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Have you been following banking, investing or cryptocurrency news? Are you familiar with “blockchain technology?
Peter Kisa, from InfoSec and a Blockchain Consultant demystifies the mystery at the second annual fintech summit in Nairobi.
He defines Blockchains (originally block chains), as distributed digital ledgers of cryptographically signed transactions that are grouped in Blocks, each block linked in the one before it after validation and undergoing a consensus decision.
The chains allow for the addition of new blocks, which once added make older blocks more difficult to modify. The new blocks are replicated across all copies of the ledger within the network, and any conflicts are resolved automatically using established rules (built in the protocol).
“Blockchain create networks and markets out of them that discourage Monopolistic Market Power,” says Kisa, adding that “Governments and Enterprises are not yet really aware of how Powerful crypto is. When they do they may want to slap on some kind of regulation which is what cypherpumks have invented to get themselves rid of!”
It is a nonfreezable swiss account in the cloud that canot be switched off but can be run on laptops as a test or on the Cloud as a blockchain as a service solution.
He mentions the primary features of Blockchain as being; elimination of intermediaries, Ease in verification of transactions, transparency with lower costs, decentralization and immutability among others.
The most basic functions of blockchain he says is record keeping via a distributed ledger with the biggest benefit of it being in its immutability- that it is not easy to alter the data once recorded. Besides you no one can access your data!