Blockchain Will Change Society, Not Just Finance, Says Alchemist's Nerayoff on LIVE
Blockchain Will Change Society, Not Just Finance, Says Alchemist's Nerayoff on LIVE
"Blockchain is new technology to allow people to do things we couldn't do before. It's best explained by using the new processes we can utilize," said Nerayoff.
"An example of blockchain -- a lot of people have heard of bitcoin -- which created a decentralized network, which allowed bitcoin -- which has a certain value -- you can transfer bitcoin to me without using a bank or third party," said Nerayoff. "We never had a system that you can send something to me and I can trust you are sending it me. I don't have to have trust in you, I can trust the network."
"We haven't had that moment where people can see the blockchain -- not yet -- we hope that can changes," said Nerayoff. "There are all these other computers that are making sure the network is secured. If you're sending $10 of bitcoin, all these other computers on the network are processing that transaction -- and all have to agree that transaction occurred. And it can't be reversed. It's a radical concept. People from around the world, around the corner, can send money to each other."
"Blockchain is changing the world -- this is not a technology that will only help people sending money -- it will actually change society," said Nerayoff.
Need for New Set of Laws
"It will take functions of government and put on the blockchain -- everyone's holding a copy of it, you can trust it's validity. There's a breadcrumb trail," said Nerayoff, who mentioned its applications for such governmental functions as birth certificates or land titles.
"With blockchain because it's a new tech -- and because our laws are a little old -- it's a round peg in a square hole," said Nerayoff. "These laws simply don't apply. So they have to come out with new ones -- laws change slowly, tech moves quickly."
"The one thing is there an opportunity for states, like Rhode Island -- a big thinking state -- fantastic proximity to other great locations -- it can attract this new industry, with high paying jobs looking for a home," said Nerayoff.
"It's a matter of who's going to take a leadership role."