The government is going to introduce blockchain in order to enrich the country’s Information, Communication and Technology (ICT) sector.
A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
According to the proposed budget speech, blockchain will be introduced from the next fiscal on experimental basis. Finance minister AHM Mustafa Kamal proposed to introduce blockchain in the country while placing the draft budget for 2019-20 fiscal before the Parliament on Thursday.
He said blockchain technology is becoming an inseparable and secure medium of global information exchanges. In addition to financial transactions, its application has also begun in the areas of business, commerce, intellectual property, healthcare, preservation and sharing of proprietary data.
“Time has come for Bangladesh to adopt the blockchain technology to keep pace with the new trend. We will use the blockchain technology next year on an experimental basis,” he added. Effective application of innovation, i.e. new work or activity, has created a new wave of global change in the field of technology, business, management, etc. To nurture a culture of innovation in Bangladesh, the government will work in the future, especially with the youth to harness their creative talents. And necessary budget allocation will be made for this sector.
Country’s local company, e-generation is working with Blockchain for longtime.The company chairman Shamim Ahsad said a developing country can change its economic sector using the technology.“This technology will help the government to ensure transparency and accountability for its activities,” he said, adding besides, it will lessen errors and ensure improved service quality.
When asked whether any skilled manpower in the country to run the blockchain, he said his company is enriched with experts and experienced manpower.