Information Technology Engineer and SAEA member Kudssi presented his extensive knowledge regarding blockchain and cryptocurrencies in the recent Spring 2022 membership conference.
Kudssi shared that blockchain is an immutable, time-stamped series record of data that is distributed and managed by a cluster of computers. He explained how blockchain technology may move us from a decentralized network model to a distributed network model, in which middlemen are eliminated and each person owns their own data. Blockchain manifests in digital currencies such as Bitcoin, Altcoins like litecoin and Zcash, Ethereum, NFTs, and many others.
SAEA members learned about blockchain technology case studies, in which it is being used for identification, supply chain, insurance, national security, and more. Several members voiced deep concern about this emerging financial technology (fintech). Concerns ranged from religious apprehension to concerns about price volatility and valuation instability. Some referred to crypto as a passing fad that will not mature until much federal regulation and oversight is implemented on its transactions and investors. Clearly there is much more to be discovered about digital currencies and new markets and products including NFTs.