In a recent international workshop on Blockchain and Date Science (IWBD 2020) organised by KCA University in partnership with Stavanger University, Norway and other partners through Kenya Norway Mobility Program, discussion on the impact of blockchain on world economy took a centre stage.
The workshop attended by over 40 participants gave prominence toblockchain economy and how it has revolutionized the world economy. Blockchain economy is a term for a move toward cryptocurrencies and digital ledger systems and away from traditional national hard currencies and legacy ledger systems.
According to the experts at the workshop, in the blockchain economy, technologies like bitcoin and blockchain are the typical tools for financial management, rather than traditional software programs managing national currencies.
No central authority is required to authenticate the accuracy of transactional records but instead the trust is established and maintained through consensus within a peer-to-peer network.The discussions also centred on the profoundimplications the blockchain transactions will have on the future of banking and the exchange of values.
Blockchain peer to peer system is self-governing, based on shared ownership and the equality among participants. Given the fact that peer to peer transactions through blockchain does not require the help of intermediaries, it will reduce the cost of each transaction done.
The consensus system used to validate the accuracy of the distributed ledger makes blockchain much less vulnerable to fraud and cybercrime as compared to the traditional banking systems.
Block chain autonomy is also expected to foster another emerging aspect of the blockchain economy, machine-to-machine transactions. Here, machines will use blockchain to become autonomous market participants with their own bank accounts. Sooner or later this will advance in artificial intelligence which will allow machines able to lease themselves out, schedule and pay for their own maintenance, purchase their own replacement parts and keep their own transactional records, using blockchain.Blockchain technologyhas innovated the way financial data are stored and allowing users to fully control personal details.
By Corporate Communications Office