is a powerful invention of the modern era, a technology which has gained
popularity due to the introduction of and hype surrounding Bitcoin. However,
over the past decade, blockchain has evolved as a revolutionary technology set
to disrupt most industries including financial, educational, healthcare, and
this day, people use the words blockchain and Bitcoin interchangeably,
even though the two are separate things. Blockchain could and has been used for
more than just cryptocurrencies. Bernard Marr defines blockchain as “an open, decentralized ledger that records
transactions between two parties in a permanent way without needing thirdparty
means that the transactions recorded on the public ledger cannot be tampered
with and, without needing the involvement of third parties, blockchain will
drastically reduce the cost of transactions. Blockchain has plenty of
advantages, as shown below:
in human errors
on blockchain have to be verified by a network of thousands, if not millions,
of computers, which will get rid of human errors and lead to a more accurate
record of data. For an error to spread to the entire blockchain, the error
would have to be made by a minimum of 51% of the blockchain network’s computers.
This is if the blockchain platform uses a Proof of Work consensus algorithm.
the blockchain technology is almost always open source, users on the network
can alter the code as they wish but only if 51% of the network is supporting
them. This makes it nearly impossible to alter data. Any change can be noticed
by a huge community of millions of computers.
blockchain technology has other advantages like efficiency of transactions,
because transactions can be completed in a few minutes rather than days, like
it does when using traditional financial institutions.
Waqf is a well-established concept that has
played a significant socioeconomic role throughout history. It has served as a
philanthropic tool and made vast contributions in the development of Islamic
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