Blockchain and Cryptocurrency

-
Blockchain and Cryptocurrency

The Blockchain is a technology solution independent of cryptocurrency. It’s a technology for storing digital records replicated on several databases to prevent alteration and establish security.
Cryptocurrency only leverages the uniqueness of Blockchain to itself but they are not synonymous.

The first use case for Blockchain was in cryptocurrency, this explains why over a number of years, both were almost seen to be same. But recent research from institutions ranging from IBM and Goldman Sachs to the US and Russia Government including various entrepreneurs have shown that other use cases are workable for Blockchain. In fact, various use of this nature has been clear in the financial services sector than in any other sector.

While Blockchain can stand on its own and use as a solution enabling technology, cryptocurrency can’t, as its rise and fall depend strongly on the immutability of the Blockchain technology.

Here are other areas of Blockchain use:
1.    Health sector—for storing health records
2.    Finance
3.    Inventory management
4.    Supply chain management
5.    Identity Management/Privacy (under research)
6.    Blockchain audit (in use already)
7.    Application development
8.    Compliance
9.    Fraud prevention
10.    Payment solutions, etc.

It has been said that Blockchain will be one the revolutionary technology shaping the 4th industrial revolution, and that is poised to changing the future of work as we know it.

In Nigeria, Binkabi is using it to solve the commodity exchange problem in the agricultural sector, Flutterwave is using it in enabling smooth cross-border payments, Cryset, and so on. Most uses cases in Nigeria have the finance sector but we hope to see this improve.

Comments

Post a Comment

Popular posts from this blog

Lessons of leadership from Art of War by Sun Tzu

-
The subject of leadership is a perennial long subject of puzzle, there is no one acceptable definition for leadership for all situation, there is no one set of leadership principles for all situation and to everyone, if asked will have an opinion of leadership. Suffice me to say also that the subject of leadership has gone through a lot of empirical studies that have produced concepts like 7 attributes of an effective leader, Inclusive leadership, and irrefutable attributes of an outstanding leader among others. The ancient Chinese war strategy book; Art of War offers another interesting perspective on leadership from a military standpoint which I found relevant to leadership at all levels. It defines leadership as a matter of intelligence, trustworthiness, humaneness, courage, and sternness. In my opinion, this by far a more encompassing definition of leadership you will ever come across. A leader should have all these 5 virtues if s/he will indeed be a leader over the led. "...
Read more

Everyone talks about technology taking on our job: is that really so?

-
What might be an unpopular opinion is that's not going to be the case. Yes, technology will not take our job. What we will rather experience is a shift in job distribution. What do I mean? There is a sense in which at the advent of every technological breakthrough we tend to have this period of fear about what and what the future will look like, and many times it always tends towards the human at disadvantage. At the same time flipping through the pages of history we realize that that has never been the case, we only go through a shift in distribution. Shift in distribution A typical supply/demand curve only experience a shift when factors that were beforehand held constant refuses to remain constant in the interplay of things. So also is it about our jobs, as demand or supply (measured on a macro level with GDP) they will always be there and what we do is only what is changing, hence a shift. We will always have something to do but how we do it and what we do w...
Read more

Thinking well

-
These days, I reference a lot of domain and consider intersections of domains while thinking, talking and writing. It occurred to me at a time to then ask the question what exactly am I? My answer was not far fetched. I am everything I need to be in order to achieve the dreams I have set out to pursue. Yes, I mean that in all ramifications, depth and breadth. The divide created by schooling; Accounting, Psychology, Engineering and so on were created to create a framework through which the mind can think and articulate not to dictate what the mind must think on. (Read that again) In reality, there is a convergence of all knowledge. This convergence comes more often than not at the first principles level. Fundamentally, the human being is a social animal craving social acceptance. Technology created a global social world, where communication which is key to being human is fostered and encouraged. To achieve this, Machine learning models were created which encapsulates the fundamental ps...
Read more