Rampant Curiosity, as one of Eleccion’s core values, leads us to discovering trending or disruptive technologies that will change the way the world works. So, for our most recent neXtworking session, we dove right into learning more about blockchain technology and its role in creating a secure, decentralized internet. The blockchain is a decentralized repository of information, such as money transactions, that is distributed across a peer network to ensure accuracy, reliability, and security.
When most people think about the blockchain, they immediately think of bitcoin and cryptocurrency. However, we quickly learned that while all cryptocurrency uses the blockchain, not all blockchains are currency-related. We discussed how the rise of non-fungible tokens (NFTs), such as digital sports cards, digital art, or even memes, has spurred interest in the blockchain and opened possibilities for individuals and organizations to capitalize on digital intellectual property.
After watching a short video about blockchain technology, and the lengthy discussion that followed, the neXtworkers decided to put the technology to the test. With the help from Deanna, Ethan, and Justin, everyone became members of the Items of Weirdness Blockchain by receiving a copy of their own ledger, as well as a “blockchain” wallet that had a number of weird items (13 feathers from different birds, 3 t-shirts from the 1985 Santa Fe marathon, etc.) and some bitcoin. After a brief trading period, the updated blocks were submitted to the “Miner” who verified the new blocks and passed them on to the members of the group to add to their ledger. In the end, the group collectively verified the correct blocks of the blockchain and were even able to catch when Justin tried to hack the system—that rascal!
Our neXtworking session provided sound insight into the basics of the blockchain and opened the door for further discussion about its applications. We plan to explore this topic in the future with a focus on how we can leverage this technology in our client spaces. We look forward to our neXt session in late August, and if you would be interested in attending, please reach out to Justin at [email protected]