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(1) Summary of What I Have Learnt

(i) Blockchain’s historical origin was documented in the White Paper in 2008, from the creator Satoshi Nakamoto, who advocates peer-to-peer version of direct electronic cash payment from one party to another (Bitcoin) without any dependency or attachment with an intermediary such as financial institutions which traditionally served as trusted third parties to process such electronic payments.

(ii) With the rapid development of internet in 1983 and related  rise of ecommerce and social media, this spur further development in the technology of Blockchain (or also known as Distributed Ledger Technology - DLT).

(iii) However, although there is no existence of a central authority to validate and verify cryptocurrency transactions, it is reassuring to know, from the lesson today, that every transaction in the Blockchain is considered completely secured and verified, thanks to Consensus Algorithms.  A procedure through which all the peers of the Blockchain network reach a common agreement about the present state of the distributed ledger.  Now, data is immutable, validated and recorded.  Digital transactions are now be easily tracked.

(iv) Last but not the least,  Blockchain has benefits which can bring changes to consumers, businesses, trade and ecosystem such as (1) Everledger (to store product information and tracking of unique items of values such as arts and cars), (2) revolutionize cross-border trade digitalization, and last but not the least (3) Humanitarian aid.

(2) Question on Blockchain
How has Blockchain helped to mitigate the impact of current  Covid-19 climate and vaccination supplies on unified global front?

(3) Sharing 😃

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KUALA LUMPUR: Digital COVID-19 vaccination certificates in Malaysia and Singapore are secured by blockchain technology and come with a traceability feature that tells the exact batch of the vaccine vial used for inoculation.

Malaysian Science, Technology and Innovation Minister Khairy Jamaluddin said this in a Facebook post on Tuesday (Mar 23), after meeting with Singapore Foreign Affairs Minister Vivian Balakrishnan in Putrajaya.

"Both Malaysia and Singapore are using blockchain technology for this purpose (to issue their vaccine certificates)," said Khairy.

"Cooperation between both nations is important to ensure interoperability between the two systems, taking into account standards set by the World Health Organization (WHO), International Air Transport Association (IATA) and other countries."

Both ministers also discussed Malaysia and Singapore's national immunisation plans, the exchange of best practices and how this could facilitate cross-border travel between both countries in the near future.

Dr Balakrishnan arrived in Malaysia on Tuesday for a two-day visit.

During his trip, he also called on Prime Minister Muhyiddin Yassin and met his Malaysian counterpart Hishammuddin Hussein.

In a joint press conference after both foreign ministers met on Tuesday, Dr Balakrishnan said operational details on a proposed mutual recognition of vaccine certificates between Malaysia and Singapore will be finalised soon, before the next leaders' retreat.

The 10th Leaders' Retreat will be hosted by Singapore this year.

"Currently, we are looking specifically for mutual recognition of the certification as well as the tests, so that we can rely on each other's certifications with the view to facilitate cross-border flows, especially people who have been tested and vaccinated and can travel safely," said Dr Balakrishnan at the press conference on Tuesday.

"We hope by the time our prime ministers meet, we can make a significant announcement which will allow those of us with families on both sides of the Causeway to meet again, to allow businesses to resume, which will allow safe tourism and we can hopefully look forward to a more busy Causeway," he said.

Dr Balakrishnan is scheduled to hold meetings with Senior Minister and International Trade and Industry Minister Mohamed Azmin Ali and Defence Minister Ismail Sabri Yaakob on Wednesday.

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Malaysia, Singapore use blockchain technology for COVID-19 vaccination certificates

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(Updated: ) Share this content KUALA LUMPUR: Digital COVID-19 vaccination certificates in Malaysia and Singapore are secured by blockchain technology and come with a traceability feature that tells the exact batch of the vaccine vial used for inoculation.

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1) Summary

The beauty of Blockchain is that it is a technology where there is no centralised authority to validate and verify the transactions, yet every transaction in Blockchain is considered to be secured and verified. With the sophistication and multi-chain block consisting of nodes in the network, it discourages hackers from breaking it. Blockchain has many uses, but predominantly used in Crytocurrency. Blockchain has been seen to disrupt the financial industry as in FINTECH. In  today’s session I have really learned more about the technical terms and details which I would normally not have gone deep into on my own.

