FUN FACT: BLOCKCHAIN WILL RADICALLY TRANSFORM THE ECONOMY

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Author: In Am Nabila Binti Mohd Hashim

When you vote, have you ever wondered whether your ballot is actually counted?

If you meet someone, online how do you know they’re. When you buy coffee that’s labelled fair trade what makes you so certain of its origin? To be sure really sure about any of those questions, you need a system would records could be stored, facts could be verified by anyone at security is guaranteed. That way no one could cheat the system by editing records because everyone using the system would be watching. Systems like this are on the horizon and the software that powers them is called a blockchain. Blockchain store information across the network of personal computers.  Making them nachos decentralized but distributed. This means no central company or person owns the system.

Yet everyone can use it and help run it. This is important because that means it’s difficult for anyone person to take down the network or corrupt it. The people who run the system use their computer to hold bundles of records submitted by others known as blocks in a chronological chain. The blockchain uses a form of math called cryptography to ensure that records can be counterfeit or changed by anyone else. You probably heard of the blockchain first killer app: a form of digital cash called bitcoin that you can send to anyone, even a complete stranger.  Bitcoin is different from credit cards PayPal or other ways to send money because there isn’t a bank or financial middleman involved.

Instead, people from all over the world help move the digital money by validating others bitcoin transaction with the personal computers earning a small fee in the process. Bitcoin uses the blockchain by tracking records of ownership over this digital cash. So only one person can be the owner at a time and a cash can’t be spent twice like counterfeit money in the physical world can. But bitcoin is just the beginning for blockchains. In the future blockchain that manage and verify online data could enable us to lunch companies that are entirely run by algorithms making self-driving cars safer help us protector online identities and even track the billions of devices on the internet of things these innovations or change our lives forever and it’s all just beginning.

Accordingly, Finterra has designed the Galactic Blockchain. This platform can be customized to serve as a DeIFi (Decentralised Islamic Finance) platform through the issuance of tokens that might be bought, sold and transferred easily between investors, lenders and fund seekers. The tokens can also be donated or given as Waqf from around the world. Anyone with a mobile/laptop and Internet access can access Finterra’s the Galactic Blockchain platform.

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