Pramodya de Alwis was guest speaker at our meeting on 20 February 2024. He is a Softw are Engineer, a digital identity innovator and a block chain enthusiast. Pramodya took us into the world of Blockchain something that a number of us had heard about and then judging from some of the questions asked some of us knew quite a bit about. Pramodya gave us an insight into what Blockchain is and it works. In short blockchain is a decentralised, distributed and digital public Ledger used to record transactions across many computers so that the record cannot be altered retroactively without the alterations of all subsequent blocks and the consensus of the network. Blockchain is a distributed database which maintains a continuously growing list of ordered records called blocks these blocks are linked using cryptography each block contains A cryptographic hash of a previous block a timestamp and transaction data. So you can see who engaged with a block in a chain and what they did Historically it appears blockchain was invented in the early 2000s to provide a public transaction Ledger for the cryptocurrency Bitcoin.
While initially used to record and store transactions for cryptocurrencies blockchain technology is developing and it appears that other uses for the technology include payment processing and money transfers my monitoring supply chains common data protection, healthcare end copyright and royalty protection, in tokenization of assets on the blockchain system so that they can be reduced to small pieces for small people small investors to get a piece of the action One of the advantages of blockchains is that middle men are eliminated from the system. That is to say intermediaries who take a cut from transaction are no longer present. This means cost to the user reduces and transactions can be undertaken in a more efficient way. Until recently there's been very little in the way of regulation governing tokenised assets contained on a blockchain. The UAE have created an entire framework for regulation of tokenization which it would appear will be followed up by the rest of the world in due course. Pramodya’s address was very interesting on all levels and well received by members. |