Blockchain and Cryptocurrencies: How They Might Affect You and Your Practice, with Blake McClellan
Bulletproof Dental Practice Podcast Episode 51
Guest: Blake McClellan, CEO and co-founder of Implant Compare
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- Implant Compare live-streams dental education and surgeries.
- We’re just now discovering the great many capabilities of blockchain, and how it can be applied to everyday life.
- It’s the algorithm behind bitcoin that is the most powerful.
- This episode is not investment advice.
- Bitcoin is a byproduct of a blockchain. Blockchain is a distributed ledger that is decentralized. Every time a transaction happens it’s added to the block. Essentially, it’s an ecosystem of a network of computers that validate every transaction.
- Decentralizing this process creates a lot more complexity and provides protection against data attacks.
- Blockchains aren’t just currency, every different algorithm has different applications.
- The other benefit of using blockchain as currency is it keeps everybody honest.
- Blockchain is a very fast rapid way to move data in a highly encrypted way.
- One major benefit of blockchain in dentistry is potential to develop, fast, highly confidential ways to transfer patient files. Applications could also be built to allow practices to share servers & hardware.
- Phase 2 of blockchain will be around identity management and logistics.
- The technology is still emerging, and we’re seeing big companies entering the development space.