I am Jacob, the President of the new Sussex University Blockchain Society. While in quarantine, Jiaxing, Erik, Shehzil and I, set up this society. This would not have happened without the guidance and encouragement of Prof Carol Alexander. Her support gave us the confidence and strength to take up this project despite being locked away from everyone. A huge, huge thanks to her.
Now, what is blockchain technology?
Most of you have heard about Bitcoin. Blockchain is the technology on which bitcoin runs. It is a transaction ledger that maintains identical copies, across a network of computers. It has many benefits: Greater transparency, security, traceability, efficiency, speed and reduced costs.
This benefits many industries such as finance, supply chain, legal, healthcare, travel, entertainment and more.
Take accounting for example,
In accounts, we have the double entry system. Blockchain introduces the concept of triple entry bookkeeping system. All transactions are written in the blockchain and are shared with everyone.
How about auditing?
Blockchain records are immutable, that is, unable to be changed. All entries in a blockchain are distributed and cryptographically sealed. This reduces financial fraud and increases transparency. Role of the auditor now becomes one of validating systems, governance and control than verifying the authenticity.
What about Investment Banking and Finance?
Well, blockchain has a decentralized finance ecosystem. The system is available to everyone and it operates without any central authority or intermediaries like banks.
Organizations currently using blockchain technology include, Google, Amazon, World Bank, IBM, Oracle, Goldman Sachs, JP Morgan, HSBC, Barclays. The list is endless.
Blockchain is a disruptive technology. Every disruption brings with it massive opportunities.
Here is our opportunity to be part of a revolution.
Sussex Blockchain Society wants to create awareness among students about the possibilities of blockchain technology.
We will be conducting bi-weekly meetings either on zoom/on location to discuss blockchain and its applications.
We will also invite faculty and experts from industry to speak and share their experience and knowledge on blockchain.
When the motor car was first introduced in Britain, in the 1940s, there was the Red Flag Traffic Law. Someone had to run with a red flag in front of the car saying “make way, make way”.
Don’t you want to be this red flag carrier in the forefront of this glorious revolution, to introduce the technology to the wider public and also benefit from it.
So, sign up for the Blockchain Society today – an opportunity of a lifetime.
Sign up and Join the Blockchain Society today.