The Block Box
By Donald Lim
Alot of my friends in the industry messaged me about my inaugural article last week on blockchain, mostly asking me to explain it better for them. I get the impression that a big majority of people feel more anxious when they hear the word “blockchain” because they have absolutely no notion what it means to them. As someone whose background is in marketing, I can empathize with their confusion when they were just beginning to learn about social media, technologies, and digital platforms; but, the world has since moved on past them once more.
I attempted to allay their concerns by assuring them that they need not feel overpowered by the situation. It is not necessary for you to comprehend how blockchain works any more than it is necessary for you to know how to literally develop a mobile application or a website. What is more crucial is having an awareness of how it operates, how it can be utilized for commercial purposes, and how it relates to the work that is done on a daily basis.
It’s the same as getting behind the wheel of an automobile. For one thing, I believe that I have mastered the art of driving, particularly in the congested streets of Manila. On the other hand, if my automobile breaks down, no amount of formal education will help me fix it. The same may be said about blockchain. It is not necessary for you to grasp how to construct a blockchain; all you need to do is comprehend the potential and advantages that come along with the technology.
There are many reasons why the technology behind blockchain is so crucial in today’s society. The most important is decentralization. Blockchain technology makes it possible to create decentralized systems that can function without the participation of intermediaries like banks or other financial organizations. Because of this decentralization, transaction costs may be reduced, and increased transparency may result.
The second is safety. Blockchain relies on sophisticated cryptography to provide records that are both secure and impossible to alter. This security might be of utmost significance in domains such as financial transactions, where the threat of fraud and hacking is particularly high.
Third is that it is completely open. Blockchain technology generates a public and viewable ledger of all transactions, which can be accessed by anyone who has access to the network. This transparency has the potential to assist in increasing accountability and decreasing corruption.
Fourth is its efficiency. Blockchain technology has the potential to improve efficiency by eliminating the need for third-party middlemen and making record-keeping more automated. This greater efficiency can contribute to cost reductions while also improving the delivery of services.
While blockchain technology is still in its infancy, there is a great deal of room for development in terms of new and creative applications. As the underlying technology continues to advance, we should anticipate the appearance of new uses in a wide variety of industries. Blockchain technology has the ability to completely transform how we handle financial transactions, keep records, and trade value with one another. Its unique combination of security, transparency, and decentralization makes it a significant technology for today’s society, with ramifications for enterprises, governments, and individuals alike. This technology has the potential to revolutionize all of these spheres.
A COUNCIL TO DRIVE BLOCKCHAIN AWARENESS, GROWTH
The Blockchain Council of the Philippines is a business group with the mission of fostering the development of blockchain applications and encouraging their widespread implementation in the Philippines. In 2022, a collection of blockchain enthusiasts, entrepreneurs, business experts, and activists came together to create the council.
The major purpose of the council is to educate businesses, government organizations, and the general public about the benefits of blockchain technology and how it can be utilized to solve a variety of problems. This will be accomplished through education and outreach initiatives.
In addition to this goal, the council intends to act as a facilitator for collaboration between the many players in the blockchain ecosystem, such as startup companies, investors, developers, and legislators. We look forward to putting our country on the blockchain map, and, by working with all stakeholders in our country’s ecosystem, position us as the blockchain capital of the Asia.
Dr. Donald Lim is the founding president of the Blockchain Association of the Philippines and the lead convenor of the Philippine Blockchain Week. He is also the Asian anchor of FintechTV.