Jiye Technologies announces Pakistan’s first B2B BNPL to help boost the agriculture sector Lahore 28th Feb, 2022: Jiye Technologies, the fastest growing Agri-Tech platform in Pakistan has announced a first of its kind business-to-business (B2B) buy-now-pay-later (BNPL) feature through a digital financing product for farmers and businesses across Pakistan under its program called ‘Jiye Khushhaal Karobar’. The digital financing service will empower farmers, retailers, and businesses with quick, easy, and convenient access to … Read More
What is Blockchain: Everything You Need to Know (2022) If you want to pay online, you need to register an account and provide credit card information. If you don't have a credit card, you can pay with bank transfer. With the rise of cryptocurrencies, these methods may become old.Imagine a world in which you can do transactions and many other things without having to give your personal information. A world in which you don’t need to rely on banks or governments anymore. Sounds amazing, right? That’s exactly what blockchain technology allows us to do.It’s like your computer’s hard drive. blockchain is a technology that lets you store data in digital blocks, which are connected together like links in a chain. Blockchain technology was originally invented in 1991 by two mathematicians, Stuart Haber and W. Scot Stornetta. They first proposed the system to ensure that timestamps could not be tampered with.A few years later, in 1998, software developer Nick Szabo proposed using a similar kind of technology to secure a digital payments system he called “Bit Gold.” However, this innovation was not adopted until Satoshi Nakamoto claimed to have invented the first Blockchain and Bitcoin.So, What is Blockchain?A blockchain is a distributed database shared between the nodes of a computer network. It saves information in digital format. Many people first heard of blockchain technology when they started to look up information about bitcoin.Blockchain is used in cryptocurrency systems to ensure secure, decentralized records of transactions.Blockchain allowed people to guarantee the fidelity and security of a record of data without the need for a third party to ensure accuracy.To understand how a blockchain works, Consider these basic steps:Blockchain collects information in “blocks”.A block has a storage capacity, and once it's used up, it can be closed and linked to a previously served block.Blocks form chains, which are called “Blockchains.”More information will be added to the block with the most content until its capacity is full. The process repeats itself.Each block in the chain has an exact timestamp and can't be changed.Let’s get to know more about the blockchain.How does blockchain work?Blockchain records digital information and distributes it across the network without changing it. The information is distributed among many users and stored in an immutable, permanent ledger that can't be changed or destroyed. That's why blockchain is also called "Distributed Ledger Technology" or DLT.Here’s how it works:Someone or a computer will transactsThe transaction is transmitted throughout the network.A network of computers can confirm the transaction.When it is confirmed a transaction is added to a blockThe blocks are linked together to create a history.And that’s the beauty of it! The process may seem complicated, but it’s done in minutes with modern technology. And because technology is advancing rapidly, I expect things to move even more quickly than ever.A new transaction is added to the system. It is then relayed to a network of computers located around the world. The computers then solve equations to ensure the authenticity of the transaction.Once a transaction is confirmed, it is placed in a block after the confirmation. All of the blocks are chained together to create a permanent history of every transaction.How are Blockchains used?Even though blockchain is integral to cryptocurrency, it has other applications. For example, blockchain can be used for storing reliable data about transactions. Many people confuse blockchain with cryptocurrencies like bitcoin and ethereum.Blockchain already being adopted by some big-name companies, such as Walmart, AIG, Siemens, Pfizer, and Unilever. For example, IBM's Food Trust uses blockchain to track food's journey before reaching its final destination.Although some of you may consider this practice excessive, food suppliers and manufacturers adhere to the policy of tracing their products because bacteria such as E. coli and Salmonella have been found in packaged foods. In addition, there have been isolated cases where dangerous allergens such as peanuts have accidentally been introduced into certain