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DO Masterclass Minutes: Vishwas' Way for Blockchain in Business 101

May 8, 2023
Swaraa Lodha
5 MIN

DO Masterclass Minutes: A summary of the insights and learnings from each class. 🚀

Topic: Blockchain in Business 101

Expert Speaker: Vishwas Thakkar, Founder & Head of Digital Strategy at Concinnity

This session included learning about what blockchain is, how it works, and its benefits when utilizing it.  

So, without further ado, let’s get into a (summarized) recap of what we learnt in the class.

______________________________________________________________________________________________________________________________

What is a Database?

A database is a piece / pieces of information set up together to ensure convenient access and easier management & updating. Many databases are stored in computer systems and for businesses this typically refers to data records and files that contain information regarding transactions, customer data, financial statements, and product information.

What is a Blockchain?

As the name signifies, a blockchain simply is a chain of blocks. It is essentially a database and a digital ledger where data structures called “blocks” hold/store information.

Doerscircle's Masterclass Minutes: Vishwas' Way for Blockchain in Business 101 - What is blockchain?
Source: https://www.analyticsvidhya.com/blog/2022/09/concept-of-blockchain-technology/

 

What are Blocks and Hashing?

A block is made up of transaction data, a hash, and the hash of the previous block. Each block is linked together to form a blockchain. This is the information about the sender, receiver, and the amount. Furthermore, hashing is a type of block arrangement that uses functions to encrypt the input in a finally secure format, creating new values for each input. Hashing is done using the SHA-256 algorithm (Secure Hash Algorithm) where it is nearly impossible to figure out the final output given its random nature and fixed lengths.

Ex:

Fox -> Hash Function -> DFCD3454

The red fox runs across the ice -> Hash Function -> 52ED879E

The red fox walks across the ice -> Hash Function -> 46042841

How does a Blockchain Work?

In the simplest of ways, this is the process in which a transaction is completed using blockchain:

  1. A transaction is requested
  2. The requested transaction is broadcasted to a network of nodes (aka computers/network stakeholders)
  3. The requested transaction is validated by the network using various algorithms
  4. The transaction is unified with other transactions as a block of data
  5. The new block (transaction) is added to the blockchain in an unalterable but transparent format
  6. The transaction is complete

What Are The Features of a Blockchain?

Decentralized System: Decentralization is essentially the elimination of intermediaries and lack of a single party having control over others. This is one of the major aspects of blockchain as it is not centralized like other financial instructions including banks.  

Better Security: Given that each transaction is secured through algorithms, there is greater security when using blockchain, especially in the context of cryptocurrency and its transactions.  

Capacity: There is a capacity to do far more transactions than a centralized institution would do given the dependence on technology more than manual labor. However, this also brings up the point of human error as transactions are still being done by humans, which provides opportunities for data leaks and security breaches (which are caused due to the fault of humans and not the blockchain).

What are The Benefits of Blockchain?

  1. Increased transparency: Given the unalterable nature of blocks/transactions, parties can conduct transactions in a secure way without intermediaries
  2. Accurate tracking: Each aspect of the blockchain can be tracked. For instance, when a customer purchases a coffee, blockchain can allow each aspect of that coffee reaching the cup to be traced
  3. Permanency (of ledgers): All transactions are unalterable, and they cannot be removed, making all ledgers permanent
  4. Transaction cost reduction: The transaction cost is much lower than traditional banks/financial institutions 

What are the unknowns of blockchain?

  1. Complex technology: Given the immense expertise required to manage blockchains, it is difficult to do for everyone without proper knowledge
  2. Regulatory implications: Depending on the country and space, many regulations may be in place for the use/allowance of cryptocurrencies. For instance, El Salvador has cryptocurrency as a legal tender while China has banned it in all its forms
  3. Implementation challenges: It takes time, effort, and expertise to create blockchains, making it rigorous
  4. Competition amongst platforms: Given the number of platforms and currencies available, high competition requires more effort to be put in.

What is The Blockchain Trilemma?

It is extremely difficult to achieve all three sides, leading to most blockchains choosing 1 over the rest or a mixture if possible.

Doerscircle's Masterclass Minutes: Vishwas' Way for Blockchain in Business 101 - What is the blockchain trilemma?
Source: https://www.seba.swiss/research/the-blockchain-trilemma/

Who Ensures The “Truth?”

Given the nature of blockchain and a lack of a central authority creating the guidelines/regulations, a consensus must be reached so the “truth” can be determined. This is where Consensus Mechanisms come in!  

