WORCESTER – When its potential is fully realized, Bruce Fenton says, blockchain technology will be considered as revolutionary an invention as the internet and the printing press.
“A lot of people don’t think about things like what is money, and how does the economy work, and do you really have what the bank says you have in the bank,” Mr. Fenton said in an interview before his address to the Worcester Economic Club on Tuesday at the College of the Holy Cross. “Newsflash – you don’t. Nothing close to that amount of money.”
Mr. Fenton planned on talking about blockchain and its most well-known application as the base of the Bitcoin digital currency at the 549th meeting of the Economic Club.
He said the theory behind a blockchain is simple: It’s basically a new kind of ledger. Ledgers are statements of what is true. Blockchain, which relies on a vast network of verified users, or nodes, to say what’s true, is a better way to do that, Mr. Fenton said. That’s a big deal, because ledgers are part of the way the world works.
“Everything from bank balances to authorization for us to be in this space at this particular time, or people getting their subscription for your paper, that is all represented by ledgers,” he said.