We had the privilege of having David Chan, AI Researcher of EvolphTech Solutions, to share about the blockchain universe at our Finexus MyXaaS Innovation Centre in Cyberjaya.
A passionate student of emerging technologies, David shared that blockchain is essentially a decentralised, secure, and transparent digital ledger technology that stores information in blocks, forming a chain.
He explained about the characteristics of blockchain as below:
- Decentralised: No single entity controls it
- Blocks: Data are grouped into blocks.
- Immutable Chains: Each block contains a hash (a digital fingerprint) and hash of the previous block. This previous block hash links the blocks together and prevents any block from being altered or a block inserted between two existing blocks. Thus, forming an immutable chain.
- Consensus Mechanism: Nodes in the network must reach consensus on the validity of transactions, resulting in transparency, verifiability, and security.
Popular uses of blockchain includes cryptocurrencies like Bitcoin and Ethereum, smart contracts for self-executing agreements, and supply chain tracking for transparency.
Although blockchain developers face the blockchain trilemma of achieving scalability, decentralisation and security, the future remains bright especially with many central banks worldwide exploring to have a CDBC.