âLike a kitty partyâ: Blockchain expert explains tech behind cryptocurrency
Blockchain precisely works on two fundamental mantras decentralisation and distributed trust, explains Jaspreet Bindra Blockchain uses same design as kitty party Avneet Kaur
Updated Aug 05, 2021, 12:51 PM IST
Blockchain and cryptocurrency have gotten everybodyâs attention in recent times. But what exactly is blockchain? How does it work? You search on Google and it will show you multiple definitions and explanations. But still the idea of the technology behind Bitcoin and other cryptocurrencies is hazy for most people.
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Putting it as simply as possible, Jaspreet Bindra, founder of Digital Matters, India, Tech Whisperer, UK and an expert in blockchain and digital transformation says, âBlockchain is like a kitty party.â Both work on the same fundamental design. Bindra was speaking at a webinar, âBlockchain Technology Unblockedâ, presented by State Bank In
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FILE PHOTO: Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
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Since I started writing this column on technology a couple of years ago, two things have been eminently predictable. One is Elon Musk, the richest man in the world now, doing unpredictable things: Boring tunnels, implanting chips in pigs’ brains, and christening his son unpronounceably. The second is the unpredictability of Bitcoin and cryptocurrency volatile, erratic, yo-yoing between $3,000 and $50,000 in this short time, and being simultaneously hailed as the next big thing or dismissed as a ‘digital tulip’, as speculative as the tulip mania of the mid-1600s. So, it was interesting when the two came together in a rather risqué cartoon tweeted by Musk, showing a pious priest getting distra