2) Questions

Do you foresee that Blockchain technology security would be compromised one day when there are hackers equipped with more powerful computing power? How far down in time do you think this would happen?

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1) Summary: I learnt that Blockchain is a database ledger that is extremely secure; it requires users' unique digital signatures and keeps their identities confidential throughout the various transactions. It interests me to know how the system is based on cryptographic proof rather than trust. In the same vein, as a user (and a human), human errors are bound to occur and thus knowing that I do not have to go through an intermediary during transactions would allow me to feel more at ease. I also understand that the process involves the input of data (no matter the length of the text), which uses the Secure Hashing Algorithm (SHA 256) to convert it into a unique 64-bit text. From reading Satoshi Nakamoto's white paper, what intrigued me about the technology is how hackers/attackers would  perhaps think it makes more sense to generate new coins instead of compromising the system/other users, which is a smart approach to prevent fraud.

2) Question:
-Blockchain / cryptocurrency can still be quite a mind boggling concept for many, in terms of usage, and predictions. It's definitely going to be the next big thing in the coming years (if it isn't already), so how can people keep up with it and not be fearful of the transition/change? And especially seeing that it can be potentially used to make purchases in the future (like fiat currency).

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1. Summary Of What I Have Learnt:
To me, blockchain is a digital platform that records data and transactions. These data and transactions are created in blocks that are linked to form a chain. These blockchains record transactions made with cryptocurrencies such as bitcoins.
2) Questions:
- Is blockchain reliable?
- Apart from the financial sector, which business industry will find using Blockchain more relevant?

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1) Summary

Blockchains make it easier, faster, and cheaper for us to directly verify that a piece of data is true. This can potentially replace trusted 3rd party/ central institutions like banks and governments, and big internet platforms, serving as intermediaries. In a blockchain we can embed this power to verify that data's true in software programs or machines (nodes), which makes it possible for them to, say, continue with a next step in a business process. There can be 4 types of Blockchains.
It is characterized by use of cryptographic algorithms, hashing with public/private key combination for peer to peer communication and use of distributed ledger concept on the tenets of consensus, trustless and immutability for decentralization. Mining is an essential component of Blockchain that drives peer to peer process of solving complex mathematical problems not done manually but powerful computers. Miners are participants in this solving a computational puzzle called proof of work.
Blockchain emerges as the essential supporting mechanism for a new digital currency called Bitcoin, a new form of peer-to-peer electronic cash, that could be used without any intermediaries or governing authority.
Blockchain has practical use in food supply chain, financial sector and global distribution.

2) Question
With no central controlling or governing body and transcending national borders, there are apprehensions that Bitcoin and other uses of Blockchain can be used for money laundering, terrorist funding and non-legitimate purpose. How do we plug these loopholes in future?

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1. Summary of what I have learnt:
Blockchain is a technological database. It is an open source software that can be accessed worldwide via peer-to-peer networks. There is no central governing body to regulate processes. There are 4 different kinds of blockchains:
public-permissionless,
public-permissioned,
private-permissionless
and private-permissioned.

Secure Hashing Algorithm (SHA 256) is used by Blockchain. It produces irreversible and unique hashes, consisting of 64 characters, so that there is little chance of duplication. This also deters possible hackers from trying to beat the system.

In Singapore, start-ups using blockchains are supported by an agency called Tribe Accelerator. I am heartened to know that! Also, my main takeaway today was the video showing how Blockchain technology helped to fight fake  food scandals in China. It added a layer of legitimacy to consumer products and gained the trust of consumers again. Learning the  real-world applications of Blockchain would allow me to appreciate the technology better, though I know venturing into Bitcoin / ETH is something I probably will not do in the near future.

2. Questions on Blockchain
i. What other real-world applications are there currently?
ii. What are some emerging trends of Blockchain technology that we may see 10 years from now?
iii. With the rise in cryptocurrencies and the focus on them (as opposed to Fiat), won't there be anxieties stemming from economic insecurities and subsequently widening inequalities between the super rich and the sandwiched middle?

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1)Summary - it involves immutable peer-to-peer transactions in a decentralized environment using cryptography for tracking and security.
2) How is blockchain related to
counseling?

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I remember attending a conference audience in the late 1990s, back when everyone was complaining that the Internet was being irrationally overhyped. Eric Schmidt, who was then CTO of Sun Microsystems, took the stage and boldly pronounced, "Actually, I think the Internet is being underhyped"... he argued that the true impact of the Internet was going to be greater than we all imagined, and you know, he was right.

