy for everyone.”