News Highlights
Blockchain is more than a technology trend; at its core, it is a system built on trust, transparency, and verification. While often associated with cryptocurrency, its potential extends far beyond finance. In Bangladesh, where data integrity and institutional trust remain fragile, blockchain could address long-standing challenges in land records, remittances, exports, welfare distribution, and academic certification. By creating permanent, tamper-proof records on decentralised networks, the technology can reduce disputes, cut costs, and improve accountability. However, blockchain is not suitable for every use case and comes with limitations such as high energy consumption. The article argues for a cautious, phased approach—starting with small pilot projects—to build reliable systems and restore trust gradually.
Building Trust with Blockchain
– Written by , Co-founder and CEO of Accfintax
Blockchain. Some hear the word and think of Silicon Valley hype. But if we look past the buzz, we find something else, something that is not just about money or technology. At its core, blockchain is about trust. And in a country like ours, where trust in systems and data is often fragile, that matters.
Most people first came across blockchain through Bitcoin, its earliest and best-known use. But like the internet in its early days, blockchain is now spreading across many sectors. In today’s world, simply having digital data is not enough. We need systems that are transparent, secure and verifiable. That is where blockchain comes in.
Think of it as a digital notebook shared by thousands of users. Everyone has a complete copy, and before a new entry is added, whether a transaction or a record, it is verified by the group. Once added, it cannot be changed.
Each block contains data, a timestamp and a unique fingerprint. These blocks link together to form a chain. If anyone tries to tamper with a block, the system detects it and rejects the change. Because everything runs on a decentralised network, no single authority controls the data. That is what makes blockchain so trustworthy.
So, what does this mean for Bangladesh?
Although we are trying to digitise records, we face challenges in many areas.
Take land records. The system is messy. People lose documents, plots are sold multiple times, and paper trails vanish. If land ownership were recorded on blockchain, the records would be permanent and transparent. That alone could prevent thousands of disputes.
Read the full original column by Ahmed Humayun Murshed in The Daily Star:
🔗 Building Trust with Blockchain