In 2008, a group of people or a person that goes by the name of Satoshi Nakamoto invented Blockchain to serve as a public transaction ledger for the cryptocurrency bitcoin. Fast forward after so many years; developments within the future technology have been created and established among various industries and entities.
ABR recently had the golden opportunity to meet the Regional Head, Managing Director of Infinity Blockchain Ventures (IBV), Cris D. Tran at the Future of Smart Economies event in Cyberjaya. The session was on the direction of IBV and the landscape of Blockchain in Malaysia thoroughly. Among the key speakers include Infinito, Tezos SEA, Ethereum (ETHKL), Blocklime and Bitcoin Malaysia.
To simplify everything in layman terms, Blockchain is a decentralised, distributed and incorruptible digital ledger that is being used to record data and transactions across computers. It has been associated with cryptocurrency, because of the invention of Bitcoin; but they are not the same as what most entities would think of.
“Blockchain” is solely a concept and “cryptocurrencies” is the application that has utilised Blockchain to solve various problems as it governs the whole process from one point to another. Most importantly, everything is transparent and traceable.
As we pick up a pen to sign official documents to personal ones, Blockchain has its own way of implementing the structure; digitally in a very systematic and transparent way. Only the person or the entity with the access to the secret key of signatures will be able to do every single activity for the account itself.
In fact; the property and assets of the whole account is strictly given and can be accessed by the rightful owner(s) only. No one can change the signature unless the password is compromised.
Data structuring is crucial, especially when it comes to organising and managing information of various things. A standard pointer is an address for any data being stored; but; a hash-pointer validates if the data has been corrupted by keeping a cryptographic hash of the data itself.
There are two parts that define hash pointers; pointer of where some information is stored and the cryptographic hash of the information. There is a tamper evident property of every single information in Blockchain. When someone shows the whole blockchain and claims the data in it is not modified, there is a validated way for us to see it all by traversing the blocks backwards and going through the hashes one by one, in order to verify the trail.
With constant developments of technology over many years; we are still witnessing a multitude of changes in various industries. However, the most important factor is the human-side of things. Even with changes from all continents; everything goes back to the applicators themselves. The humans, the ones who started it all.
It is a simpler way to say that; technology came around to make the lives of humans on the Universe easier – hence; there is no such thing as eliminating the functions of human beings to the world; be it in the technology side, finance, human resources, supply chain and more.
We progress together and adapt to future development as we embrace the simplicity of life: Union of the Whole System and Communities.
Get more insights with the full version of Malaysia Blockchain Landscape Report at https://www.asiablockchainreview.com/download/abr-malaysia-blockchain-landscape-report/
About Cris D. Tran
As the Regional Head and Managing Director of Infinity Blockchain Ventures, Cris’ mission is to create a reverse-innovation type of approach, which is to transform the world of Asia starting with Blockchain. He is also the Director with QRC Group and was previously a Senior Lead for Frost & Sullivan based in Singapore. He is now one of the region’s most sought-after speakers and thought leaders frequently featured in leading media, namely Bloomberg, Forbes, Nikkei, Straits Times and so much more.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. We aim to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
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Nurul Zamrè is an ardent writer for the past 15 years of her living tenure on science & technology, agriculture, health, communities, management and more. She is also a News Anchor at RTM, a general manager of AHVN, a model, VO artist, emcee, gymnast, ballerina and a lover of everything chocolates.
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