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Edgebox Blog

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Unscrambling Blockchain

Understanding and furthering the most powerful technology of our times
By Rahat Kamal

Whenever the term blockchain is heard, whether it is in technology shindigs or any other gathering, in Pakistan, it automatically conjures up an image of a bitcoin. This misunderstanding stunts the growth of the technology and inhibits people from comprehending its true potential, which surpasses far more than a medium of currency. Blockchain is a diverse technology bringing forth innovative tools for validation and authorization in the digital world that impede the presence of one controlling force, swapping them with several consolidated administrators. Subsequently, it creates transparency and provides opportunities for developing new reliable digital alliances. These new connections are being revolutionized as we speak, strengthening digitalized relationships, by ratifying and fortifying them. Due to its nature of creating transparency, it is sculpting a whole new layer of internet that will empower users to participate in independent and safe transactions.

This shift of power and pellucidity is one of the key factors, which makes blockchain technology one of the most profound developments of recent times. It changes the conventional authority of control and thus reduces the risk of cybercrimes and manipulation. Moreover, it greatly modifies the way businesses work by offering a more viable and smarter solution to their operating systems. All physical record keeping can also be done electronically and all fundamental procedures such as indexing, numbering and managing records gets an electronic boost.

Whenever the term blockchain is heard, whether it is in technology shindigs or any other gathering, in Pakistan, it automatically conjures up an image of a bitcoin. This misunderstanding stunts the growth of the technology and inhibits people from comprehending its true potential, which surpasses far more than a medium of currency. Blockchain is a diverse technology bringing forth innovative tools for validation and authorization in the digital world that impede the presence of one controlling force, swapping them with several consolidated administrators. Subsequently, it creates transparency and provides opportunities for developing new reliable digital alliances. These new connections are being revolutionized as we speak, strengthening digitalized relationships, by ratifying and fortifying them. Due to its nature of creating transparency, it is sculpting a whole new layer of internet that will empower users to participate in independent and safe transactions.

The most fundamental thing to understand is that, blockchain’s potential is limitless. This is the second innovation, after the internet that will radically modify the way we live, connect, work, do business, basically altering the very framework of our society. The dilemma is that due to the myths surrounding bitcoin, the efficacy, relevance and importance of blockchain technology is

being cloaked. What is eminent to understand is that, bitcoin and blockchain are not two interchangeable terms and are not synonymous to each other. Bitcoin is only a utilization of a part of blockchain’s potential as a mode of currency, not the entirety of it.

This revolutionary technology can manage your assets in a way unimaginable before. Your valuable possessions both tangible and intangible, can be safeguarded trough harnessing this technology. By encrypting and storing these assets, on a network to network chain, which works as an open ledger for doing business. It gives users a superior control over their information, thus influencing most establishments, as they bank greatly on acquiring and applying consumer data. This will result in safeguarding your business records from a host threats and also simplifies and fast-tracks the process. Adding to this equation, is also the fact that it cuts cost of engaging a third party or an intermediary. This still isn’t the limit to its capacities, going further it will also reform the voting process, renting, authentication, communication, order placements and even the utilization of machines. Subsequently, not only the financial sector but small to large companies, educational institutions, hospitals, hotels, shops, our social aspects and the very infrastructure of governments will be diversified. Since it is in its infancy right now, we cannot even fathom the extent at which it will reshape our lives.

Stirred by these reasons, with a mission of demystifying the myths surrounding blockchain and furthering its development in Pakistan, edgeBox was launched to foster friction-less and border-less communities. Through its platform, it brings together developers, coders, programmers, academia, entrepreneurs, computer scientists and experts for an exchange of ideas, establishment of potential collaborations, sharing of cutting edge technologies and experiences.Trustworks, is a project by edgeBox, specially designed to breed Blockchain, DLT developers and programmers within Pakistan.

A unique one year internship program,will be offered to exceptionally talented candidates who have a strong understanding of Javascript& C++, basic understanding of opensource/decentralize technologies and a basic understanding of algorithms and data structures. The sponsor for the fellowship program is MJF Foundation, situated in Palo Alto California. Thevalue of the fellowship is USD 20,000 and at the culmination of the program, the successful fellows will become certified blockchain developers and avail a chance to explore prosperous avenues and earn competitive salaries. The program will conclude with successful fellows availing travel to US for the global Blockchain Conference 2018.

Moreover, it will provide a unique opportunity to the fellows to learn all that is required to be a leading blockchain expert, with the guidance of globally renowned experts in the field. Apart from getting an access to the global blockchain community, the fellows will also be given stipend payments and performance based incentives. The fellowship program is wired to address the dearth of learning resources, support and professionals in the field. Additionally, through monthly meetups and regular talks and trainings, it will give access to all those interested in furthering their knowledge. Subsequently, it will fill the gaps in the industry and create a platform that will give the technology the jump start that it needs for Pakistan to be at pace with international developments.

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