Blockchain and Cryptocurrencies are fast becoming a worldwide topic of discussion that is taking all markets and industries by storm. We have reached out to Miss Zarish who has over 10 years of experience in HR, Technology and Business development to have deeper knowledge of what Blockchain is and what is the future of it. That may be the greatest revolution and evolution in technology and economics of our time and maybe even of all time.
Asking about Blockchain she replies that Blockchain is a Distributed Ledger Technology(DLT) that is a peer to peer, immutable and decentralize network where users/peers can create, issue and transfer digital assets, can create and sign mutual contractswithout trusted middlemen.
How Blockchain Technology would bring benefits in various aspects of life?
As Blockchain Technology is decentralize so it will benefit in every aspect of life where middlemen costs are involved or transparency is required.
Due to Blockchain’s immutability and its decentralize consensus mechanism it will be implemented to create a trustless environment for clients in e-commerce businesses.
For Enterprises highly efficient, secure and transparent blockchain based ERP systems will be designed e.g. Blockchain based Supply Chain Management can help end users to track whole lifecycle of their goods.
In Artificial Intelligence Industry blockchain is going to open up a new era of immutable, transparent and decentralize algorithms that everyone was seeking in AI.
Security of Digital Currency:
I recommend Digital Currencies for Long term purchase or investments as due to current level of Blockchain Technology and its mass adoption, digital currencies are being volatile but as stable crypto currencies are coming and advance Blockchain platforms are being built that are effectively addressing issues like scalability that was hindering in Blockchain’s mass adoption so I’m fully confident that future is of Blockchain based Technologies and Digital Currencies.
Blockchain Currencies are digitized and decentralized, there is no central bank having record of transactions. Don’t you think it facilitates black money? How this problem can be overwhelmed?
Yes, I do think with current level of Blockchain Technology it can facilitate black money but I’m big fan of Crypto currency Regulations because I think decentralization and anonymity are two separate things. Blockchain’s philosophy is decentralization not anonymity so regulations are not against Blockchain’s philosophy and these should be emplaced so that known entities can transact over Blockchain in a complete decentralize way that could be back tracked as well.
So, its anonymity not decentralization in blockchain technology that is facilitating black money and it can be overwhelmed through Regulations.
NEO Blockchain is the example of such Blockchain platform that works with real-world identities and hence having no anonymity or untraceably.
Can Block Chain Technology play a part in boosting country’s economy? How?
Yes, Blockchain can play part in boosting country’s economy because blockchain can effectively cut down middlemen cost from the business, blockchain based ERP systems can help Enterprises to streamline their business process toearn more profit. Blockchain also provides cost effective money transfer method and as blockchain is disrupting dozens of industries outside of financial services that eventually creating job opportunities and can boost country’s economy.
Where do you see the potential of Blockchain Technology in the future?
In future I can see potential of Blockchain Technology in E-commerce, ERP systems and Artificial Intelligence because users want trustless system for e-commerce, transparent and immutable ERP system and Immutable system in Artificial Industry that all Blockchain is going to provide more effectively in future.
Talking about the challenges currently facing by Blockchain, Zarish tells;
Scalability is the real challenge facing by Blockchain that is hindering in its mass adoption as well. Currently in Blockchain there’s tradeoff between security, speed and decentralization but I’m sure with the advancements in Blockchain Technology this challenge will be mitigated like recently launched EOS Blockchain platform has brought 3500 transactions per second (TPS) out of this tradeoff.
Privacy is another challenge facing by Blockchain Technology as Blockchain is meant to be publicly visible so all data store on Blockchain is publicly visible that is potential threat to individual’s privacy.
Security is the challenge to Blockchain Technology as each Blockchain is vulnerable to 51% attack that means if anyone gets control of 51% power of the network he can do double spending of currency.
Anonymity: As in Blockchain users don’t have real-world identities but they have cryptographically calculated identities that can’t be back tracked to their real-world identity so it makes users anonymous in Blockchain that enables them to transfer black money and evade from taxations.
Why Digital Currency is banned in Pakistan?
Digital Currency is being prohibited by countries because they can’t put taxations on it due to its holder’s anonymity. As its holder is anonymous and not having real world identity so governments can’t reach to that person.
Following are the two solutions I would like to suggest:
Governments should work on Digital Currency Regulations and instead of prohibiting Digital Currencies they should enforce these regulations on them so that each currency following those regulations could be allowed for trade.
Governments should also launch their own regulated crypto currency so that its people and businesses who want to trade in Digital Currency instead of going for prohibited currency can trade with country’s own Digital Currency.
Will you encourage fresh graduates to learn this technology? Why?
Yes, fresh graduates should learn this technologybut I will also like Blockchain Technology to be teach in their academic life because Blockchain Technology is defining future’s digital world. Blockchain is going to disrupt almost every aspect of digital life from e-comm to ERP systems, From Gaming Industry to Content Delivery Networks (CDN) and from Multimedia to Artificial Intelligence Industry.