Digital currency is the future

BCT TechCamp organiser Kenneth Katafono flanked by keynote speakers Tyler Mulvihill and Kishore Atreya of American tech firm ConsenSys. Picture: LICE MOVONO

BCT TechCamp organiser Kenneth Katafono flanked by keynote speakers Tyler Mulvihill and Kishore Atreya of American tech firm ConsenSys. Picture: LICE MOVONO

Update: 10:56AM CRYPTOCURRENCIES are the way of the future and it is only a matter of time before it becomes a part of everyday life even in the Pacific.

The first ever Regional Blockchain Technology (BCT) Tech Camp listened to Fiji’s first PhD graduand, Kaylash Chaudhry who advised people to invest in in bitcoin, the oldest of about 500 forms of crypto currency currently in existence.

Dr. Chaudhry who opened today’s TechCamp with a session on understanding cryptocurrencies received his PhD in the University of the South Pacific’s March graduation session.

Although techs working in BCT admit there are drawbacks to the software, chief among them being the ability to double pay, Dr Chaudhry believes protocols will be designed to address these challenges.

“This is really the future and I advise people to embrace it,” he said.

“There is the drawback of being able to make a payment on the same bitcoin twice but there are protocols or prevent that on the block chain. There will be like any new thing, drawbacks and there will be protocols to address them.”

The TechCamp, which brought to Fiji a Pacific wide block chain community  stakeholders ends today.

Blockchain is the internet based digital ledger where transactions made in bitcoin and other cryptocurrency is recorded publicly.