Bacolod City, Negros Occidental May 24, 2018 – Blockchain technology is built around a number of coalesced technologies such as process management algorithms, distributed ledger technology (DLT) and distributed applications (dApps). By no means, Blockchain is not easy to understand and for a beginner friendly introduction, Blockchain advisor Chris Thompson introduced Blockchain through a number of real-world applications of Blockchain via use cases during the Bacolod Blockchain Workshop last month, that was organized by the Bacolod Blockchain Initiative (B2CI).
To start the Blockchain introduction, Chris Thompson asked a number of questions that relates to real world challenges in voting, product purchase and staff intake.
- If I vote in a ballot… how do I actually know my vote has been counted?
- When I buy a fair-trade product, how do I know the money is actually going to the people who I am told my money is going to?
- If I want to hire a new staff member, how do I know all his credentials and certificates are legitimate?
Returning to the question, Chris Thompson stated that all three questions were fundamentally a matter of trust. This is where Blockchain’s trust models of transparency, permissioned / permissionless and tamper-proof structure are factors that establish fundamental trust between parties and individuals.
“So in a sense, you eliminate the trust factor and in return you get trusted facts,” Chris Thompson stating that in Blockchain, trust is already established and when information such as block voting, purchase and credential safekeeping are processed, Blockchain users are assured of integrity basing on returns.
With the workshop attendees having a conceptual grasp about Blockchain, Chris Thompson went on to define Blockchain’s definition, it’s benefits, how it works and how Blockchain, being new, its situation is comparable to the internet and mobile apps adoption during the 90s and early 2000s respectively.
“Blockchain is still in its Inception years, we should treat it how people used the internet in the early 1990’s and Mobile Apps in the early 2000’s; There is still less than 3% of worldwide usage,” said Chris Thompson.
With Blockchain technology being just in its inception, we’ve barely scratched the surface according to Chris Thompson as Blockchain technology will reshape the economy of tomorrow.
“There are many ways Blockchain will create and shape our future, there will be jobs that aren’t needed anymore, but Blockchain will create new jobs,” said Chris Thompson.
“Blockchain Technology has already started with a small footprint, with more implementations and regulations it will grow greater and stronger.”
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