With the adoption of Government Blockchain Services, the government is able to:
At the same time, we are able to introduce an economic model which is inclusive, high income and sustainable.
Invech’s Government Blockchain Services solution will assist the government in managing the government’s budget deficit as well. Addressing these 4 target measures are recommended.
The blockchain will support both cash basis and accrual basis accounting. Including transitional requirements
The government blockchain created is a centralized environment, which would enhance data integrity and enabling online, real-time reporting by the Ministries
There would be a single system, which leverages on current government functionalities to improve work processes and produce a lower Total Cost of Ownership
The current government system will be upgraded to the blockchain. Allowing improved functionalities
The application that will be built will incorporate improvements over the legacy system with validations and intelligent screen response to better control the usage by all authorized administrators from the government. The Government Blockchain Services will cover the following scopes: -
In the Government Blockchain Services, there will be blockchain administrative offices across Timor Leste’s 12 districts and 1 Special Administrative Region. Where everything will be integrated, unified, online and can be remotely accessed and controlled anywhere within Timor Leste. To further gain a detailed remote command, we can also set up satellite offices at the administrative posts of Timor Leste which are subdivided into 442 sucos ("villages") and 2,336 aldeias ("communities"). The main control base would be situated in Dili.
Our solution for Government Blockchain Services contains multiple solutions (Refer Figure 5). After the transition of legacy Government systems, we will target 5 key main areas in order to obtain a comprehensive data. 2 of the key areas, Human Resources & Material Management, would also be replicated and used separately for our Invech Consultancy & Invech Global Blockchain Entity.
While monitoring the whole system on the blockchain will be easy and inclusive. Going through a data center is accessible only by authorized personnel (Refer Figure 6).
Building a centralized blockchain for a nation will need a world class security measure. Thus we will be meeting the ISO 27001 security standard. ISO 27001 (formally known as ISO/IEC 27001:2005) is a specification for an information security management system (ISMS). An ISMS is a framework of policies and procedures that includes all legal, physical and technical controls involved in an organization’s information risk management processes. A systematic approach to managing sensitive company information so that it remains secure. It includes people, processes and IT systems by applyinG a risk management process. It can help small, medium and large businesses in any sector keep information assets secure. The ISO 27001 standard will be met across the whole Invech development landscape, including Invech Cryptocurrency Exchange.
KYC or Know Your Client will also be implemented wherever needed. The Know Your Client form is a standard form in the investment industry that ensures investment advisors know detailed information about their clients’ risk tolerance, investment knowledge and financial position. KYC forms protect both clients and company. Clients are protected by having their company know what investments best suit their personal situations. Companies are protected by knowing what they can and cannot include in their client’s portfolio.