Why Blockchain: Daniel Larimer at Virginia Tech

Daniel Larimer created the cryptocurrency platform BitShares in 2014, was co-founder of the blockchain social platform Steemit in 2016, and is CTO of Block.one, a private company that was the original developer of EOS in 2017.

In this presentation, Larimer describes EOSIO as designed to make blockchain development easier.  He states it’s now one of the largest blockchain companies. Further, he states that it’s the fastest, general-purpose blockchain, with lots of users and no transaction fees.

Following are some additional notes from his talk.

When people think of blockchain they think of tokens, proof of work and wasting energy.  That’s not necessary. 

If you have a database, it should be on a blockchain.  It can be a private blockchain.

Blockchain will give you security, auditability and accountability of the system compared to a non-blockchain database.

With blockchain you can manage your own security and as a company you can mitigate legal issues since every action can be audited.  A blockchain is not modified; it’s append only. The data is not on one server.  It’s only one of many on a network that all verify the data. No one can change it.

Blockchain helps businesses automate compliance with regulators. 

Blockchain is faster.  It eliminates human points of contact that have been implemented to reduce fraud.

Blockchain is a better infrastructure for designing software.

Blockchain will become required as a best practice.  It will be ubiquitous and invisible.