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Blockchain: The New Kid on the FinTech Block

Apr 18, 2019, 10:22 AM by Ching Shen Chew
Coolest thing about blockchain is no single organisation manages it. Think of an online spreadsheet that’s shared across the network among all participants. Each has a copy and can communicate directly with another. When there’s a transaction, the details are recorded and checked against the criteria set by the blockchain protocol. Once the computers in the network, called 'nodes', reach an agreement, the record is added to the spreadsheet.

A 2018 research revealed the global blockchain market could exceed SGD $10.41 billion by 2024.

So what’s it about blockchain that’s getting more and more people to experiment with it?

Coolest Kid on the Block

Coolest thing about blockchain is no single organisation manages it.

Think of an online spreadsheet that’s shared across the network among all participants. Each has a copy and can communicate directly with another. When there’s a transaction, the details are recorded and checked against the criteria set by the blockchain protocol. Once the computers in the network, called 'nodes', reach an agreement, the record is added to the spreadsheet.

PLUS…

  • Cryptographic hashes are used to store the data and make it tamper-proof.
  • There’s no transaction cost.

Blockchain has been disrupting the global banking and financial services sector. So naturally, Singapore, with its strong culture of innovation, has been encouraging a blockchain friendly environment.

Blockchain and Singapore

Blockchain has been dominating water cooler conversations for a while now, with 2018 being its breakthrough year in Singapore.

  1. In Quarter 2, 2018, 57 blockchain projects raised a total of SGD $780 million through ICO activities, a kind of fundraising for new cryptocurrencies.
  2. Introduced in January 2019, the Payment Services Act included digital payment tokens in the payment services regulated by the Monetary Authority of Singapore (MAS).

With Singapore counting on blockchain to digitally transform the finance sector, people working in the sector need to upskill to stay relevant.

Upskilling in Blockchain

To meet the rapidly growing demand for skilled blockchain professionals, SP PACE Academy has come up with 2 courses focusing on blockchain. FinTech – Blockchain (Beginners) helps participants learn the basics of blockchain including creating new cryptocurrencies.

Those who are familiar with the basics can master the advanced concepts by enrolling for FinTech – Blockchain (Intermediate). Among other things, participants will learn how to set up enterprise permissioned blockchain based applications.

Chia Hock Lai, President, Singapore FinTech Association had commented that participants, who complete these 2 courses, will qualify as blockchain developers.
 
Keen to enrol? To stay updated on the next intake for these courses, follow our Facebook Page.

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