Earlier this semester the David Eccles School of Business was honored to host an Alumni Speaker Series about blockchain where attendees got to hear a panel of speakers well-versed in Blockchain discuss the basics of Blockchain and the broad reach it and Bitcoin have. The panelist speakers included:
Todd Crosland, CoinZoom, Founder & CEO
John Richards, Difuon, Co-Founder & CEO
Josh McIver, ULedger, CEO
Kennedy Luvai, Parsons, Behle & Latimer, Shareholder | Moderator
Here are five things to take away from our panelists of experts about Blockchain.
- Blockchain adds triple level accounting to the picture because there will be no fraud at the base level or need to put trust in people. It mathematically proves the truth of an interaction.
- There are both private and public Blockchains. The panelists all agree that private blockchains are a bad idea. They cited Estonia’s current model as a great example of how a public blockchain can benefit not just the financial industry, but everyday life.
- Blockchain is disrupting the FinTech industry globally. Currently most networks are controlled by a centralized company. Blockchains move to decentralize these networks.
- Utah is a wonderful place to be with the Blockchain movement because of our huge technology community, such as Silicon Slopes. If you are interested in Blockchain, companies are pursuing candidates with tech expertise in coding databases and deep technological knowledge.
- Blockchain has potential to soon dominate the computing world and hurt companies such as Amazon, Google and Microsoft. These large companies have formed virtual monopolies, which has lead to very little innovation in these fields. Blockchains decentralize these networks, spurring more innovation and giving rise to upstart competitors.