If you look at this chart below that shows the market cap for Amazon, you'll see that the dotcom crash was really just a road bump before the long climb into the beautiful digital future. But that bump or pothole... it was the kind that could break your transaxle if you drove over it too fast. On the other hand, if you had given up and stayed out of the market entirely after hitting that bump, you would have missed one of the truly great rides of all time - i.e., if you had invested $10,000 at the IPO, it would be worth about $5 million today. Schmidt put this money where his mouth was, became the CEO of Google, and is now worth north of $10 billion, solidly in three comma territory.

It's occurred to me that pretty much the same thing is happening with the blockchain right now. Blockchains are the latest and greatest technology that promise to change the world all over again. However, when addressing the subject, corporate executives need to sound rational and sensible, so they talk about the Gartner hype wave, how the bubble is eventually going to burst, and how we're heading for a "trough of disillusionment." I know Internet pundits who have to play it safe, and talk about how the blockchain is "probably" being overhyped; that it really isn't ready for primetime yet, that it's not secure yet, how it's not scalable yet. They often conflate the blockchain with Bitcoin, and complain that it's like a tulip craze, but without the tulips. But think of this: how is this not like saying in 1999, "Don't invest in Amazon or Google, it's a bubble!"

So we must ask, is the blockchain really being overhyped? Or is it actually being underhyped? What's the scoop and what's the spin?

What's really happening is what Bill Gates said in "The Road Ahead": "We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next 10." If you're going to try to make money in 2-3 years off the blockchain revolution, you're probably going to get caught in a correction cycle. But if you're looking to make some money over the next 7-10 years, and looking for a global infrastructural transformation play... the blockchain is probably a pretty good place to give it your best shot.
Waves of Innovation
People complain that they are confused about blockchains, that they don't really understand them. But remember, this is just like what happened with the Internet when the Web was in its infancy. Global enterprises were confused about what a web page was, and their full ramification. It took a decade for people to figure it out. But the ones who did sooner, made all the money. So it's something worth figuring out ASAP. If you're reading this, you probably already know this, and have done your homework. So we'll skip the normally obligatory "simplified explanation for beginners" that provides an imperfect analogy of what a blockchain is, and dive right into the more complex issues.

For example, here's a peek into the nature of the blockchain technology adoption curve. It's never a smooth ride, a simple linear growth curve all springing from a single invention. Instead, the world experiences a cascade of inventions that add together to form a much bumpier, but steeper curve of societal adoption. For example, the development of the Internet involved the creation of HTML, the subsequent adoption of the browser and the Worldwide Web, the critical mass growth of AOL, Microsoft's adoption of an Internet strategy, the development of Java, the emergence of Google, and so on and so forth. In the Amazon example above, without a continuous string of hits, it never would have climbed to such heights.

In the same way, the blockchain revolution can only be successful if a similar cascade of interlocking technologies are developed. So what will it look like exactly? We think there will be three waves of technology, each exploding like a mini-big bang of application development, tools, and functionality. Like the transition from the web to Web 2.0 and then the mobile web, we will see a cascading series of mini-revolutions, each leveraging the technology and installed user base of the previous wave. And just like Thomas Kuhn explained in his book, "The Structure of Scientific Revolutions", each wave becomes a paradigm that must be broken by the next.

Wave 1 is currently composed of "dumb ledger apps", that address areas like remittance, cross-border payment and the correspondent banking system. However, we're late to this game, so pretty much every bank and exchange is already on top of these obvious opportunities.

However, we're still early for Wave 2, which is coming fast--these applications focus on "smart contract enabled distributed ledger apps"--or "dapps" in tech shorthand--which can revolutionize things like trade finance, music royalty management, IoT application management. You should note that these are very difficult problems to solve, so it may take years to develop the kinds of applications we're hoping for, and don't cause "unintended consequences".

Finally, we will eventually see Wave 3 blockchain applications. These software systems integrate artificial intelligence, optimization and machine learning capabilities to elevate blockchain functionality. This arena is quite thought provoking in terms of how radical and unimaginable these new business processes can be. These are 'blue ocean' applications in vast undiscovered computational territories, that are replete with potential for exponential innovation and accelerated collaboration.

