An Interview with Mun Shing Cheong- At C BLOCK CAPITAL- Why is the Blockchain so miss overused as a concept- What is it?

I had the privilege to interview Mun Shing Cheong at C BLOCK- Capital to tell us what the concept Blockchain means as I feel many are still grasping to know what the term means..

Years of experience at co-operate level Mun digs deep to tell us what it is. She is definitely an amazing person to follow and learn from and I am sure this read will inspire many people to learn and be educated about it.

This interview was done to educate those that don't understand the term and want to understand what it is. So do learn from this.

Question 1-

The blockchain is a widely used word, term and thought and many people are still trying to learn what the terms mean, what it does, how it is used and what its purpose. I have read many articles and each explain differently its purpose. Some as smart contracts others as peer to peer. How would you define Blockchain in the easiest terms and what will be its primary use? 

Blockchain is a permanent & immutable shared database that’s encrypted cryptographically. Transactions are organized and bundled into blocks. Every block is then bound and “chained” together (hence the name “Blockchain”) with the previous block. This linking is done using a cryptographic hash function (a unique, identifying code). 

Question 2-

Now Blockchain is out and will widely be disruptive, what will Blockchain do to change our society? What key areas do you think it will disrupt? 

The biggest benefit of blockchain is disintermediation and this is the area where we will see the greatest disruption. Industries with especially many layers of intermediaries can become more efficient with blockchain. For example, industries like financial services, real estate, and healthcare stand to be disrupted.

 Question 3-

 Is Blockchain a phase where its concept is widely misused? Or is it counteractive? Does it serve a purpose that we need to see in society?

 If we take the S curve - the classic adoption curve for new technologies, I'd plot blockchain adoption rate at the early adoption stage. I don't believe we have "crossed the chasm" yet in terms of adoption rate. The ones who embrace new technologies, tend to be the more adventurous and among this group just happens to be the "opportunists" as well. In the face of new technology introduction, when regulations are not yet in place, unfortunately it gives space to these "opportunists" to abuse any loophole they can find. However, the good news is, we are seeing more regulation being put in place around the world. Regulators are clamping down on the bad apples and once these are weeded out, that's when the good use cases have a chance to emerge and shine.

 Question 4-

How will Blockchain serve in the next 5 years when agendas have been given, and which smart contracts will be used to serve this? Or do you think this spell will pass over the term will die? 

Blockchain is here to stay. Just like how the internet first came about, till this day where we cannot imagine living without internet, I believe there will come a day for the mainstream adoption of blockchain. And when that day comes, users won't even realize it. We need to get to a point where people are using blockchain without consciously thinking that they are using blockchain. The integration and usage should become so seamless and transparent. Just like how when you are looking up something on Google Search, you don't subconsciously overthink it that you are sending out an http request to establish connection with a server and all that TCP/IP stuff. That day will come when we don't even realize we are using blockchain while using it, and that is when blockchain has gone mainstream.

Question 5-

In your opinion, how will Blockchain change our society and do we need Blockchain to serve a purpose for what it does? Or are we just thinking its serves a use but overall cryptocurrency has no use case? What's your argument to this as many seniors think Blockchain is great but not crypto- Do you agree or disagree with this? 

Cryptocurrency is merely one type of blockchain application. To say that cryptocurrency has no use case would be inaccurate considering the various real world use case that's already in place today. There is great opportunity for blockchain technology to serve the two billion people in the world who are unbanked, who do not have bank accounts nor credit facilities. Blockchain can help verify identities digitally, solving KYC issues for the unbanked; it can also make it easier, faster, and cheaper for them to remit money worldwide when they couldn't even do that previously.

This interview was conducted by Nazareth Qarbozian and has 28,600 followers on LinkedIn. This interview is for education purposes only. All rights reserved.