Blockchain not safe from manipulation: Salman F Rahman
Blockchain, which is vulnerable to external manipulation, warrants the intervention of regulators to protect ordinary users, PM's Private Industry and Investment Adviser Salman F Rahman said at a virtual summit on Tuesday.
Blockchain is a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems.
"Blockchain is not completely protected from manipulation in a given digital ecosystem. Ordinary users can fall prey to frauds and forgeries," he added.
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"We know that cryptocurrency has collapsed. The most urgent worry is the crypto market is extremely volatile and highly vulnerable to manipulation as we have seen in the event surrounding Tesla in the USA."
The PM's adviser said for Blockchain to succeed, many traditional actors or intermediaries will have to be irrelevant.
"This is a giant risk for any nation. The complex and complicated structure and management of blockchain technology needs one to be technologically savvy to be able to use cryptocurrency, which is a major barrier to its popularisation," he added.
"Especially for our country where digital literacy and awareness is not very high at the moment," Salman said.
However, he said it is desirable for a country like Bangladesh to plan ahead by introducing a policy without time.
Salman called upon the government agencies and regulators not to be dismissive of new technology and not to take an impulsive decision.
The two-day long summit titled "Fasset presents the Blockchain Economy Summit 2021" was organised by Fasset, a digital asset gateway, in cooperation with the ICT Division of Bangladesh.
State Minister of ICT Division, Zunaid Ahmed Palak spoke as the special guest at the programme.
Zunaid Ahmed Palak said Blockchain is used in supply chain management removing middlemen and empowering the root.
"There are many usages of Blockchain. It enables the government agencies to ensure the security of the critical data," he said.
The government is taking necessary actions and work plans to make the tech-enabled manpower, he added.
Among others, Chairman of Bangladesh Security Exchange Commission Shibli Rubayat Ul Islam, Chairman of Bangladesh Investment Development Authority Sirajul Khan spoke as the panellists at the programme.
The summit was moderated by Fasset director Misha Ali.
