The benefits of blockchain
During his session at the CA Summit, President of Blockchain for Gala Games, Jason Brink aimed to demystify and debunk some of the misconceptions that are attached to blockchain.
For Jason, the term ‘cryptocurrency’ is “one of the worst community-based branding decisions that has ever been made.”
He explained that blockchain is far from cryptic, instead it is a process hinged on transparency, where the exchange of value is conducted via a distributed ledger that is “publicly visible for everybody to see.”
Part of the reason Jason originally became interested in the benefits of blockchain was his experience working in the aid response to the 2010 earthquake in Haiti, which resulted in the deaths of around 250,000, with the fallout of the destruction affecting millions more.
Jason said that, as the global community rallied around the country by sending millions of dollars in aid, he witnessed people dying of starvation while those in power bolstered their own wealth.
For Jason, the failings in the proper distribution of the aid can be traced back to a lack of transparency in the process, something which he believes could be rectified by the introduction of blockchain.
And for CA’s, Jason believes that now is the time to seize on the advantages blockchain brings to the market.
“From the perspective of an accountant, a properly implemented blockchain is your absolute dream. It enables you to take this entire ledger, plug it into your software and instantly see all the flows of capital and where it’s being spent.”
Catch up on the Learn, Grow and Inspire chapters of the CA Summit 2021 now.