Blockchain, a relatively new innovation is bound to be a game-changer in technology, an expert has said.
Further, he adds, the innovation is poised to trigger immense opportunities for the future
In his new book, Benjamin Arunda provides an in-depth overview of the technology. The book is written in a simplified version for readers, defining blockchain, its use and opportunities.
To the book, the blockchain, a distributed ledger that can be used to enforce peer-to-peer electronic, enabling individuals or groups to send and receive money without an intermediary in key industries in the world's economies.
Banking and finance, insurance, health, legal, education, the government, and energy and gas.
Others are mineral and mining industry, film, music and art, media and journalism, manufacturing, agriculture and agribusiness, construction and tourism and hospitality.
"Blockchain is a technology that is dispense trust in our interactions and transactions. Humans have not ceased to invent. Contemporary business dynamics are taking major technology that shifts that can not be ignored, "said Mr Arunda.
Blockchain was created by Satoshi Nakamoto – a pseudonym for the programmer or programmer who wrote the bitcoin blockchain code and white paper in 2008 and released the genesis block in 2009. It's a platform for data-based transactions using crypto-currencies such as bitcoin, ethereum , among others.
Mr Arunda says blockchain can be used in banking and finance, share trading, reduce fraud and create loyalties and rewards.
Proponents of blockchain, say, can be used to create more secure and convenient tools that will slash the time for transaction and the cost per transaction.
"Cross-border payments are a major earnings generator for banks and payment services such as Western Union, PayPal, MasterCard, Visa and Dahabshil. However, payment processes have always been slow and … Blockchain is expected to reduce the cross-border transaction fees from 5-20 per cent to 2-3 per cent, he said.
"The fact that Blockchain is a distributed public ledger rather than a centralized private ledger makes it more secure and cheaper because it eliminates the traditional intermediaries and enhances transparency."
In insurance, it can be used in transactions in catastrophe swaps and bonds, detection of fraud and prevention of risks, marketing investments, and financial audit and reporting, prevention and management of claims, product development and internet of things, and reinsurance. While in health, the development of drugs and integrity of supply, and claims and billings.
In education, government and law, create e-portfolio for academic credentials, lifelong learning passport, copyrighting educational content, educational payments and funding.