Doerscircle's Masterclass Minutes: Vishwas' Way for Blockchain in Business 101 - How to validate cryptocurrency transactions?
Source: https://shardeum.org/blog/what-is-proof-of-stake/

And that’s it for this Masterclass!
Stay tuned for the next one, folks!

About the Expert: Vishwas Thakkar is the Founder and Head of Digital Strategy at Concinnity. He advises companies regarding their development and implementation of digital strategies whilst working with them to improve reporting and managing stakeholders and projects. He is also an adjunct lecturer at The University of Hong Kong and teaches courses in the blockchain, big data, digital marketing, artificial intelligence space.

Upcoming DO Masterclass: Increasing Productivity & Profitability with Hypnotherapy

Expert: Fey Wong, Founder of HumptyDumpty Hypnotherapy

Date: 19th May 2023

Time: 3 PM SGT (Singapore Time) ‍

#Knowmoretogrowmore

DO Masterclass Minutes: Vishwas' Way for Blockchain in Business 101

With the ever-growing dependence and development of technology, the implementation of new ways of doing business are prevalent. One such disruptive technology is Blockchains! This masterclass revolved around the basics of blockchain and utilizing it in business.
Published on
May 8, 2023

DO Masterclass Minutes: A summary of the insights and learnings from each class. 🚀

Topic: Blockchain in Business 101

Expert Speaker: Vishwas Thakkar, Founder & Head of Digital Strategy at Concinnity

This session included learning about what blockchain is, how it works, and its benefits when utilizing it.  

So, without further ado, let’s get into a (summarized) recap of what we learnt in the class.

______________________________________________________________________________________________________________________________

What is a Database?

A database is a piece / pieces of information set up together to ensure convenient access and easier management & updating. Many databases are stored in computer systems and for businesses this typically refers to data records and files that contain information regarding transactions, customer data, financial statements, and product information.

What is a Blockchain?

As the name signifies, a blockchain simply is a chain of blocks. It is essentially a database and a digital ledger where data structures called “blocks” hold/store information.

Doerscircle's Masterclass Minutes: Vishwas' Way for Blockchain in Business 101 - What is blockchain?
Source: https://www.analyticsvidhya.com/blog/2022/09/concept-of-blockchain-technology/

 

What are Blocks and Hashing?

A block is made up of transaction data, a hash, and the hash of the previous block. Each block is linked together to form a blockchain. This is the information about the sender, receiver, and the amount. Furthermore, hashing is a type of block arrangement that uses functions to encrypt the input in a finally secure format, creating new values for each input. Hashing is done using the SHA-256 algorithm (Secure Hash Algorithm) where it is nearly impossible to figure out the final output given its random nature and fixed lengths.

Ex:

Fox -> Hash Function -> DFCD3454

The red fox runs across the ice -> Hash Function -> 52ED879E

The red fox walks across the ice -> Hash Function -> 46042841

How does a Blockchain Work?

In the simplest of ways, this is the process in which a transaction is completed using blockchain:

  1. A transaction is requested
  2. The requested transaction is broadcasted to a network of nodes (aka computers/network stakeholders)
  3. The requested transaction is validated by the network using various algorithms
  4. The transaction is unified with other transactions as a block of data
  5. The new block (transaction) is added to the blockchain in an unalterable but transparent format
  6. The transaction is complete

What Are The Features of a Blockchain?

Decentralized System: Decentralization is essentially the elimination of intermediaries and lack of a single party having control over others. This is one of the major aspects of blockchain as it is not centralized like other financial instructions including banks.  

Better Security: Given that each transaction is secured through algorithms, there is greater security when using blockchain, especially in the context of cryptocurrency and its transactions.  

Capacity: There is a capacity to do far more transactions than a centralized institution would do given the dependence on technology more than manual labor. However, this also brings up the point of human error as transactions are still being done by humans, which provides opportunities for data leaks and security breaches (which are caused due to the fault of humans and not the blockchain).

What are The Benefits of Blockchain?

  1. Increased transparency: Given the unalterable nature of blocks/transactions, parties can conduct transactions in a secure way without intermediaries
  2. Accurate tracking: Each aspect of the blockchain can be tracked. For instance, when a customer purchases a coffee, blockchain can allow each aspect of that coffee reaching the cup to be traced
  3. Permanency (of ledgers): All transactions are unalterable, and they cannot be removed, making all ledgers permanent
  4. Transaction cost reduction: The transaction cost is much lower than traditional banks/financial institutions 

What are the unknowns of blockchain?