products.Tracing and identifying the sources of an outbreak is a challenging task that can take months or years. Thanks to the Blockchain, however, companies now know exactly where their food has been—so they can trace its location and prevent future outbreaks.Blockchain technology allows systems to react much faster in the event of a hazard. It also has many other uses in the modern world.What is Blockchain Decentralization?Blockchain technology is safe, even if it’s public. People can access the technology using an internet connection.Have you ever been in a situation where you had all your data stored at one place and that one secure place got compromised? Wouldn't it be great if there was a way to prevent your data from leaking out even when the security of your storage systems is compromised?Blockchain technology provides a way of avoiding this situation by using multiple computers at different locations to store information about transactions. If one computer experiences problems with a transaction, it will not affect the other nodes.Instead, other nodes will use the correct information to cross-reference your incorrect node. This is called “Decentralization,” meaning all the information is stored in multiple places.Blockchain guarantees your data's authenticity—not just its accuracy, but also its irreversibility. It can also be used to store data that are difficult to register, like legal contracts, state identifications, or a company's product inventory.Pros and Cons of BlockchainBlockchain has many advantages and disadvantages. ProsAccuracy is increased because there is no human involvement in the verification process.One of the great things about decentralization is that it makes information harder to tamper with.Safe, private, and easy transactionsProvides a banking alternative and safe storage of personal informationConsData storage has limits.The regulations are always changing, as they differ from place to place.It has a risk of being used for illicit activities Frequently Asked Questions About BlockchainI’ll answer the most frequently asked questions about blockchain in this section.Is Blockchain a cryptocurrency?Blockchain is not a cryptocurrency but a technology that makes cryptocurrencies possible. It's a digital ledger that records every transaction seamlessly.Is it possible for Blockchain to be hacked?Yes, blockchain can be theoretically hacked, but it is a complicated task to be achieved. A network of users constantly reviews it, which makes hacking the blockchain difficult.What is the most prominent blockchain company?Coinbase Global is currently the biggest blockchain company in the world. The company runs a commendable infrastructure, services, and technology for the digital currency economy.Who owns Blockchain?Blockchain is a decentralized technology. It’s a chain of distributed ledgers connected with nodes. Each node can be any electronic device. Thus, one owns blockhain.What is the difference between Bitcoin and Blockchain technology?Bitcoin is a cryptocurrency, which is powered by Blockchain technology while Blockchain is a distributed ledger of cryptocurrency What is the difference between Blockchain and a Database?Generally a database is a collection of data which can be stored and organized using a database management system. The people who have access to the database can view or edit the information stored there. The client-server network architecture is used to implement databases. whereas a blockchain is a growing list of records, called blocks, stored in a distributed system. Each block contains a cryptographic hash of the previous block, timestamp and transaction information. Modification of data is not allowed due to the design of the blockchain. The technology allows decentralized control and eliminates risks of data modification by other parties.Final SayingBlockchain has a wide spectrum of applications and, over the next 5-10 years, we will likely see it being integrated into all sorts of industries. From finance to healthcare, blockchain could revolutionize the way we store and share data. Although there is some hesitation to adopt blockchain systems right now, that won't be the case in 2022-2023 (and even less so in 2026). Once people become more comfortable with the technology and understand how it can work for them, owners, CEOs and entrepreneurs alike will be quick to leverage blockchain technology for their own gain. Hope you like this article if you have any question let me know in the comments sectionFOLLOW US ON TWITTERFollow @AdilAhmad_c Read More
