Michael Sumner
speaker
69 appearances
1 recordings
1 series
first heard Mar 2025
last heard Mar 2025
Michael Sumner’s voice in public audio — every appearance, attributed to the second.
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Appearances
Another application of blockchain is if you want a public database where let's say I want to find out where my food has come from and it's traveled from the farm over to a factory over
To so-and-so until it reaches the destination, which is my home, or the supermarket.
With the blockchain, you can have that audit trail for everyone to see.
And the trust is already built within the database itself because you know that the database is, let's say, it's open source, or the code is out there for everyone to see, compared to a database which is stored in a data set.
Center in the middle of Antarctica or the Arctic, and it's run by the big companies, Amazon, Google, etc.
And you don't know if the integrity of that database is still there, or if it's prone to attacks or security threats.
So if that database were to disappear, you wouldn't have any background.
backup or there might be backups, but there's a limited number of backups compared to the blockchain, where everyone who interacts with the blockchain, and this is by the millions, then creates millions of backups.
And if you un understand how a torrent works, that's exactly what it is.
So there's governments out there, like the Japanese government, trying to build the concept of the blockchain to build trust, but not call it a blockchain.
And it's taking them years, and they might be coming to the conclusion that, okay, we're going to have to stick to the concept of the blockchain.
One, because it's been created before the internet was invented.
So it's much older than the internet, having the concept of the blockchain.
Blockchain and two, there's already mass adoption of it, and it's been more than 10 years.
So we're readily maturing to the next stage of the blockchain called layer two, or even a combination of different blockchains altogether.
And from there, you can have one app that's served on several blockchains.
And it's up to those blockchains how they manage.
the chains of transactions themselves.
Sure.
So another application of blockchain is in the luxury retail industry, where you have genuine bags versus fake bags, and you would need to base them off of a certificate, for example.
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