Blockchain and Cryptocurrencies: How They Might Affect You and Your Practice, with Blake McClellan

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.