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Saturday, October 16, 2021

Decoding the blockchain - The Express Tribune

Last updated Sunday, September 19, 2021 03:13 ET , Source: TopWireNews

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Will Pakistan be able to adapt and benefit from blockchain technology or will it get left behind?
KARACHI:
As cryptocurrencies and non-fungible tokens (NFTs) attracted limelight and became buzz words in Pakistan, the tech savvy public of the country has now begun talking about the database that powers the smooth functioning of the two technologies ie blockchain.
The popularity of the blockchain technology is gaining rapid traction in Pakistan as the public is educating itself on the topic and it is in turn unlocking doors to new opportunities and accelerating employment generation.
On multiple occasions, President Arif Alvi has stressed upon the academia of the nation to focus on educating the youth in this area. In fact, Alvi launched the Presidential Initiative for Artificial Intelligence and Computing in December 2018 to introduce courses on blockchain for the public of Pakistan.
Created in 2008 to support the world’s first cryptocurrency Bitcoin, blockchain has emerged as a compulsory component for a lot of new and upcoming technologies.
Blockchain is a data structure that is utilised to create distributed digital transaction ledger which that is shared among a distributed network of computers rather than being with a single provider.
Necessary for decentralisation
To gain further insights on the topics, The Express Tribune reached out to prominent experts in the field. BlockApex Co Founder and Chief of Operations Wasif Rashid stated that the term...



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