Blockchain is a confusing technology, but one that could change the way we live and how businesses operate.
In its simplest form, blockchain is a digital ledger of transactions that keeps track of exchanges of values.
“That could mean a cryptocurrency, that could mean a deed to your house, or a title to your automobile,” says Juston Berg, program manager with Blockchains LLC.
Blockchain essentially removes the middle man that would charge in a transaction.
“You have Bank of America for example,” says Matthew Digesti, director of the collaborative links division with Blockchains LLC. “If i wanted to send you money, I don’t know you, I don’t necessarily trust you- Bank of America serves the role of amking sure I have the money I want to send and that I do in fact send it to you. The power of blockchain technology is that you remove people like Bank of America from the transaction entirely, and you just trust the software code to do what it says it’s going to do. There’s no need for a middle man”
The transactions on a blockchain are seen by every user associated with the chain. All transactions have to be approved by every user, which provides security and transparency.
Local company Blockchains LLC plans to showcase the power of blockchain to the public.
The company recently acquired 67,000 acres of land in Storey County- part of that will go to a “Blockchain Community” that could be built within 15 years.
“A residential area, a high-tech business park…hopefully services like schools and health services and supporting retail businesses,” says Digesti.
The community would incorporate blockchain where it’s helpful. For example, a retail business would use blockchain cryptocurrency as payment for items.
Blockchains LLC says this community will give more control to residents and reshape how people live.
“The consumer is actually at the center of their daily life,” says Digesti. “Whether that comes to power, to water, to your health records, to education, to transactions directly with your neighbor. It’s a different way of living where we have more control of not only how we act day to day, but our digital identities, over the data we create.”
For more on the Blockchains community click here.