{"id":139629,"date":"2021-07-15T05:46:58","date_gmt":"2021-07-15T05:46:58","guid":{"rendered":"https:\/\/www.regenesys.net\/reginsights\/?p=139629"},"modified":"2021-08-11T11:02:27","modified_gmt":"2021-08-11T11:02:27","slug":"mywealth-blockchain-explained-part-1","status":"publish","type":"post","link":"https:\/\/www.regenesys.net\/reginsights\/mywealth-blockchain-explained-part-1","title":{"rendered":"Blockchain Explained – Part 1"},"content":{"rendered":"
[vc_row][vc_column][vc_column_text single_style=””]<\/p>\r\n
On the 24th<\/sup> of June 2021, MyWealth Investments hosted a webinar on Blockchain Technology and Cryptocurrencies.<\/p>\r\n\r\n Spearheaded by\u00a0Bronwyn Nielsen<\/strong>\u00a0of The Nielsen Network, the panel comprised:<\/p>\r\n\r\n Annatjie van Rooyen<\/strong>:\u00a0 Chief Executive Officer of MyWealth Investments This article is the first in a series expanding on the topics covered in the webinar.<\/p>\r\n\r\n In order to set the tone for the series which will follow, let us clarify some basic concepts.<\/p>\r\n\r\n A blockchain is a type of database in which information is collected and stored on a computer.\u00a0 Let\u2019s refresh our understanding of a database.\u00a0 An Excel spreadsheet is mostly designed for mainly one or a small group of users and normally contains limited information.\u00a0 A database, on the other hand, normally stores its information in tables and allows access to a wealth of information.\u00a0 This information may be sorted, filtered and manipulated to provide useful information to an unlimited number of users at the same time. To enable large databases to provide these functions, the information is stored on server networks, which are driven by very powerful computers.<\/p>\r\n\r\n Blockchain databases do not allow anyone to make changes to them and strict protocols are in place to protect the data.<\/p>\r\n\r\n Now you may be asking, what makes the blockchain different to that of an ordinary database?\u00a0 The answer is that, on the blockchain, information is collected in groups, called \u201cblocks\u201d.\u00a0 When a block is full, it is chained to the previous block, as if in a chain and from there the term \u201cblockchain\u201d.\u00a0 As soon as a block is filled, it gets a timestamp, which is irreversible.<\/p>\r\n\r\n
Dawie Roodt<\/strong>:\u00a0 Chief Economist of Efficient Group
Marius Reitz<\/strong>:\u00a0 General Manager of Luno Africa
Chris Becker<\/strong>:\u00a0 Blockchain Technology Lead Investec<\/p>\r\n\r\n\r\n