Blockchain basics on offer at Smartcademy

Source: Unsplash, via Smartcademy. A reference image of Blockchain with cryptocurrency as one of the implementations.

Smartcademy, a Singapore tech educator and digital career transformer, has introduced an Intro to Blockchain course for complete beginners. The month-long course teaches concepts as well as fundamental terms, practical applications of Blockchain in the financial sector, and how Bitcoin works. At the end of the course, individuals will be able to manage the risks and returns of digital financial systems better. 

While many have heard of digital assets like TerraUST and Bitcoin and know that they are risky, both are built on Blockchain which has a lot of potential to improve finance as we know it.

"At its core, Blockchain is a distributed ledger* to which transactions between multiple parties are added to. Different organisations are able to implement their own rules around the reading and updating of this shared ledger, including whether this ledger is publicly accessible and how new transactions are added to it," explained Kai Shin Aw, a Blockchain expert and trainer at Smartcademy.

Aw said one use case for Blockchain is replacing traditional cross-border transactions. He elaborated that cross-border transactions typically go through a few intermediaries such as banks, in a complicated process that lacks transparency.

"Blockchain helps to remove these intermediaries, using automation to verify and secure transactions seamlessly. Transactions are also locked into a shared digital ledger, preventing alteration and providing full accountability to all parties. Essentially, Blockchain increases efficiency and saves cost,” he said.

"There is no restriction on the data that can be held on the ledger as the technology leaves such interpretation to its users. This means that Blockchain technology will be able to value-add in instances where multiparty consensus is required, regardless of the domain. (That is, it significantly improves efficiency in cases where multiple parties have to come to an agreement on the latest data.)"

Use cases of varying risk levels can be built on Blockchain, including a high-risk cryptocurrency like Bitcoin, Aw pointed out. "(Bitcoin is) a specific implementation of Blockchain technology for the purposes of publicly transacting value between peers, without the need of middlemen," he said.

Details

Potential trainees can receive up to 90% of Institute of Banking and Finance (IBF) funding for Smartcademy’s courses. Singaporeans aged 25 and above can also tap on SkillsFuture credits to offset the remaining amount.

*A distributed ledger is a set of recorded data which is stored in more than one place.