The importance of the use of blockchain technology in digital currencies in a fast moving world

By Wirba Brice Divine Ransinyuy. [email protected]

Editor note from Finmail: The title is slightly revised

The world eventually needs a method or a way or medium or a set of codes to protect itself since the majority of global things and affairs are done online, that is virtually. The virtual has obviously taken the hearts of each and every one. Not like in the real or physical world that there are methods used to protect currencies like regulations and controls, in the virtual world, it is something completely different, there is the use of algorithms or set or codes or rules to protect its systems from internal and external attacks. This applies same digital currencies. In order to be valuable, digital currencies use the blockchain technology in order not to make it vulnerable to attacks but very strong as it can be made for a personal uses like nations that create their own currency, they do so with the conveyance of the blockchain techonology.

Countries haven known the importance and the use of the blockchain technology in digital currencies, it has been made as a priority for so many countries during the creation process and the usage process also. It is found to be more secure having created your digital currency with a particular blockchain in order to make it more efficient and stronger. This is the case with Singapore. Singapore is known as a developed country and a leading nation when it comes to embrace different technology that comes up. The Singapore government in coherence with the central bank digital currency (CBDC) have come up with a concept of setting up and experimenting a new and advanced type and form of digital currency. During the month of June in the year 2017, the Monetary Authority of Singapore, known as (MAS) brought out a project known as “Project Ubin”, a blockchain based and powered project to place the the Singapore Dollar (SGD) on a private Ethereum blockchain with the use of the blockchain technology. The project was made with a firm collaboration between the blockchain consortium R3 and the central bank before a concept of this magnitude could see its way through as it was made to be focalized on the development of a specified blockchain pilot to make things easy for cross-border payments. This is a good initiative brought out by the Singapore government as the director manager of the Monetary Authority of Singapore that is (MAS) made a public announcement stressing the fact on the digital currency and the displayance it has to take place as it will need a firm collaboration between the Central bank and the central bank of digital currency in order to make this project perfect in all aspects starting from the blockchain technology to the realisation of the project.