Having had a love for technology from a very young age, Robert Wambani, now CTO of JabJab Group decided to turn this hobby into something he could earn a living from.
We linked up with the tech junkie for a brief one on one on the new cryptocurrency technology and just what it means for the business world. He was able to shed light on quite a lot surrounding this topic including bitcoin and blockchain technology. Here’s what he had to say.
Robert Wambani is a simple patriotic Kenyan who believes in technology and has been in the technology industry for quite some “donkey years”. I’ve studied in various places from India to Singapore to the U.S.A.
I’m one person who believes in technology making things happen other than the other way around. Technology makes me tick. It has always been what drives me, specifically. It is the backbone of everything that the future entails.
It is a form of digital money designed to secure and in many cases be anonymous. It is built on something called cryptography which was actually invented in the World War 2, which is between 1939 and 1949. This is when cryptocurrency was actually born and that is when there was need to secure communication.
Cryptography has evolved into the digital era with elements of mathematical theory and computer science to become a way to secure communications, information and money online. The first cryptocurrency was the bitcoin which was created in 2009 and is still the best known.
Talking about blockchain is quite interesting (smiles). I’d rather look at blockchain as a textbook where if you remove a few pages from it, the context will cease to make sense. Blockchains are a list of records called blocks which are linked and secured using cryptography.
Each block contains a pointer to a previous block so that you can’t manipulate data and you need each of these blocks to make transactions. It is designed to resist modification. For entrepreneurs this is what it means; Transparency and trust, High availability, Decentralization, Highly secure, faster dealing and cost saving.
Technology keeps evolving, only way to keep up is to adapt and keep reading.
For me the most intriguing part about all this is the way so many companies are now trying to adopt to cryptocurrency and the way you cannot manipulate the data. The way the government can’t regulate it yet transactions still take place securely.
Of course it does because there’s nobody to regulate it. There’s no historical data that you can analyze to focus on the trends ahead in terms of when to buy it and when to sell it. However, it is up to you to know how much you can put into cryptocurrency for now.
Yes and no. As of now people are looking into tangible money and platforms that are regulated by banks or governments so that they can stash their money. There also risks here but at least they are governed whereas with cryptocurrency, there’s no such thing.
On the other side of it though, look at the security element in cryptocurrency and blockchain technology. Once blockchain technology is introduced into governments, the issue of data manipulation won’t be possible. So to me, it is not threatening but rather compensating the loopholes that our traditional systems currently have.
The most bizarre one I have ever heard is one that occurred in the first phases of cryptocurrency when Satoshi Nakamoto, the first person to operate bitcoins, offered someone buying one pizza, $10 million bitcoins in exchange of his pizza. Not so many people thought it was true but there’s someone who actually bought Nakamoto pizza and he got the $10 million in exchange. That is actually the most bizarre story but little did we know that it would actually initiate the origin of bitcoins.
No one ever said it was easy being an entrepreneur. Whether you’re in the early stages of your startup, just secured funding for your startup or you are ready for product launch, there will always be those three components when you ask yourself if this whole entrepreneur thing is worth it, and the answer should be, YES!
Want to learn more about cryptocurrency? Get your ticket to our MEET on February 12th hosted by Bitsoko who will be giving information on the cryptocurrency era.