EvolphTech Unpacked Blockchain Universe at Finexus MyXaaS Innovation Centre

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We had the privilege of having David Chan, AI Researcher of EvolphTech Solutions, to share about the blockchain universe at our Finexus MyXaaS Innovation Centre in Cyberjaya.

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A passionate student of emerging technologies, David shared that blockchain is essentially a decentralised, secure, and transparent digital ledger technology that stores information in blocks, forming a chain.

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He explained about the characteristics of blockchain as below: 

  • Decentralised: No single entity controls it 
  • Blocks: Data are grouped into blocks. 
  • Immutable Chains: Each block contains a hash (a digital fingerprint) and hash of the previous block. This previous block hash links the blocks together and prevents any block from being altered or a block inserted between two existing blocks. Thus, forming an immutable chain. 
  • Consensus Mechanism: Nodes in the network must reach consensus on the validity of transactions, resulting in transparency, verifiability, and security. 
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Popular uses of blockchain includes cryptocurrencies like Bitcoin and Ethereum, smart contracts for self-executing agreements, and supply chain tracking for transparency.

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Although blockchain developers face the blockchain trilemma of achieving scalability, decentralisation and security, the future remains bright especially with many central banks worldwide exploring to have a CDBC.

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