This evening, my Instagram story
was full of updates from my friends in Indonesia. It was all about a guy named
Setya Novanto, the head of People’s Representative Council (or also known in
Indonesia as the DPR), has been suspected in a corruption case. What’s special about
this guy, is that he faked his own car accident, when polices were looking to
arrest him. That is why it was like echoing as a joke on my social media.
However, corruption cases are pretty common in Indonesia, so Indonesian people
are used to that.
Due to my twitter assignment, I
started learning about block chain a couple of weeks ago. Well, this might
sound old-fashioned now, but really, this technology is going to be something
special. Many tech-engineers predict that block chain is going to be as big as
the launch of internet was a couple years ago.
A block chain is a digital decentralised
ledger that is used to track digital
currencies such as bitcoin and all transactions of this currency around
the world. As we all know, the old
concept of a ledger as a super thick book that no one would ever reads and eventually
it would end up in some secretive company shed.
What distinguishes block chain
from other transactions is that the digital ledger is not managed by a single
organization or party. The general ledger record is publicly distributed and
managed by thousands of computers in the world at the same time.
Block chain really embraces the ideas
of openness and transparency. You can see all the transaction happening
every second around the world, it's actually quite impressive.
Block chain is considered as a
vital part of a solution to prevent corruption from occuring. I hope the
Indonesian government is ready for it. For instance, if the Indonesian
government uses block chain to record all forms of agreements and transactions,
it would be impossible for someone to commit corruption, without no one noticing.
Everyone can see what you do, how much money you own, and how you spend that
money, your tax transactions, etc. Those are becoming public secrets because everything
is clear and transparent. The other advantage that block chain offer is the
possibility to do direct transaction, which will cut the middle-man.
Despite all the advantages block chain
offers, there are still certain countries that ban its function. The reason why
they ban its function is still unclear to me, because in my opinion, block chain
is a good solution. Luckily it is not banned in Indonesia, although there are
still some concerns that this technology cannot become commercially viable in
short time. However, many leading global companies are now involved in this
technology development project. It is quite clear that block chain is a
futuristic technology and that we will encounter new aspects to the human life
in the future. Let’s wait and see what happens.
Well, if you want to take a look of my favourite article about blockchain, feel free!
I'll see you in my next post!
Comments
Post a Comment