For Wave 1, the equivalent of HTML and HTTP will be the core blockchain architecture, which will supported by the release of ancillary technologies like sharding for scalability. Wave 2 will be based on smart contract technology and standards, which will be supported by technologies from Digital Assets Holdings and Ethereum. And for Wave 3, we'll see new emerging standards like DID (decentralized identifiers), blockcerts, and verifiable claims.
So why the Fuss?
Let's look at three examples of blockchain applications from each Wave, to better understand the likely impact and potential for societal transformation. It isn't until we can understand the scope of the blockchain revolution, we can't estimate its complete and likely impact.
Wave 1 example: Ripple
A perfect example of a Wave 1 blockchain venture is Ripple. Ripple uses blockchain technology to enable a new way to do inter-bank commercial payments and cross-border transfers. Currently, these types of payments use a network of banks without a central clearing house or authority, and transactions could cost as much as $30, and usually take more than a day to complete. Plus, at the point of initiation, the exchange rate and transaction fees can be unknown. The funds can move through many banks before reaching their destination, each with the potential for errors and additional fees. Customers often experience delays, high costs and uncertainties in managing these payments.

Ripple, in contrast, offers a real-time, 24/7, synchronous, transparent and information rich transactions. Payments are immediate with real-time confirmation, certainty, and transparency of rates and fees prior to the transaction. The Ripple solution joins payment messaging with fund settlement, which has proven itself with domestic payment schemes and card systems like MasterCard and Visa.

The opportunity to initiate a Ripple-based network currently exists, as thousands of banks can be reached via correspondent banking that engages in cross-border payments, representing 10 to 15 billion payments with a yearly value of $25 to $30 trillion. The Ripple solution reduces the cost of settlement, possibly by over an order of magnitude, by allowing banks to transfer and settle funds instantly and creates revenue opportunities by allowing access to new markets such as micropayments.

The Ripple example allows us to better understand the functionality and impact of Wave 1 blockchain applications:

Dis-intermediation: The blockchain can eliminate middlemen, from brokers to notaries, to reduce the cost of finding, effecting, verifying and settling transactions.

Payment: The blockchain will make it easier and cheaper to make payments, transfer money, or buy and sell goods.

Stored Value: The blockchain can allow you store money digitally instead of using a bank, money market fund, or government security. It is possible to create smart contracts for treasury bills, to earn interest on your digital holdings, which could make savings accounts obsolete.

Blockchain Lending: You will someday be able to make, secure, settle, and trade loans on the blockchain faster and easier than today.

CyberFunding: Raising money now requires third parties such as investment bankers, venture capitalists, and lawyers--and triggers very expensive regulatory requirements. The blockchain could automate this process and reduce risk so regulatory agencies would enact a smaller costs. This will allow enterpreneurs to have greater access to capital than ever before, at the same time reducing risk for investors.

Insuring: The blockchain supports decentralized models for insurance that can make risk management more efficient. This will lower premiums overall.

Accounting: The blockchain enables something called "triple entry accounting", which could make bookkeeping virtually automatic, transparent and instantaneous... enabling an era of "self-auditing" accounting. This will reduce the cost of accounting and CPAs.

The primary inhibitor for mainstream adoption is still scalability: the Bitcoin blockchain is only capable of doing around 7 transactions a second, whereas the Visa network can process about 90,000 transactions. Well, new blockchain technology vendors, like BigchainDB in Germany, have released blockchain based solutions that can process several hundred thousand writes per second. This means that we are near the cusp of market deployment of real solutions, that could bring mainstream adoption.
Wave 2 example: Trade Finance
A perfect example of a Wave 2 blockchain application is in trade finance. What exactly is trade finance? It's when two companies in different countries want to buy and sell from each other. They normally use a bank to guarantee the transaction, and it's a slow and expensive process which hasn't changed much in 400 years. It requires a mountain of paperwork, and all the parties involved spend a great deal of their time proving that they truly own what they say they own.

Using a blockchain with smart contract capability could significantly transform this $7 trillion industry. For example, in February 2017, a cargo shipment containing $25 million worth of African crude slowly made its way to China. The merchants involved sold and resold the oil three times during the trip. Banks, agents, inspectors, and a commodity trading firm were all involved. The traditional solution involved hundreds of documents and it took at least three hours to complete each trade.

