Can blockchains do more than just handle money? - Crypto in Plain English - Episode 188 - by cryptohunt.it - Transcripts

June 16, 2022

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Can blockchains do more than just handle money?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

If you’ve followed this podcast closely, you will have likely asked yourself: If blockchains are giant decentralized databases, why’s everyone just trying to move money around?

And that’s a really great question. It is true: Crypto currencies, stable coins, smart contracts. Even NFTs - it’s all about money or some sort of asset representing value.

But we are here to tell you: Blockchains that can be programmed, such as Ethereum, can do anything the programmer wants. Think of it as simple logic: If this, then that.

They can replace your username and password for example. A wallet app lets you log into websites that support it. Your wallet becomes your online identity.

And there is more that you can do with that concept: You could record personal accomplishments, such as a learning credential, and attach it to your wallet. Because it is on the blockchain, anyone can verify it, and nobody can steal it.

And the possibilities are much larger. In fact, Jack Dorsey thinks that this type of use is going to be where blockchains really break free. And that’s why we’ll look into his idea of web5 in the next episode.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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Transcript

Welcome to the crypto engine where we spend one minute a day to explain crypto in plain english. If you followed

this podcast closely, you will have likely ask yourself if block chains are a giant decentralized databases, why is everyone just trying to move money around? And that's a really great question. It's true. Cryptocurrencies, stable coins,

smart contracts, even N. F. T. S.

It's all about money

or some sort

of asset representing value. But we are here to tell you

block chains that can be programmed such as ethereum can do anything the programmer wants. Think of it as simple logic. If this then that they can replace your user name and passport. For

example, a wallet app lets you lock into websites that support it. Your wallet becomes your online identity.

And there's more that you can do with that concept.

You could record personal

accomplishments such

as a learning credential

and attach it to your wallet because it is on the Blockchain. Anyone can verify it and nobody can steal it and the possibilities

are much larger. In fact,

Jack Dorsey thinks that this type of use is going to

Be where block chains really break free. That's why we look into his idea of Web five

in the next episode

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