  1. Complex technology: Given the immense expertise required to manage blockchains, it is difficult to do for everyone without proper knowledge
  2. Regulatory implications: Depending on the country and space, many regulations may be in place for the use/allowance of cryptocurrencies. For instance, El Salvador has cryptocurrency as a legal tender while China has banned it in all its forms
  3. Implementation challenges: It takes time, effort, and expertise to create blockchains, making it rigorous
  4. Competition amongst platforms: Given the number of platforms and currencies available, high competition requires more effort to be put in.

What is The Blockchain Trilemma?

It is extremely difficult to achieve all three sides, leading to most blockchains choosing 1 over the rest or a mixture if possible.

Doerscircle's Masterclass Minutes: Vishwas' Way for Blockchain in Business 101 - What is the blockchain trilemma?
Source: https://www.seba.swiss/research/the-blockchain-trilemma/

Who Ensures The “Truth?”

Given the nature of blockchain and a lack of a central authority creating the guidelines/regulations, a consensus must be reached so the “truth” can be determined. This is where Consensus Mechanisms come in!  

Doerscircle's Masterclass Minutes: Vishwas' Way for Blockchain in Business 101 - How to validate cryptocurrency transactions?
Source: https://shardeum.org/blog/what-is-proof-of-stake/

And that’s it for this Masterclass!
Stay tuned for the next one, folks!

About the Expert: Vishwas Thakkar is the Founder and Head of Digital Strategy at Concinnity. He advises companies regarding their development and implementation of digital strategies whilst working with them to improve reporting and managing stakeholders and projects. He is also an adjunct lecturer at The University of Hong Kong and teaches courses in the blockchain, big data, digital marketing, artificial intelligence space.

Upcoming DO Masterclass: Increasing Productivity & Profitability with Hypnotherapy

Expert: Fey Wong, Founder of HumptyDumpty Hypnotherapy

Date: 19th May 2023

Time: 3 PM SGT (Singapore Time) ‍

#Knowmoretogrowmore

Unlock a wealth of exclusive content

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Sign up now and gain access!
Once subscribed, you're also unlocking these benefits!
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Digital Marketeer
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Read about our privacy policy.
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DO Masterclass Minutes: A summary of the insights and learnings from each class. 🚀

Topic: Blockchain in Business 101

Expert Speaker: Vishwas Thakkar, Founder & Head of Digital Strategy at Concinnity

This session included learning about what blockchain is, how it works, and its benefits when utilizing it.  

So, without further ado, let’s get into a (summarized) recap of what we learnt in the class.

______________________________________________________________________________________________________________________________

What is a Database?

A database is a piece / pieces of information set up together to ensure convenient access and easier management & updating. Many databases are stored in computer systems and for businesses this typically refers to data records and files that contain information regarding transactions, customer data, financial statements, and product information.

What is a Blockchain?

As the name signifies, a blockchain simply is a chain of blocks. It is essentially a database and a digital ledger where data structures called “blocks” hold/store information.

Doerscircle's Masterclass Minutes: Vishwas' Way for Blockchain in Business 101 - What is blockchain?
Source: https://www.analyticsvidhya.com/blog/2022/09/concept-of-blockchain-technology/

 

What are Blocks and Hashing?

A block is made up of transaction data, a hash, and the hash of the previous block. Each block is linked together to form a blockchain. This is the information about the sender, receiver, and the amount. Furthermore, hashing is a type of block arrangement that uses functions to encrypt the input in a finally secure format, creating new values for each input. Hashing is done using the SHA-256 algorithm (Secure Hash Algorithm) where it is nearly impossible to figure out the final output given its random nature and fixed lengths.

Ex:

Fox -> Hash Function -> DFCD3454

The red fox runs across the ice -> Hash Function -> 52ED879E

The red fox walks across the ice -> Hash Function -> 46042841

How does a Blockchain Work?

In the simplest of ways, this is the process in which a transaction is completed using blockchain:

  1. A transaction is requested
  2. The requested transaction is broadcasted to a network of nodes (aka computers/network stakeholders)
  3. The requested transaction is validated by the network using various algorithms
  4. The transaction is unified with other transactions as a block of data
  5. The new block (transaction) is added to the blockchain in an unalterable but transparent format
  6. The transaction is complete

What Are The Features of a Blockchain?

Decentralized System: Decentralization is essentially the elimination of intermediaries and lack of a single party having control over others. This is one of the major aspects of blockchain as it is not centralized like other financial instructions including banks.  

