Blockchain Technology is digital information that is stored in a public database, made up of smaller pieces of digital information. Blockchain, or the “blocks”, are most often used in cryptocurrency such as bitcoin. This is a new technology that is not familiar to most of the population but will be mainstream within the next three to five years.
Cleveland is leading the initiative with the advancement of Blockchain. Bernie Moreno is a local entrepreneur that has championed this movement. He feels that Cleveland has the potential to be a tech-hub that will create jobs and improve our local economy. In addition, the benefits of Blockchain will assist in the advancement of technology.
The purpose of Blockland is to “educate and promote the use of real-world blockchain applications while establishing and leading a blockchain ecosystem with the support from private, public, and philanthropic individuals and organizations.” Here are a few reasons why it is important to support this new technology as Cleveland is at the forefront of pioneering this initiative:
- Allows Data Consistency – no conflict of data within the database
- Immutable Data – data cannot be edited, copied, or deleted
- Decentralized Form – no one party governs or owns the data
In addition to cryptocurrency, Blockchain can be implemented in other industries. Cybersecurity can utilize Blockchain so that data can remain secure and private. Blockchain is more robust and shielded against attacks. Connected devices such as cars, buildings and doorbells utilize a central network that has the potential to be compromised. Due to the decentralized data that Blockchain utilizes, the threat of hacking is immensely reduced. Blockchain can be implemented into government and healthcare agencies allowing information to be verified faster, more transparent and accurate. Blockchain technology can increase security in our daily digital efforts to communicate for personal and professional use.
On December 1st, a Blockland Conference began that discussed the next steps of how Blockchain would be developed in Cleveland. The goal of this conference was to create a long-term plan to bring developers to our city, educate a workforce of Blockchain employees, and promote Blockchain as an inclusive effort that is for the betterment of our local economy. Soon Blockchain will be a household term soon and Cleveland has made a brand-new impression as a tech thought leader embracing a new era.