But on this trip, each trade took less than 25 minutes. The name of the pilot project that made this possible is called Easy Trading Connect. It's a partnership between Société G énérale and ING. And it works by moving the transactions to a private version of the Ethereum blockchain.

Saving time wasn't the only benefit of the trade. ING reported that trader efficiency improved by 33% and reduced costs by 30%. Physical documents are prone to human error, fraud, and delays. With the blockchain, all documents get digitized. That makes documents easier and safer to move around. And it solves a lot of paperwork problems. Further, they were able to "auto-check" documents on a computer rather than doing it manually. Experts now estimate the blockchain will cut trade finance costs up to $20 billion.

The trade finance example allows us to better understand the functionality and impact of Wave 2 blockchain applications:

Paperwork reduction: The blockchain can help to manifest the dream of the paperless office, reducing costs, speeding transactions, and insuring greater trade security.

Insuring: The blockchain supports decentralized models for insurance that can make risk management more efficient. This will lower premiums overall.

The primary inhibitor for mainstream adoption is the difficulty of smart contract programmability. The idea that everything should be programmable was likely conceived by a programmer. But it's true, smart contracts are hard. It's going to take years to figure out how to avoid unintended consequences of more complex smart contract terms that auto-execute in ways you didn't really want to. Like ERP systems, vendors of smart contract technology tend to promise the moon, and this could generate its own trough of disillusionment.
Wave 3 example: Trust Objects
Finally, Wave 3 blockchain applications are much harder to talk about, but the seeds of these advanced intelligent applications are already germinating. Consider for example the emerging landscape of decentralized identity and trust. We call this technology "Trust Objects" - persistent, distributed decentralized, encapsulated trust datagrams based on a new technology of "verifiable claims" that embody the fundamental quantum of trust over the web, and could be exchanged by business partners and to create an eco-system of global "trustworthiness".

For example, a certified financial planner would get trust objects from the university he studied at, the governmental entity that certified him, the bonding agency that provided a bond, and all the customers who provided positive digital references - all of these would reside on the blockchain, and would enable an eco-system of trust for the business network and multiple parties could help verify claims or rate and manage trust objects.

Returning to the idea of entrepreneurship, a new company without much operating history (maybe no revenues) might be able to offer data that a bank would accept as validation that they would be able to repay a loan from the bank. Kinds of data that could support credibility: (i) personal borrowing history of the principals, (ii) professional/educational credentials, (iii) employment records, (iv) inventions, etc.

Trust objects could be designed and created for each of these data types. By the way, a key enabler of the loan-facilitation functionality would be for the government to offer "loan/repayment guarantees" to startups seeking bank loans - the trust system could help to gauge risk for those guarantees as well.

The Trust Object example allows us to better understand the functionality and impact of Wave 3 blockchain applications:

Transactionalization: Trust objects turn blockchains into marketplaces, which is the hallmark of Wave 3 applications

Next Generation Open Innovation: Enable the development of research collaboration using new models of non-binary trust

Predictive Partnering: Make it easier to find trustable partners, vendors, and even customers

Easier Money: Improve the fundraising process for startups, making it both easier for companies and safer for investors

No More Spam: It could even end spam, if the system is accessed to empower the global email framework

The list is actually endless, once you dig into the possibilities of second and third generation blockchain applications, that could produce disruptive transformations in every sector of the global economy, from music production to media distribution, from marketing to sales, from healthcare to insurance to the Internet of Things. When you look at the breathtaking potential of Wave 3 blockchains for growth and expansion, you can see that the long term picture probably overshadows any potential road bumps we're facing short term.

What are the inhibitors? It's way too soon to predict. But I can assure you that there will be plenty of road bumps and hiccups along the way. So it's important to remember... it's the journey, man. It's the journey.

In college, I learned the theory behind building atomic bombs from a Manhattan Project scientist. The key is to achieve critical mass without "pre-fizz" - which happens if you go too fast, or "post-fizz" by going too slow. Getting pulled into a mania would definitely lead to a pre-fizz, that could spoil the potential for achieving critical mass, like it did for nano and cleantech. But at the same time, going too slow would also spoil the rare exothermic reaction we seek. So let's not get crazy about it, but at the same time, let's be realistic, and work together to achieve critical mass for blockchain technology.