Better Security: Given that each transaction is secured through algorithms, there is greater security when using blockchain, especially in the context of cryptocurrency and its transactions.  

Capacity: There is a capacity to do far more transactions than a centralized institution would do given the dependence on technology more than manual labor. However, this also brings up the point of human error as transactions are still being done by humans, which provides opportunities for data leaks and security breaches (which are caused due to the fault of humans and not the blockchain).

What are The Benefits of Blockchain?

  1. Increased transparency: Given the unalterable nature of blocks/transactions, parties can conduct transactions in a secure way without intermediaries
  2. Accurate tracking: Each aspect of the blockchain can be tracked. For instance, when a customer purchases a coffee, blockchain can allow each aspect of that coffee reaching the cup to be traced
  3. Permanency (of ledgers): All transactions are unalterable, and they cannot be removed, making all ledgers permanent
  4. Transaction cost reduction: The transaction cost is much lower than traditional banks/financial institutions 

What are the unknowns of blockchain?

  1. Complex technology: Given the immense expertise required to manage blockchains, it is difficult to do for everyone without proper knowledge
  2. Regulatory implications: Depending on the country and space, many regulations may be in place for the use/allowance of cryptocurrencies. For instance, El Salvador has cryptocurrency as a legal tender while China has banned it in all its forms
  3. Implementation challenges: It takes time, effort, and expertise to create blockchains, making it rigorous
  4. Competition amongst platforms: Given the number of platforms and currencies available, high competition requires more effort to be put in.

What is The Blockchain Trilemma?

It is extremely difficult to achieve all three sides, leading to most blockchains choosing 1 over the rest or a mixture if possible.

Doerscircle's Masterclass Minutes: Vishwas' Way for Blockchain in Business 101 - What is the blockchain trilemma?
Source: https://www.seba.swiss/research/the-blockchain-trilemma/

Who Ensures The “Truth?”

Given the nature of blockchain and a lack of a central authority creating the guidelines/regulations, a consensus must be reached so the “truth” can be determined. This is where Consensus Mechanisms come in!  

Doerscircle's Masterclass Minutes: Vishwas' Way for Blockchain in Business 101 - How to validate cryptocurrency transactions?
Source: https://shardeum.org/blog/what-is-proof-of-stake/

And that’s it for this Masterclass!
Stay tuned for the next one, folks!

About the Expert: Vishwas Thakkar is the Founder and Head of Digital Strategy at Concinnity. He advises companies regarding their development and implementation of digital strategies whilst working with them to improve reporting and managing stakeholders and projects. He is also an adjunct lecturer at The University of Hong Kong and teaches courses in the blockchain, big data, digital marketing, artificial intelligence space.

Upcoming DO Masterclass: Increasing Productivity & Profitability with Hypnotherapy

Expert: Fey Wong, Founder of HumptyDumpty Hypnotherapy

Date: 19th May 2023

Time: 3 PM SGT (Singapore Time) ‍

#Knowmoretogrowmore

DO Masterclass Minutes: A summary of the insights and learnings from each class. 🚀

Topic: Blockchain in Business 101

Expert Speaker: Vishwas Thakkar, Founder & Head of Digital Strategy at Concinnity

This session included learning about what blockchain is, how it works, and its benefits when utilizing it.  

So, without further ado, let’s get into a (summarized) recap of what we learnt in the class.

______________________________________________________________________________________________________________________________

What is a Database?

A database is a piece / pieces of information set up together to ensure convenient access and easier management & updating. Many databases are stored in computer systems and for businesses this typically refers to data records and files that contain information regarding transactions, customer data, financial statements, and product information.

What is a Blockchain?

As the name signifies, a blockchain simply is a chain of blocks. It is essentially a database and a digital ledger where data structures called “blocks” hold/store information.

Doerscircle's Masterclass Minutes: Vishwas' Way for Blockchain in Business 101 - What is blockchain?
Source: https://www.analyticsvidhya.com/blog/2022/09/concept-of-blockchain-technology/

 

What are Blocks and Hashing?

A block is made up of transaction data, a hash, and the hash of the previous block. Each block is linked together to form a blockchain. This is the information about the sender, receiver, and the amount. Furthermore, hashing is a type of block arrangement that uses functions to encrypt the input in a finally secure format, creating new values for each input. Hashing is done using the SHA-256 algorithm (Secure Hash Algorithm) where it is nearly impossible to figure out the final output given its random nature and fixed lengths.

