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‘Hacking is not a threat to the application of blockchain’

The lack of education on what blockchain is, leaves people reluctant to explore the technology, says Tarek Mohammed, Co-founder, Dubai Blockchain Center

| | Oct 18, 2018 | 5:34 pm
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Dubai, UAE, 18 October 2018: Blockchain technology is something that is in its nascent stage and it is imperative that we understand what makes the technology so revolutionary, asserted Tarek Mohammed, Co-Founder, Dubai Blockchain Center, during a conversation on the application of the technology to the HVAC sector.

Tarek Mohammed, Co-Founder, Dubai Blockchain Center

“The technology was first used to address the problem of double spending, which resulted in the creation of cryptology back in the year 2009,” Tarek Mohammed said. Ruling out hacking as a possible threat to the adoption of blockchain, he said, “To think of hacking as a threat is a misconception.” There are different ways in which blockchain can be used and in order to hack a system, a person would need over 60 million dollars’ worth of computing power, which does not make any monetary sense, he said. “As of today, there are approximately 1,600 cryptocurrencies running on the technology, however, not all are designed to be an open source platform,” he said. However, he asserted, that adopting the technology in an open source format will bring about transparency and traceability in the HVAC industry.

Pointing to the need for education, Tarek Mohammed said, “I see a lack of education on the subject, which is why people are reluctant to explore the technology.” He posed a question, “Do you know that a 12-line code is what runs the bitcoin protocol? It’s that simple,” he said. While making the call to keep things simple, when working on Proof of Concepts (POC), he said, “People often come to me and present their POC but my suggestion is to always keep things simple, because that’s the best way to benefit the most from the technology.”

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