Brownwood News – Howard Payne University presented the first of an upcoming series of “Community Leadership Lunch and Learn” events on Friday, October 11, at the Mabee Center on the HPU campus. The topic was “The Business Potential of Blockchain”, and was presented by Dr. Lester Towell, Chair of the Department of Computer Information Systems, and Dr. Jodi Goode, Assistant Vice President for Information Technology Services.
Drs. Towell and Goode explained that Block Chain is a disruptive technology that solves the “trust gap.” As examples from history, the printing press solved the “knowledge gap.” Steam engines and internal combustion engines solved the “power gap.” Block chain will do the same thing for situations that lack a trust in information.
They further explained that Block Chain is a continuous series of records that updates with every transaction. It uses encrypted information, where everyone can see the public information, while protecting the private information. An advantage of Block Chain is that it is secure, very resistant to hackers.
Probably the best known current user of Block Chain technology is Bitcoin, a “virtual currency” that can be used around the world, and all of its transactions are recorded through Block Chain, thus securing its integrity and value.
Drs. Towell and Goode said that the earliest uses of Block Chain technology are likely to be the medical industry, financial markets, and supply networks, but will eventually be used in almost all industries, just as the Internet is today. It may also allow for secure electronic voting at some time in the future.
For more information of Block Chain technology, contact Drs. Towell and Goode at Howard Payne University.
contributed by Mike Blagg