Use of 'Blockchain' and 'Smart Contracts'
Last updated
Last updated
The use of 'Blockchain' and 'Smart Contracts' in the judicial system holds the potential to truly 'democratize justice' and ensure that powerful and influential people can never influence justice just as Banks and Financial giants will no longer be able to control money in the near future. No longer will people be unjustly charged for unproven blasphemy, no longer will the media ignore rape and murder of the poor, no longer will someone rot in jail for years because they lacked money to hire a lawyer.
With Insaaf Token, the rich and powerful simply will never be able to escape the collective pressure of the majority - no matter how rich and powerful they may be. Furthermore, the press and media will also be under check and reluctant to create false narratives as Blockchain’ powerful mechanism of content irrefutability, durability, transparency and accountability will ensure that 'The real truth' wins - much sooner than expectations.
The need for citizens' action to aid in the reform and fix the judicial system is obvious as neither Pakistan’s politicians, bureaucracy, judiciary, nor the military or any other organization has the capacity to fight the broken system which has its roots in influence of the billionaires and powerful. Blockchain technology will give citizens of Pakistan the power to fight the corrupt system by providing a technology-based crowd-funded network of experts, lawyers, investigators and media people - each incentivized to seek the truth, callout the corrupt, acknowledge the honest, and most importantly get financially rewarded for doing all the good.
"Initial Litigation Offering (ILOs) are a breakthrough for both individuals lacking the resources to seek remediation, and for retail investors who are often locked out of the most highly-performant asset classes. They are fundamentally unique from any other investments, and the creation of the ILO marks for the first time Blockchain technology will be used to democratize financial products at a multibillion-dollar scale."
After winning the litigation, the all damages awarded and collected are distributed to the token holders (contributors). It is a win-win for the victim and the token holder. Once the case is settled and the- the Smart contract controlled INSAAF TOKEN automatically returns the money back to the lenders / contributors with a reasonable return.