Breakdown the Blockchain Hype

Hi everyone, Amanda from the think-team here! If you've been following us, you may know that we have been working on a carbon offset concept that involves blockchain. You can read about the gist from our founder’s blog. If you've also been following tech news or just a bunch of digital influencers on Instagram, you've most likely heard the word blockchain a lot. I even watched a Saturday Night Live skit about it – surprisingly made me understand a bit more. Lastly, if you're like me, this word meant nothing to you. Today is your lucky day as I will briefly explain what it is and what the hype.

I am no expert in computer science, but I think I can try to explain the essence and share a bit of what I have been reading from The Truth Machine

Blockchain (block = data, chain = cryptography encryption) allows for data storage where each block is very difficult to manipulate due to the cryptographic system. Imagine a padlock with more than millions of combinations, it would be pretty tedious to hack. With this basic principle, blockchain allows for a variety of applications including decentralized networks. The most common example you would hear is cryptocurrency.

Anyway, there is a lot more to it with hundreds of really cool applications. So why exactly did we jump into this so called Internet 3.0? There’s already several blogs about it by our Founder Tak. To recap, we can provide more accurate and transparent information, which can avoid certification companies and cut costs. But why do we value information that is transparent? We live in a world where data becomes so valuable. To the point where our personal data can worth hundreds of dollars, but that’s a different story. There is data for everything that we don’t even know how to and who analyze them. There is also data where we don’t know where it’s source. Without knowing the source, we don’t know how to give it value.

Nowadays, it is not important to sell the products solely due to its inherent value. The process of the products’ creation (aka the supply chain) may add value. Hence, people are now paying attention to the value chain. The clearer this process, the clearer the value of the product. In an era where there are certification companies to provide legitimacy, traceability is swept under the rug and replaced with formality. But with blockchain entering the party, there is no room for misinformation, literally. What intrigues me the most about blockchain technology is its approach toward deferring the management of trust. And so in this digital era, I think I am really interested to see how the industry evolves, to eliminate certification companies and support deeptech companies. In this case, we should continuously adapt to what’s in the know. Let’s see, jumping into blockchain may be worth the hype!

Thanks for reading my blog.

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