Block Live Asia 2019: Blockchain, Explained for the normal person

Looking to learn more about the world of Blockchain? Here is your chance: Block Live Asia makes its debut as a never-before-seen part-convention part-festival from 18 to 19 April!

If you think that Blockchain is irrelevant… well, you should start paying attention.

In Singapore, Blockchain is all around us

Today, Blockchain has already extended its services to our nation’s banks, real estate, schools, and across many industries.

For example, Singapore Airlines’ frequent flyer programme, Krisflyer, has restructured its payments and loyalty programme by implementing the Blockchain structure for its new digital wallet. With Blockchain, the digital wallet allows members to use frequent flyer miles to make in-flight purchases.

Ngee Ann Polytechnic is also the first Singaporean education institution to use Blockchain to verify the validity of the Polytechnic’s diplomas. With a student’s Blockchain ID, prospective employers or Universities can retrieve the student’s academic records and education history quickly and securely.

The use of Blockchain can also provide students with greater autonomy over their education by offering access to content and suggested courses based on their past qualifications and grades.

Beyond applications for consumers and the general public, many Blockchain startups have chosen Singapore as their launchpad for their initial coin offerings (ICO) due to the nation’s tax-friendly rules and state funding. As a result, Singapore’s marketplace is now burgeoning with companies looking to do an ICO – there are more than 600 companies in Singapore today that are related to the Blockchain technology in one way or another. With numerous industry leaders recognising the usefulness of Blockchain, many companies have incorporated it into their modus operandi.

Blockchain: Explained

You might be wondering, “I still don’t get it. How does this all work?”

Allow me to explain the technicalities of Blockchain in layman’s terms.

You should be familiar with Google Docs. Imagine a Google Document that is shared across a network of computers. This network then ‘refreshes’ the Document regularly to reflect the same changes across all the computers in its network. If you can understand and imagine this, you already have an elementary understanding of Blockchain!

Information held on a Blockchain exists as a shared database. The Blockchain database is not stored in any single location; instead, its records are public and easily verifiable, and are available on millions of computers simultaneously. Hackers are theoretically unable to corrupt the database because no centralised version of this information exists. Instead, a hacker must be able to hack each and every version of the document at once, lest his or her efforts to make any changes to a document be undone once the rest of the network ‘refreshes’.

The Blockchain technology was initially developed for Bitcoin by a person – or group of people – pseudonymously named Satoshi Nakamoto. To this day, nobody knows who – or how many people – Nakamoto is. Nakamoto is also known as the creator of Bitcoin. The tech community has since found other potential uses for the technology.

So besides Bitcoin, what is so special about Blockchain?

As mentioned, the Blockchain network has no central authority – it is the personification of a democratised system. Since it is a shared ledger, the information in it is open for anyone and everyone to see. Therefore, anything that is built on Blockchain is, by its very essence, transparent. Everyone involved is accountable for their actions.

Yet, here is the catch: A Blockchain has the potential to replace all processes and business models which charges a small fee for a transaction. This is because a Blockchain carries no transaction cost. As such, many existing systems are threatened by Blockchain.

Even superapp companies like Grab and Carousell are threatened by Blockchain technology. All a Blockchain needs to do is encode the transactional information for a Grab ride or a Carousell listing, and the entire existence of a profiting middle-man is nullified – thus disrupting the business model of these companies.

On the flip side, Blockchain may be the solution to make recorded music profitable again for artists, by cutting out music companies and audio streaming platforms like Apple Music and Spotify. The music you buy could also be encoded in Blockchain itself, which will make it an online archive for any song purchased. As the prices charged for such Blockchain transactions can be small, subscription and streaming services could be rendered obsolete.

Block Live Asia: Everything you need to know about Blockchain in one place

Curious about the potential of Blockchain? You are in luck. Block Live Asia is a sincere delivery of Blockchain technology. If you have been jaded by avaricious and unscrupulous Blockchain companies and organisers, you are not the only one.

The intention behind Block Live Asia is clear and simple: it hopes to provide an accessible platform to get more Singaporeans interested and educated in Blockchain technology. This out-of-the-ordinary Blockchain festival is focused on people and companies with genuine intent. Whether you’re a rookie or a complete idiot at Blockchain, Block Live Asia is for everyone.

While you’re there, check out the creative installations and photo-op spaces, such as the interactive tunnels of the creator of Blockchain, a Dank Memes Gallery, and even a movie on Blockchain. There will be keynotes and panel sessions, where you will get the chance to rub shoulders and interact with renowned industry leaders of the Blockchain technology, such as the CEO of bitcoin.com, Roger Ver; the President of Singapore Fintech Association, Chia Hock Lai, and many more.