Frequently Asked Questions
The Blockchain Association of Uganda is issuing this investor alert to warn the general public about fraudulent investment schemes that may involve Bitcoin and other cryptocurrencies.
What is Blockchain Technology?
What does the Blockchain Association of Uganda do?
The Blockchain Association of Uganda facilitates meetups and events, and we suggest you start by meeting us and other like-minded people there. After all, we are building a community of blockchain expertise. We are currently working to establish a crowdsourcing platform and a general knowledge-bank to support the development of Blockchain technology and its applications in the Africa of tomorrow
Can I partner with the Blockchain Association of Uganda?
As a general rule, the Blockchain Association of Uganda is open to partnerships with most organizations, groups and businesses. However, a potential partnership may not infringe upon our general values and ethics. We invite all potential partners to reach out, so we can get to know each other. Please see our contacts page for additional information
Does the association have any vacancies?
We do not currently have vacancies. However, we are always looking for talented people so please contact us with a detailed CV.
Where can I register my organisation to become a member of the BAOU?
We do offer memberships through our website. Members of the Blockchain Association of Uganda are required to pay a membership fee and by doing so you automatically become a member and shall have access to a range of high profile events, knowledge and so many other benefits.
Does the BAOU offer investment advice?
The Blockchain Association of Uganda is first and foremost a disseminator of information and knowledge. Our mission is to foster the knowledge about Blockchain technology. We assert a role as experts and thus we do give investment advice when it comes to blockchain investment.
What is encryption?
Data security always matters. Encryption is basically an approach that helps organizations to keep their data secure. In this technique, the data is encoded or changed up to some extent before it is sent out of a network by the sender. Only the receiver can understand how to decode the same. In Blockchain, this approach is useful because it simply adds more to the overall security and authenticity of blocks and helps to keep them secure.
What kind of records can be stored on a blockchain?
There is no restriction of keeping records of any type in the Blockchain approach. Presently, a lot of organizations all over the world are using this approach and the fact is records of medical transactions, events related to organizations, management activities, transaction processing, identity management, as well as documentation are the common type of records that can be kept on them. It must be noted that the record keeping is not just limited to these applications only.
It is one of the major problems that are associated with the digital cash. In fact, it’s a condition when one digital token is spent multiple times because the token generally consists of a digital file that can easily be cloned. It simply leads to inflation and organizations have to bear a huge loss. One of the primary aims of Blockchain technology is to eliminate this approach up to the possible extent.
What are the immediate benefits of blockchain technology to my business?
Blockchain allows three things that are useful for businesses. First, thanks to smart contracts, it can automate every single process that doesn’t require creativity. Second, it allows the storing of sensitive information in such a manner that any piece cannot be modified or deleted by any employee. Third, some organizations accept cryptocurrencies as payment for their services and/or use cryptocurrencies to transfer value from one city to another and/or pay salaries with cryptocurrencies.