Blockchain: Cryptocurrency foundation and the future of information management and security, Westlaw Journal
By Marc S. Voses, partner and co-chair of the data privacy and technology services practice group, and Jeffrey S. Matty, partner, Kaufman Dolowich & Voluck, LLP in New York City.
– Published in Westlaw Journal Computer & Internet – July 27, 2018
Bitcoin burst upon the scene in 2017, shining the light on a payment methodology that would spawn the birth of hundreds of new cryptocurrencies. By mid-2018, there would be close to 1,600 with a total market cap of over $250 billion.
While blockchain technology has become popularly known for being the backbone of cryptocurrencies, it also serves as the foundation for protocols that will manage and secure a broad spectrum of information in the near future. This expert analysis explores some emerging issues concerning cryptocurrencies and the fascinating new potential for storing and securing data.
BLOCKCHAIN: A PRIMER
Imagine you are in the possession of important information. If you place that information on a ledger (a document containing a host of information) and place the ledger in a box, you can verify the information contained on that ledger by opening the box and examining the details — and so can anyone with whom you share the ledger.
The information contained on the ledger, however, can be verified only at the time of the examination; if you make a change, it is no longer the same information that you or anyone else previously verified.