Put your “tech hat” on and listen to this podcast to find out the basic concepts behind blockchain technology and get a better understanding of it’s possible uses.
I recently sat down with Peter Jamack who used to work in the big data department at Ernst & Young. He’s now co-founder of Pagarba, which offers professional development and strategic advisory services for blockchain and IOT (Internet of Things) offerings.
Peter’s background is originally in C++ development and then he began exploring bitcoin mining and the blockchain. He is uniquely qualified to explain the difference between the blockchain and cryptocurrency and more importantly the nuances of how they operate. Peter compares the blockchain to a spreadsheet or large databasing system and offers his clients advice on how to use it strategically.
In this podcast we discuss how blockchain smart contracts work, possible tax repercussions and how the technology could impact the accounting and finance industries in the not so distant future.
Here are some important moments from the podcast:
1:18 – Peter’s background
6:35 – Peter’s opinion of cryptocurrency
11:32 – How blockchain smart contracts work
17:10 – How the blockchain is like a spreadsheet
19:30 – Tax repercussions of the blockchain
25:00 – Use cases for the blockchain
27:00 – A better explanation of Coinbase
28:15 – Cryptocurrency as an investment
30:55 – How blockchain technology could impact the accounting and finance industries