Blockchain technology has been in the news for a while, as one to revolutionise various sectors of the economies across nations of the world, delivering solutions in the financial world, construction and many other sectors. Many people also think that Bitcoin is the same thing as Blockchain. Steph Mekwuye, CEO, EKA Consult, is a Blockchain expert. I caught up with her recently and got an insight into what Blockchain technology is. She also shed some light on the relationship between Blockchain technology, Bitcoin and other crypto currencies and why Nigeria is ready to run with it now.
CFA: Steph, welcome to Tech Trends.
Steph: Thank you for having me.
CFA: Tell us, what is Blockchain?
Steph: Blockchain, is a chain of blocks, to start with. Okay. Now, what’s in the block? Right information, data, distribution shared ledger. A ledger is a record of transactions, so, Blockchain is a technology that records a shared transaction. Now, within a ledger, you usually have, not just money in, money out, we have the name of the person, we have the date, we have time, so, it’s not just about sharing money around or anything like that. It also has the information and data of the people involved, so, Blockchain is that technology that allows you to store those in a permanent, verifiable and efficient way.
CFA: Now, what are the differences between Bitcoin and Blockchain?
Steph: Bitcoin is an innovation of Blockchain technology. It is only a small part of Blockchain technology and the application is Blockchain technology. Bitcoin is a crypto currency. Blockchain technology is a huge form of technology that has so many more applications, rather than just a crypto currency. I have realized, so many times, when they say Blockchain and people say, crypto currency. Now, crypto currency is only a small part of Blockchain technology.
You can watch the full interview here