The Blockchain Association of Uganda hosted the Africa Blockchain Conference in Kampala from May 23-24, bringing together policymakers, industry leaders, academia, entrepreneurs and blockchain enthusiasts under the theme “The role of Blockchain technology in Africa’s transformation”.
President Museveni opened up the conference at Serena Hotel Kampala Uganda
The conference focused on how we can build a blockchain ecosystem and position ourselves to be part of global discussions. Some of the immediate benefits of using blockchain include enhanced efficiencies with greater transparency and accountability in our business and governance systems which are key factors in enabling Uganda become an investment destination, and catapulting our economic growth,” said Kwame Rugunda, chairman of the Blockchain Association of Uganda.
Let’s Define it as a growing list of records called blocks, which are linked and secured using cryptography. Blockchains are secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability], and voting.
Blockchain is an algorithm and distributed data structure for managing electronic cash without a central administrator among people who know nothing about one another. Originally designed for the crypto-currency Bitcoin, the blockchain architecture was driven by a radical rejection of at (government-guaranteed) money and bank-controlled payments.
Blockchain is a special instance of Distributed Ledger Technologies (DLTs), almost all of which have emerged in Bitcoin’s wake.
How Does Blockchain Work
Blockchain is a Distributed Ledger Technology (DLT) that was invented to support the Bitcoin cryptocurrency. Bitcoin was motivated by an extreme rejection of government-guaranteed money and bank-controlled payments. The developer of Bitcoin, Satoshi Nakamoto envisioned people spending money without friction, intermediaries, regulation or the need to know or trust other parties.
The central problem in electronic cash is Double Spend. Because pure electronic money is just data, nothing stops a currency holder from trying to spend it twice. Blockchain solves the Double Spend problem without a digital reserve fund or similar form of umpire.
Blockchain monitors and verifies Bitcoin transactions by calling upon a decentralized network of volunteer-run nodes to, in effect, vote on the order in which transactions occur. The network’s algorithm ensures that each transaction is unique.
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