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Recent Comments. Comment by Darwin custodio January 2, Yet, the procedures are very different, and are often based on the blockchain. There are companies specialized in the financial technology security that could take on the role of certifier, as provided for by the law published in last October 18th Official Journal. These certification service providers could generate private and public keys validating electronic transactions in Lebanon on behalf of the central bank.
Such a company would then have to handle personal data name, email, phone number, etc. In cases of dispute the Lebanese Accreditation Council Colibac — instituted by law number of December 11th, , but never made operational — would audit the private certification providers if the company had not been previously accredited. Accreditation by the Colibac is not mandatory, but it would speed up the settlement of disputes, and any proof of illegal activity uncovered would be made available to the judiciary.
Given the complexity of the system and the slowness of execution to be expected due in particular to the inactivity of COLIBAC, blockchain technology offers an interesting solution. It would allow electronic transactions to be saved and certified automatically according to predefined official standards, making it almost impossible for disputes to occur.
In Lebanon, experimentations have already taken place in the private sector; at the end of , AID:Tech partnered with humanitarian experts to give out international aid to Syrian refugees using the blockchain. In mid-October, ConsenSys, an American company specialized in the blockchain, organized an event in Beirut where training workshops and a hackathon took place.
The thirty-two participants received training and the first prize of the hackathon was awarded to BlocRefs, an online tracking solution for refugee donations. Mon compte. Suivez-nous sur :. Risks of Money Laundering? The Colibac question In cases of dispute the Lebanese Accreditation Council Colibac — instituted by law number of December 11th, , but never made operational — would audit the private certification providers if the company had not been previously accredited.
Dwindling reserves at the central bank underscores the urgency of capital controls.
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