Demystifying Blockchain technology for the average Joe
Technology / 21 November 2019, 11:24am / Staff Reporter
Blockchain technology has been a buzzword in cryptocurrency circles and the technology sector for the past few years, but what does it really mean?
For the layman, blockchain is the technology that underpins cryptocurrencies like Bitcoin and Ethereum - digital or virtual assets designed to work as a medium of exchange.
But cryptocurrencies aren’t just about Bitcoin.
In its simplest form, cryptocurrency is similar to the way the internet makes websites and email possible.
And with the advent of blockchain technologies both locally and internationally, one company is looking to educate future investors by bringing knowledge and accessibility to the man on the street.
Brenton Naicker, Enterprise Blockchain Strategist at software development firm Torus Technology, says the good news is we’re still in the early days in terms of adoption of this nascent and relatively “immature” technology - despite the hype.
“This means that for the average Joe like you and me, the train has not left the proverbial station yet to learn or invest,” Naicker said.
The company, with decades of experience in delivering high-end software and technology solutions to global clients in industries spanning fintech and supply chain management, retail intelligence and augmented reality, is now offering introductory courses in cryptocurrency and cryptocurrency trading so that everyone - not just massive investment banks - can also participate and profit in the crypto markets.
“Our team has such strong belief and passion in the cryptocurrency industry that we’ve created a separate subsidiary, DCS, to promote education and mass adoption of cryptocurrency and blockchain technology across South Africa,” Naicker said.
“We’re perfectly positioned to realise the effect the disruptive technology could have on the way we do everything - from transactions, getting loans, auditing companies and even engaging in legal agreements.”
So how does one determine whether or not there’s a strategic value in major blockchain investments?
“One needs to only look at the growth of companies involved in the recent technology explosion over the past 20 years - such as Microsoft, IBM, Google and Facebook, to see a fraction of the potential growth blockchain technology and related cryptocurrencies possess," he said.
Naicker added that the only difference between then and now is that those companies were only accessible to a select few, “whereas cryptocurrencies are a decentralized asset and available to anyone to invest in, even from as little as R50”.