If the blockchain revolution does indeed achieve critical mass, we're looking at a very interesting decade ahead. Let's have some fun with it!

Note: if you're interested in the social psychology of decentralized trust and blockchain usage, please bookmark my feed as I'll be writing about it extensively.

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I remember attending a conference audience in the late 1990s, back when everyone was complaining that the Internet was being irrationally overhyped. Eric Schmidt, who was then CTO of Sun Microsystems, took the stage and boldly pronounced, "Actually, I think the Internet is being underhyped"...

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1) Summary
The first blockchain is known as Genesis
Focus on removing of the third party in the transaction process
Uses cryptography
Was created to counter hacking
Is a technology that is being adopted by many especially firms in China to ensure product quality

2) Question
How soon will Blockchain technology become mainstream in the world?

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1. In my own  terms, I (think) blockchain is like paywave/paynow but without the financial institutions or organisations because its like transferring of transaction to one another. There are risks to it but they are getting popular with the advancement of technology.

Also, it's cool to learn about the invention of blockchain databases and how the cryptocurrencies are invented such as bitcoin. It takes a great mind to create this invention. Salute to you Satoshi Nakamoto (wherever you may be).

2. If blockchain will be the norm, how will we educate the baby boomers and generation x as we know that they might shy away from learning new trends.

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1) I learned that blockchain is really complicated. There are blocks that make up a chain. The first block is called the Genesis block. Things that enter the blockchain cannot be erased. It's difficult to be hacked because it would be very tedious, as hackers would need to find ways to hack each part individually.  The transparency of the history of transactions increases accountability. However, it is still possible for people to cheat the system (and other humans) by replacing the product, copying QR codes, etc. Therefore, I conclude that blockchain can be very useful when used with the right intentions, but precautions and additional steps would be helpful in assuring end users of authenticity of products.
2) I don't really have any questions at the moment, thank you.

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1) From what I've understood; blockchain technology allows direct transfers of data (including bitcoin) via P2P in an encrypted manner (cryptography)

2) Based on the above, is there a possibility that the future of transferring of all kinds of data be done with blockchain i.e., sharing sensitive info like bank details, work-related content that are P&C via email or whatsapp?

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1)Summary of what I have learnt:
Blockchain Technology is a great example of a new technological innovation replacing older, outdated ones. The fact that the system is decentralized & uses P2P technology is extremely appealing to the younger generations. From the videos, it seems likely to become a major big player in the way technology is used in everyday life in the not so distant future. I have a clearer understanding of the overall big picture of the structure of Blockchain technology. In order to be adept at using Blockchain, it is imperative to know the different types,  characteristics & functions of the various components (cryptography, keys, signatures, hashing etc). Satoshi's Bitcoin White paper provides comprehensive, valuable background information on Blockchain technology.

2)Questions on Blockchain:

-How could someone from a non-technical background with a fixed mindset who's used to doing things the old way, be persuaded to learn and use Blockchain? i.e. can it be made more appealing & less intimidating for those who aren't as technologically savvy?

- Apart from buying cryptocurrency, what are some of the most common & practical ways to apply Blockchain technology to life now & in the near future in Singapore?

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1) A block chain is a digital record of transactions. The use of digital signatures and hash functions makes the digital record extremely difficult to be amended by anyone. Thus, blockchains are very secure. Blockchain technology can be used in many areas: voting, food tracking, cyber security protocol, etc. Blockchains are also used in recording transactions made with Bitcoins.

NB. It is said that Stuart Haber and Scott Stornetta invented the blockchain in 1991.

2) No system is perfect. What is the future for Blockchain technology? Will it dominate the world forever? What other type of technology might replace it?

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1) Summary
With zero background, experience nor knowledge pertaining block chain, today’s class provided a reservoir of insight pertaining block chain. What stood out for me pertaining block chain was the video exploring the usage of block chain in the food industry and the dire consequences and impact should it be mis-used, quoting the case of the milk powder incident.

2) Question

Rather than a question, I was just reflecting on what would happen to those who are not IT-savvy (like myself, if the world goes into the aspect of complete crypto currency); what alternatives would there be.

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1) Very Technical - A Tech Tool formula to generate a futuristic currency

2) Is it substainable or tangible?

