Cryptocurrency: What is blockchain?

Online shopping, checking emails, updating your social network. We do all these and more on a daily basis, and almost all online activities require some digital identity. Each time we need to prove who we are, we have to reveal some information about ourselves.

So what does blockchain have to do with all these interactions? A blockchain is a list of records or blocks linked together through encryption. Each block corresponds to a ledger online, which records every single transaction with a timestamp so it can’t be modified without authorisation.

How can blockchain protect my privacy online? 

By using blockchain technology, you can have greater control over your data because you can choose what you want to share, and pick and choose who you want to share it with.

Simply put, blockchain technology lets you control the circulation of your data and centralise it. What this means is you can access various services easily, like reducing the time it takes to fill out lots of forms (think insurance, taxes, banks!) because you can permit to release your data from a central data storage.

What role does blockchain play in the future?

Today, everything about our identity can be found online. Unfortunately, we can’t see who has access to our data and how it’s manipulated. Most of the time, we only find out that our data has been used to commit fraud when it’s too late.

With blockchain technology, we can keep track how our data is being used and promptly react if something is amiss. By storing our data in a centralised location with clear transaction history, you can reduce the unauthorised use of your data.

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Peh Wei Siang

Wei Siang co-founded SIB in 2017 and leads the firm's financial technology strategic advisory practice. As an investment banker with over nine years' of experience, Wei Siang has advised on many of the most complex mergers, acquisitions and strategic restructuring transactions that have helped transform the financial technologies, in particularly the cryptocurrency sector around the region. With his firm belief in low-cost investments and automated trading, Wei Siang founded Pixeltrade Technologies, a leading financial technology firm that offers algorithm and automated trading strategies to institutions.

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1 Response

  1. June 22, 2018

    […] blockchain is relatively new and untested, one initial challenge was working out the architecture. It’s a […]

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