Syracuse University iSchool Professor Lee McKnight will explain in this webinar why many consider blockchain to be the most significant innovation since the dawn of the Internet. Blockchain, or distributed ledger technology, is the key innovation inside Bitcoin, the well known, but poorly understood, cryptocurrency.
Lee will explain how a blockchain contains a true, verifiable record of all transactions and demystify the over 1,000 existing ‘cryptocurrencies,’ which are not really currencies at all, but rather commodities, as defined by the IRS.
Lee will also explore the notion that cryptocurrency markets are unregulated and anonymous, discussing how some early enthusiasts are in prison for crossing the line from trusted blockchain anonymity to money laundering. He will address issues surrounding hacks and scams in the space as well.
Blockchain’s technology impact on the Internet of Things is of far more significance, and real value, than first-generation blockchains such as Bitcoin, and Lee will conclude by demonstrating an early commercial example of a blockchained ‘Thing:’ the Internet Backpack.