The Impact and Questions Surrounding Thailand’s 10,000 Baht Digital Currency and the Role of Blockchain Technology

The Plaid Thai Pheu’s 10,000 Baht Digital Currency Policy Raises Questions about Blockchain Technology

The recent announcement of the Plaid Thai Pheu’s policy to distribute 10,000 baht digital currency has garnered significant attention and applause from the public. However, this distribution strategy has left many lingering questions that await answers from Plaid Thai Pheu regarding the relevance of blockchain technology.

What is Blockchain?

Blockchain, in simple terms, can be defined as a decentralized network that securely stores various forms of data, such as transaction and trading records. The term “block” is derived from the idea of a mold that holds and contains these datasets, while the “chain” signifies the connection between these datasets within the network.

This revolutionary technology serves as a network storage model, where every electronic device in the network records simultaneous information. To illustrate, let’s consider a network comprising individuals A, B, C, and D. If person A transfers 500 baht to person B’s phone, this transaction will be recorded by all devices in the network. Therefore, the likelihood of person B clandestinely altering the information to claim a transfer of 1,000 baht is highly improbable since other devices have preserved the original transaction of 500 baht.

In contrast to conventional technology, where data is directly stored on media devices or servers, blockchain technology offers enhanced security. It diminishes the vulnerability to unauthorized modifications or hacking attempts. This heightened security has led to high expectations of blockchain’s ability to provide transparency.

The Plaid Thai Pheu’s digital currency policy of distributing 10,000 baht has raised concerns regarding the suitability of blockchain technology. Given the vast scale of this network, comprising approximately 51 million devices, one may question the time required for each device to record and verify data from the other 50,999,999 million devices. Moreover, if this process entails a significant time delay, would it impede buying and selling activities?

These inquiries provoke another crucial question: If this feature is disregarded or excluded from a central government device, how much transparency will remain? Alternatively, could this digital currency transform into a mere electronic payment system akin to money transfers through wallet applications?

policy10,000 baht digital currencyfrom Plaid Thai Pheu It has received a lot of attention and has pleased many people. But the above distribution of money still has many questions waiting for Plaid Thai Pheu to answer questions for society. One of them is the question of why we need technology.Blockchain

The next question is What is Blockchain? would like to sum it up as a simple answer. for readers to better understand this technology

Blockchain comes from the word Block (Block) which is a mold for casting some material. Here such material means datasets such as transmission data. trading data, and a chain is the chain that connects these data sets into a network.

So blockchain is a network storage model. where every electronic device in the network will record various information that all happened at the same time Suppose there are 4 people in this network: A, B, C and D. If A transfers 500 baht to B’s phones, A , B, C and D will save this information. Therefore, the chance of B secretly changing the information to transfer 1,000 is unlikely. Because in other machines it is recorded as 500 baht

Unlike the original technology, the data will run directly to the media device or server. If there is a secret modification or hacking going on, it will be easier to do. Therefore, blockchain technology is expected to create a lot of transparency.

Thai Party Pheu digital currency policy 10,000 baht confirmed to use that blockchain Questions were asked about how suitable this technology is to use. Because this network will have about 51 million devices. How long would it take for each device to record data from 50,999,999 million other devices and verify each other? and if it takes a long time Will there be a delay before buying and selling goods?

This led to the following question: If this feature is omitted as a login on a central government device. How much transparency will be left? Or will it become a digital currency like giving money through wallet applications?

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