Mohsin Malik Graduated in the field of commerce, Mr. Waqar Ahmed has started his Chartered Accountancy career by joining Ilyas Saeed & Co., Chartered Accountants as trainee student in 2014 and completed his work experience. After completion of compulsory experience, he has gained experience in Berger Industries Ltd. He is now consultant and trainer at BizCon Corporate Consultants. He is very well equipped with not only tax laws but also with auditing methods. Read More
Masood Akhtar After Graduation, Mr. Masood Akhtar has started his Chartered Accountancy career by joining Hassan Farooq & Co Chartered Accountants as trainee student in 2013 and completed his initial training. During his training period, he gained extensive experience in taxation and corporate matters. Immediately after completing his training, he joined BizCon Corporate Consultants as partner. He has more than 7 years of experience in totality. He has joined the PBS as corporate advisor and is responsible for overall corporate and taxation matters. Read More
Awais Nisar After Graduating in computer Sciences, Mr. Awais Nisar joined SKP Consulting Limited as IT Manager. He was responsible for after sales services and troubleshooting of antivirus and accounting softwares. After serving the organization for more than two decades he left the SKP Consulting Limited in 2017 and started his own work with the name and style of Megabyte Solutions. Megabyte Solutions is now associated with PBS and he acts as head and responsible for the IT and related services software along with the implementation of accounting softwares and ERP systems including after sale service and troubleshooting. Read More
Waqar Ahmed Graduated in the field of commerce, Mr. Waqar Ahmed has started his Chartered Accountancy career by joining Ilyas Saeed & Co., Chartered Accountants as trainee student in 2003 and completed his 5 years training from Kabani & Co in 2007. During his training period he gained extensive experience in taxation and corporate matters. Immediately after completing his training he joined Kabani & Co, Chartered Accountants as Manager Tax and Corporate affairs. He has more than a decade of experience in providing the tax and corporate services. During his job he has gained the multidisciplinary experience in mergers and acquisitions, reduction in share capital, trade mark, design and copy right registration. He has joined the PBS as corporate advisor and is responsible for overall corporate and Intellectual property matters. Read More
Muhammad Faizan Bin Asif Muhammad Faizan Bin Asif (PwC Trained Graduate) Mr Faizan is PwC trained finance graduate, Higher Diploma in Accounting, Higher National Diploma in Finance, part qualified CA and licensed tax practitioner. He is also founder of Incubating Pakistan – Startup Incubation Organization – providing business opportunities to women, youth, poors and transgenders. He has experience in industry as well as in accounting … Read More
Muhammad Asif Javed Muhammad Asif Javed (ACA) Mr. Muhammad Asif Javed is an Associate member of the Institute of Chartered Accountants of Pakistan (ICAP). He is also Associate member of Pakistan Institute of Public Finance Accountants (PIPFA) since 2010. He possesses rich experience extending to more than one and half decade in profession of accountancy. He has worked for more than 10 years … Read More
Kamran Khaleel Mr. Kamran Khaleel is well known Advocate High Court and have more than 19 years of experience in sale tax laws and non-contentious matters. He has extensive experience in dealing said matters in tribunals and higher courts. He has highest successful rate in higher courts. Read More
Muhammad Yousaf Mr Yousaf has more than 20 years of total experience equipped with CA qualification and fellow member of ICAP and associate member of public finance. He has vast experiences and skills necessary to assist both private and public clients to achieve their financial goals. He has over fourteen years of public accounting experience and leads the audit and assurance department. He specializes in audits of US publicly traded company and is well versed with the PCAOB and the SEC rules. As leader of audit department, he is responsible for the firm’s multidisciplinary services to companies and for the overall development of the practice. For this purpose, he regularly develops and consults with entrepreneurs on general business strategies, tax planning, and favourable exit strategy planning and execution. Read More
Zafarullah Shah Zafarullah Shah (FCA) Mr. Zafarullah Shah is FCA and Member of Institute of Chartered Accountants of Pakistan. He has more than 43 years of experience in audit and assurance, business advisory and taxation. He is one of the most senior Chartered Accountant in Pakistan. He is also partner in Naveed, Zafar, Ashfaq, Jaffery & Co Chartered Accountants and own Zafar Shah … Read More