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(1) In summary,  I understand blockchain concepts a little more - now 5pm on a scale of 2/5, was at 1/5 at 9am today. It's here to stay, like it or not, got to learn more about it to benefit from it. >> It is like the pillar of a building - a vital structure in the cryptocurrency world. It is key to secured P2P virtual transactions. How robust the mechanism is? I suppose, time will tell. One thing is for sure...the chain of thoughts of the brains behind the invention, is simply, PHENOMENAL!! How could a human come up with Blockchain?!

(2) Question (technically, just 1 qn on Mint) -
While I read about it from the Satoshi bitcoin white paper, I saw Mint in the account you demo..who (which body) exactly is Mint? Is it regulated by an organisation? If cost is imposed by Mint for being the central authority, is it passed on to the users for transacting? If so, then wouldn't it be similar to having a 'bank' in between and not exactly solely P2P.

Thanks for the mind-boggling sharing today!

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Summary of what I have learnt:

1) Blockchain

-Once (just this morning) totally foreign concept till now, some understanding . Particularly intrigued to find out about "Bitcoin" and applauded the ingenuity of Mr Satoshi Nakamoto (whoever he or she might be..) to come up with the idea way back in 2008!

-Some term/ terminologies and an overview of technicality related to it
-Insights to how it works, ultimately how it can/may work for me.
-Clarified areas; my impression of "peer-to-peer" concept was similar to the operations of paynow. Now I know it is decentralized,  governed by "clever codes" and protected by cryptography. Wonders of Hashing, it is like a set of  "Morse code" to keep the hackers away.
- Very pleased to be introduced to Tribe Accelerator and shall continue to explore this platform on the possibilities to tap on for social causes.
-Found assurance that technology can be utilized to safeguard public interests/health.

Questions
1) Possibilities of social enterprises to benefit from blockchains (in Singapore's context)?
2) Concerns in view of energy consumption of Blockchain Technology, as cryptocurrency is famously, or rather infamously hungry for energy still weighing its pros against cons, e.g. carbon footprints-> impact on the environment.
3) For a person who still finds sense of security, or rather false sense of security in cash money (and perhaps still hides money in biscuit tins) how do we go about convincing them to cross over and embrace the idea of cryptocurrency?

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1)Blockchain technology is a ledger database which is trustworthy, immutability and maintain privacy. It promotes peer to peer transactions  without an third party proofing. Instead it uses POW(proof of work) supported by a clever codes SHA 256.It has vast potentials of applications. I would think that more applications from this technology will appear in coming 2 to 5 years.While this technology provides a trust backing with clever codes and it starts to shape a new era of human behaviours. However it still does not address the fundamentals of "trust". Human greed cannot be address just by using technology.
2)How is the issues of energy consumptions and hoarding of resources in particular to the hardware needed to support mining being addressed?

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1) As defined by PricewaterhouseCoopers, Blockchain Technology is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting, and many other issues.

This concept was first mentioned by Satoshi Nakomoto in his white paper about Bitcoin, in reference to the financial crisis and many bank closures in 2007-2008 and as a solution for it. In his literature, he detailed the whole system, from Proof -of-Work to Privacy and Calculations.

Several other factors gave rise to the Blockchain Technology, such as the explosion of social media, internet and e-commerce.

I believe the future holds many possibilities for Blockchain and it would be best to understand more about it.

2) How can blockchain technology be infused in the Social Sector?

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1) Summary of Blockchain
A database/distributed ledger that uses encryption technology to allow peer to peer transaction without the need for a 3rd party (eg financial institution), such that it is immutable, private and highly secure. Blocks(transactions) are added to the first genesis block to form an immutable chain.
Miners are nodes who try to add transaction into blockchain by validating it, the first one to do so will gets a reward eg Bitcoin. The block will be added to the chain if consensus reached. The longest chain will thus be the recognised one. This will solve the problem of double spending, which can happen in other non block chain digital transaction. This process is usually decentralised and trustless, hence very secure.
Blockchain technology can also be used in many other areas and industries to solve problem. An example is to track food (eg milk powder, wine, sea cucumber etc) from manufactured origin to point of sales to proof its authenticity and also allow faster tracing if anything goes wrong.  ICO (initial coin offering) is the way entrepreneurs raise funds for new blockchain solutions.

2) Question
When the quota of maximum amount of Bitcoins is reached in near future eg 2040, and the miners have no more incentive to mine, what will likely happen? Will the bitcoin proof of work be changed?