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Blockchain and the Future of Communication

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Phil Gomes, Senior VP, B2B Digital, U.S. Edelman took the Social Media Week Chicago stage to discuss blockchains, specifically bitcoin, and the future of communication.

Below are some takeaways from the session. To watch the entire talk, plus access more than 100 hours of other SMW events, presentations, and interviews, sign up for SMW Insider.

Blockchains work in communications when permanent and survivable solutions are needed. Blockchain technology is all about securing the narrative. Gomes is finding that his personal and professional lives are meshing together quickly.

What can you do if everyone could operate from one digital platform? The possibilities would be endless. “Blockchain technology has the potential to be more transformative than social media was in the early 2000s.”

Blockchain is answering these questions:

  1. How do I perform a truly peer-to-peer cash-like, digital transaction?
  2. How do I make sure that ‘digital cash’ cannot be copied, pasted, and double-spent?
  3. How do I do this without a bank, intermediary, or even a trusted party keeping the ledger?

“A Blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.”

A Blockchain is just one ledger but replicated in several places. There are bitcoin ledgers all over the world. 24 countries are investing in blockchain technology for government services. Using the idea of a blockchain is going to increase.

Everyone can use the blockchain, for example the music industry is looking at the blockchain to figure out payments faster to the artist.

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