Muhammad Asif Mr. Muhammad Asif is serving as group chairman, and well known and senior Advocate High Court and former “Accountant Member’ Appellate Tribunal IR and Chief Commissioner IR (FBR)”. He started his career in 1981 by serving multinational companies. He has experience of more than 34 years. Before Chief Commissioner, he has served on various positions including Commissioner Appeals, Zonal Commissioner and secretory to FBR etc. He has attended various international & national courses in public polices and taxation and has a strong grip on federal & provincial tax laws and on Constitution of Pakistan. He has appeared in hundreds of cases as a counsel and many judgements has his comments. He was also professional trainer of tax officials, and delivered lectures and conducts workshops in many universities as LUMS, LSE etc. Read More
186% growth in newly incorporated companies (with breakdown) #SECP #Digitalization ISLAMABAD, May 5: Process Simplification, facilitation to public and digitalization of incorporation processes has led to extraordinary growth of 186% in incorporation of new companies in April 2021. The SECP, in April has registered a total 2,185 new companies, 186% higher as compared to the same month last year, raising the total number of registered companies to 141,805. In April, … Read More
Healthwire – Redefining Healthcare in Pakistan Redefine Your Health! WAIT! You must be thinking that what did you just read? Right!? Well, you all already have an idea about technology. If not then smartphones are the best and simple example of technology. Now, since we are talking about redefining healthcare, the technology here is stepping ahead in the game of digitization of healthcare. The common phrase, … Read More
Bill Gates Neutral on Bitcoin but Says Cryptocurrency Is an Innovation the World Can Do Without Microsoft founder Bill Gates is no longer a bitcoin bear. He has now taken a neutral stance on bitcoin as an investment. However, as an innovation, he says that cryptocurrency is one that the world would be better off without because it allows for certain criminal activities. Bill Gates Changes His Mind About Bitcoin Bill Gates spoke about bitcoin and … Read More
Exchange tokens benefit as centralized exchanges battle with DeFi platforms Exchange tokens catch a boost as governance and high yields attract fresh inflows and CeFi begins to merge with DeFi. Fresh institutional and retail investor inflows into the cryptocurrency market have led to bull market conditions for many top tokens from blue-chips like Bitcoin (BTC) and Ether (ETH) to more recently established DeFi projects like AAVE and Synthetix (SNX). Exchange … Read More
Klarna partners with Safello to bring users crypto purchases from their bank account CryptoNinjas » Klarna partners with Safello to bring users crypto purchases from their bank account Klarna, a global payments provider and shopping service, and Safello, a Sweden-based broker for cryptocurrencies, today announced a strategic partnership to bring Klarna Open Banking to Safello’s brokerage platform for cryptocurrency trading. In recent months, Safello has experienced increased growth, both in new users and transaction volume. As part of strengthening its selection of seamless […] CryptoNinjas » Klarna partners with Safello to bring users crypto purchases from their bank account Read More
Ufone Launches Its First Ever eSIM Ufone has now eliminated the need for physical installation of SIMs with the introduction of eSIM for its customers. The Pakistani telecom operator has partnered with Giesecke+Devrient Mobile Security (G+D) to launch these SIMs across the country. The Ufone eSIM platform enables subscriberswith a compatiblehandsetto integrate multiple SIM card numbers directly into their phones or IoT devices, using the internet. … Read More
Elon Musk Could Face SEC Investigation Over Tesla’s Bitcoin Buy, Lawyers Warn The U.S. Securities and Exchange Commission (SEC) could investigate Elon Musk over Tesla’s $1.5 billion bitcoin purchase, some legal experts have warned, including a former SEC enforcement officer. Given the timing of Tesla’s bitcoin purchase and Musk’s multiple tweets on the subject, some say that the SEC will look into the matter. Elon Musk Could Face an SEC Probe Regulators … Read More
Here’s why altcoins are dropping as Bitcoin price inches closer to $50,000 The altcoin market crashed as Bitcoin achieved a new all-time high and made its way towards $50,000. Altcoins plunged steeply on Feb. 14 after the price of Bitcoin (BTC) achieved a new all-time high above $49,000. The timing of the altcoin market’s drop was noteworthy because it corrected as BTC was rallying, which typically does not happen. So why exactly … Read More