Making accounting sexy again: Dr. Craig Wright on the use of blockchain in everyday life
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A main focus for Dr. Craig Wright in his The Bitcoin Masterclasses series has been to teach people about practical use cases for Bitcoin in everyday life. In an interview with CoinGeek Backstage, he talked about “making accounting sexy again,” how Nike missed the mark with blockchain, and the use of blockchain in taxes and spending.
In Zurich, Dr. Wright tackled the age-old computer science problem: garbage in, garbage out. The solution is twofold – firstly, we need to ensure that all input is done correctly. Second, we need to make sure that the data, once recorded, cannot be changed or manipulated, and this is where blockchain comes in,” nChain Chief Scientist told CoinGeek Backstage host Becky Liggero.
“…we want to make sure that we never have the ability to modify or change it (data), but rather to pass that information from machine to machine, with hashes checked so that nothing ever changes.”
In Zurich, Dr. Wright touched on how Nike missed the mark with its foray into blockchain technology. The clothing giant integrated digital avatars at a time when NFTs were skyrocketing, but Satoshi believes there were better blockchain applications from the company.
A practical example is integrating technology into their shoes, allowing users to track their activities and store this data securely on a blockchain platform. Such a service would allow fitness enthusiasts to monitor their progress through their phones and share that data securely.
Taxation is another field that needs automation, and blockchain could be useful, Dr Wright added. Anyone can digitize their expenses, making it easy for tax authorities to collect taxes in an automated way.
Making Bitcoin practical in everyday life is a mission Dr. Wright is committed to, and he plans to lecture around the world well into the future.
“I’m just going to keep going. We are far behind on the patent list that I have entered; “When we run out of them, I stop,” he said.
Bitcoin Masterclasses #3 in Zurich: Accounting and Mapping of Transactions on Chain
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New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.
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