Blockchain Applications and its relevance for Bangladesh

August 28, 2021 @ 7:30 pm – 9:30 pm Asia/Dhaka Timezone

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Blockchain is a cryptographically secured, tamper proof, always in sync, distributed and decentralised record keeping system, validated by consensus that resides on a peer to peer network of computers/ devices.

The term Blocks are given to a growing list of ordered records. Records or rows can have various fields or columns of information. Blocks are identified by cryptographically generated, transaction dependant unique hash ID and timestamps. Blocks are linked sequentially through their so generated IDs forming an immutable chain of blocks. Increasing Blockchain variants are appearing on the scene to adapt to different scenarios.

Blockchain is the underlying technology for cryptocurrency like Bitcoin, Ethereum and other Altcoins. Cryptography is used to secure data and transactions. Cryptocurrencies are radically different from fiat currencies in their nature and administration and hence have raised a lot of hue and cry in the world. Its evolution and its onward march, however, seems quite unstoppable.

Blockchain technology will have far reaching implications. It will transform not only the financial services but most other businesses and industries. Blockchain can restore the currently eroding individual privacy and do away with unnecessary and risky intermediaries. Blockchain has the potential to establish transparency and accountability, eradicate fraud and corruption and give back power to the individual. We should consider and embrace this fully in Bangladesh.