Masumi Hamahira: How the Bitcoin blockchain will benefit Islamic Finance world – CoinGeek

Bitcoin’s blockchain is an open network protocol that can replace today’s internet, and offers benefits specific to the Islamic Finance (IF) industry. Speaking at an online seminar as part of the Future of Islamic Fintech conference 2020, Bitcoin Association ambassador for Malaysia Masumi Hamahira said Bitcoin’s blockchain offered every benefit today’s Internet does, while making ownership sequences or various assets far more efficient to manage and prove.

Hamahira is an Advisor for the Islamic Finance department at Japan’s MUFG Bank. MUFG Malaysia, where he has worked since 2011, has won several Islamic Finance News Awards and Hamahira has personally introduced several IF concepts to the Japanese financial world, such as MUFG’s world’s-first JPY-denominated sukuk issuance in 2014.

Malaysia is recognized as a leading global center for Islamic Finance, often bridging the gap between the Asian and Middle Eastern economies.

Bitcoin is a network protocol

Since Hamahira was speaking to an audience who may be unfamiliar with Bitcoin, he gave a rundown of its history—from the whitepaper to the origins of the name “Satoshi Nakamoto.”

Notably, he predicted the “blockchain era” would supplant the Internet era, and this evolution would