Block Chain Technology: What is it and How Will it Affect Us? | The Ugly Truth - Ep. 23

published 3 years ago by George Markoski & Christina Markoski

Bit coin and crypto currency has been making an appearance in the media lately. There seems to be a bit of hype surrounding the whole idea and how it will impact society. Blockchain the brainchild of a person or group of people known by the pseudonym, as Satoshi Nakamoto. The main question every single person is asking is: What is Blockchain? By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology. Bitcoin has been called “digital gold,” and for a good reason. To date, the total value of the currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you don’t need to know how the blockchain works to use it. On this week’s episode we talk with Rick Carter about everything surrounding Block chain. Essentially block chain will help dematerialize banks as we know it, leading to more democratization for the people. In a nut shell “Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Don & Alex Tapscott, authors Blockchain Revolution (2016)

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