Blockchain was founded by Satoshi Nakamoto – a pseudonym for the programmer or programmers who wrote the bitcoin blockchain code and white paper in 2008 and released the genesis block in 2009.
It’s a platform for data-based transactions using crypto-currencies such as bitcoin, ethereum, among others.
Mr Arunda says blockchain can be used in banking and finance, for instance, to speed up and simplify cross-border payments, share trading, reduce fraud and create loyalties and rewards.
Just like computers and internet innovations have changed the world, Blockchain, a relatively new innovation is bound to be a game-changer in the technology-sphere, an expert has said.
Further, he adds, the innovation is poised to trigger immense opportunities which will spill over to various industries to enrich humanity for the coming generations
In his new book, Understanding the Blockchain to be launched November 28 at Strathmore Business School, author Benjamin Arunda provides an in-depth overview of the technology. The book is written in a simplified version for readers, defining blockchain, its use and opportunities it offers.
According to the book, the blockchain, a distributed ledger technology that can be used to enforce peer-to-peer electronic, allowing individuals or groups to send and receive money without an intermediary, is the future technology as it is bound to offer colossal opportunities in key industries in world’s economies.
The key sectors that will immnesly benefit from the technology are banking and finance, insurance, health, legal, education, the government, and energy oil and gas.
Others are mineral and mining industry, film, music and art, media and journalism, manufacturing, agriculture and agribusiness, construction and tourism and hospitality.
“Blockchain is a technology that is here to dispense trust in our interactions and transactions. Humans have not ceased to invent. Contemporary business dynamics are taking major technology shifts that cannot be ignored,” said Mr Arunda.
Blockchain was founded by Satoshi Nakamoto – a pseudonym for the programmer or programmers who wrote the bitcoin blockchain code and white paper in 2008 and released the genesis block in 2009. It’s a platform for data-based transactions using crypto-currencies such as bitcoin, ethereum, among others.
Mr Arunda says blockchain can be used in banking and finance, for instance, to speed up and simplify cross-border payments, share trading, reduce fraud and create loyalties and rewards.
Proponents of blockchain say it can be used to create more secure and convenient tools that will slash the time per transaction and the cost per transaction.
“Cross-border payments are a major earnings generator for banks and payment services such as Western Union, PayPal, MasterCard, Visa and Dahabshil. However, payment processes have always been slow and expensive...Blockchain is expected to reduce the cross border transactional fees from 5-20 per cent to 2-3 per cent, he said.
“The fact that Blockchain is a distributed public ledger rather than a centralised private ledger makes it more secure and cheaper because it eliminates the traditional intermediaries and enhances transparency.”
In insurance, it can be used in transactions in catastrophe swaps and bonds, detection of fraud and prevention of risks, marketing investments, and financial audit and reporting, prevention and management of claims, product development and internet of things, and reinsurance. While in health, the new innovation can be used for data security and management, development of drugs and integrity of supply, and claims and billings.
In education, government and law, he said that the technology can be used for certificate verification, create e-portfolio for academic credentials, lifelong learning passport, copyrighting educational content, educational payments and funding.
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