When's the last time you used a rotary-dial phone? How about a VHS player? Well, you might want to add your wallet to that list -- because a growing amount of currency experts believe that cash, as we know it, is going digital. That's the topic that 'Disruption' Joe Hernandez, Founder of the Chicago Blockchain Project, tackled to wrap up our Chicago Made series.
'Disruption' Joe Hernandez started the talk by discussing the evolution and history of bitcoin.
"You're looking at a universal unit of exchange that everybody recognizes that you can easily store. For us, that's dollars -- but that might one day transform into Bitcoin. "
Hernandez talks about the benefits of bitcoin such as greater individual control and freedom.
"Bitcoin is completely decentralized and works on a peer-to-peer system. There are many advantages for its use and one of them is that the government cannot seize your bitcoins."
Hernandez also shared his predictions on cryptocurrencies and blockchain technology.
"Blockchain is exciting because it works on a decentralized database. There's no huge data center; instead, blockchain gives users the ability to verify and authorize individual transactions."
Hernandez wrapped up his presentation by taking questions from the audience.
"There are many things that we can do with blockchain. A common misconception is that you can only use blockchain for bitcoin or other cryptocurrencies. That's not the case -- bitcoin is just one application that you can build on it."
This presentation is the fourth and last event in a four-part series. If you missed the first event, ‘Futureproofing Your Business,’ presented by 1871 CEO Howard A. Tullman, you can find our recap right here. For the second event, ‘Breaking Ice: Improving Inclusion at Work,' presented by 1871 COO Tom Alexander and Julie Felix, Manager of Diversity and Inclusion at Mesirow Financial, follow this link, and you can find more on our third event, 'Chicago Made Better: Entrepreneurship for Social Good,' right here.
The event series marks the second collaboration between UNIQLO and 1871.
*Update: In March 2018, 1871 launched the Chicago Blockchain Initiative in partnership with the Chicago Blockchain Project. Learn more here.
Interested in more happenings at 1871? Check out our Upcoming Events calendar.