Ex:

Fox -> Hash Function -> DFCD3454

The red fox runs across the ice -> Hash Function -> 52ED879E

The red fox walks across the ice -> Hash Function -> 46042841

How does a Blockchain Work?

In the simplest of ways, this is the process in which a transaction is completed using blockchain:

  1. A transaction is requested
  2. The requested transaction is broadcasted to a network of nodes (aka computers/network stakeholders)
  3. The requested transaction is validated by the network using various algorithms
  4. The transaction is unified with other transactions as a block of data
  5. The new block (transaction) is added to the blockchain in an unalterable but transparent format
  6. The transaction is complete

What Are The Features of a Blockchain?

Decentralized System: Decentralization is essentially the elimination of intermediaries and lack of a single party having control over others. This is one of the major aspects of blockchain as it is not centralized like other financial instructions including banks.  

Better Security: Given that each transaction is secured through algorithms, there is greater security when using blockchain, especially in the context of cryptocurrency and its transactions.  

Capacity: There is a capacity to do far more transactions than a centralized institution would do given the dependence on technology more than manual labor. However, this also brings up the point of human error as transactions are still being done by humans, which provides opportunities for data leaks and security breaches (which are caused due to the fault of humans and not the blockchain).

What are The Benefits of Blockchain?

  1. Increased transparency: Given the unalterable nature of blocks/transactions, parties can conduct transactions in a secure way without intermediaries
  2. Accurate tracking: Each aspect of the blockchain can be tracked. For instance, when a customer purchases a coffee, blockchain can allow each aspect of that coffee reaching the cup to be traced
  3. Permanency (of ledgers): All transactions are unalterable, and they cannot be removed, making all ledgers permanent
  4. Transaction cost reduction: The transaction cost is much lower than traditional banks/financial institutions 

What are the unknowns of blockchain?

  1. Complex technology: Given the immense expertise required to manage blockchains, it is difficult to do for everyone without proper knowledge
  2. Regulatory implications: Depending on the country and space, many regulations may be in place for the use/allowance of cryptocurrencies. For instance, El Salvador has cryptocurrency as a legal tender while China has banned it in all its forms
  3. Implementation challenges: It takes time, effort, and expertise to create blockchains, making it rigorous
  4. Competition amongst platforms: Given the number of platforms and currencies available, high competition requires more effort to be put in.

What is The Blockchain Trilemma?

It is extremely difficult to achieve all three sides, leading to most blockchains choosing 1 over the rest or a mixture if possible.

Doerscircle's Masterclass Minutes: Vishwas' Way for Blockchain in Business 101 - What is the blockchain trilemma?
Source: https://www.seba.swiss/research/the-blockchain-trilemma/

Who Ensures The “Truth?”

Given the nature of blockchain and a lack of a central authority creating the guidelines/regulations, a consensus must be reached so the “truth” can be determined. This is where Consensus Mechanisms come in!  

Doerscircle's Masterclass Minutes: Vishwas' Way for Blockchain in Business 101 - How to validate cryptocurrency transactions?
Source: https://shardeum.org/blog/what-is-proof-of-stake/

And that’s it for this Masterclass!
Stay tuned for the next one, folks!

About the Expert: Vishwas Thakkar is the Founder and Head of Digital Strategy at Concinnity. He advises companies regarding their development and implementation of digital strategies whilst working with them to improve reporting and managing stakeholders and projects. He is also an adjunct lecturer at The University of Hong Kong and teaches courses in the blockchain, big data, digital marketing, artificial intelligence space.

Upcoming DO Masterclass: Increasing Productivity & Profitability with Hypnotherapy

Expert: Fey Wong, Founder of HumptyDumpty Hypnotherapy

Date: 19th May 2023

Time: 3 PM SGT (Singapore Time) ‍

#Knowmoretogrowmore

Unlock a wealth of exclusive content

Join us and get unlimited access to a wealth of subscriber-only articles that cover a diverse range of topics, from industry trends and insights to expert tips and advice.

Sign up now and gain access!
Once subscribed, you're also unlocking these benefits!
Leverage 18,000+ entrepreneurs for support and advice
Save time and effort with over 50 solutions for your business
Spotlight your business by getting featured on our platform
Contributors
Swaraa Lodha
Digital Marketeer
Subscribe to our newsletter
No spam. Just the latest news and tips, interesting articles, and exclusive interviews in your inbox every month.
Read about our privacy policy.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
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