Last week I attended a networking session where the key note speaker gave a presentation on bitcoin and blockchain technology. In a roomful of people, I will admit I am not usually the smartest person in the room. Attending this session confirmed my suspicions.

Sigh.

Warning; don’t take my comments on either bitcoin or blockchain as accurate. Please use the Wikipedia links for further research.

I can understand both of these concepts as concepts. My comprehension falls short when I think about how to actually use them. I can’t buy a tank of gas using bitcoin. End of story.

As for blockchain technology, it sounds like a marvellous strategy for tracking the integrity of everything from files to fruit using the magic of the internet.

In my limited understanding of bitcoin and blockchain, it seems they both rely on all parties being in agreement. Bitcoins are worth what everybody agrees they are worth, determined by the participating market, not by a central bank.

Blockchain technology, in my limited understanding, ahem, seems to commit all participants in the ‘chain’ to the honour system. If you cheat, you won’t be included in the chain the next time.

So, if I am getting this, bitcoin takes the central banks out of the picture, and blockchain technology means if rotten fruit is loaded onto a truck in Chile, the loader of rotten fruit is not invited back onto the chain the next time.

As concepts, both of these sound like fascinating sociological experiments, except they are real and in use.

Sigh. I’m just trying to keep up with the rest of the room. How are you doing?

I hope you enjoyed reading this blog.  Your comments, questions, ideas and suggestions are always welcome.  You can comment here, or choose between Facebook, Twitter, or the contact button.  

Anne Milne is an every Sunday blogger.  I keep it short and to the point.  Topics are as wide ranging as a straight but not narrow path.