BlockChain 101 - Part 1
Hi friends, I have been learning about blockchain and teaching myself on programming related applications e.g. Smart Contracts, NFT, DeFi for a year now. I’m also taking formal courses as well to revise and deepen my skills on this so I can get certified as a blockchain developer :)
So, you might ask why the interests in blockchain? Well, for one, I love to learn new IT technologies and have been using them to create products in my career to solve real life problems such as NFC, QR, tokenisation for digital wallets and payment platforms as well as telco mobile VAS such as P-IMAP for push mobile emails on J2ME phones or LBS for traffic routing apps. But the most important reason is that I believe Blockchain is the ‘Future of Money’ and I hope to apply my past 12 years of payment experience into building payment products using it i.e. crypto & stable coins - especially now that regulators and central banks across the world are taking a serious view on it such as introducing various regulations, creation of CDBC etc.
Ok, much for the background and lets get back to the original intent of my post which is to share some of the useful knowledge I have gathered with hope of helping those who are also interested to learn this technology as well. Lets kick-off this series starting with 3 key basic concepts:
What is a blockchain?
In simple term, it is a distributed ledger of all transactions across a P2P network which allows the participants to confirm transactions without a need for a central clearing authority. It stores data in blocks which are linked together via cryptography in a chronological order. It also referred to as DLT (Distributed Ledger Technology). Examples of use-cases are fund transfer, trade settlement, voting etc.
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What are its key benefits?
What are its applications?
That’s all for now and hope you enjoy this quick article! I will follow up with another one with high-level technical views of blockchain and how it works and a last one on its application in payment space. Watch out for them, cheers!