Applications and Use Cases

Code-solving Programming Matters When it Comes to Blockchain Technology

March 02, 2023

Attendees at The Blockchain Event 2023 were offered a chance to learn about the basic benefits of blockchain technology from an expert on the subject.

Ivan Dimov, chief marketing officer of the American Crypto Academy, told people during a blockchain lecture that the code-solving programming is what matters when it comes to cryptocurrencies, or any other blockchain-based product.

"It's the cryptography behind the product that gives it it's value," he said.

First, before he began his lecture on the basics, Dimov broke the news that the Biden regime will introduce legislation within 60 days to establish a Central Bank Digital Coin (CBDC) in the U.S.

Whew! You had to be paying attention or you missed that bit of big news. We'll get back to that.

In his Introduction to the blockchain technology lecture, Dimov teaches people not to fear the new technology. He begins by describing why the blockchain has value, including that the results of blockchain calculations are:

  • Immutable. Once written, blockchain blocks can't be changed. "You can't hide it, you can't fake it," he says.
  • Transparent. Anyone can gain access to view the blocks on the chain.  You can see where it originated, where it was executed, and where the chain ends.
  • Protected. All blockchain activities are traceable to an address. The availability of an identifiable endpoint account reduces fraud.
  • Efficient. By employing distributed computing, blocks can be added to the chain swiftly. That means your transaction potentially takes just seconds.
  • Secure. Blockchain transactions are secure because they are immutable, transparent and protected.

After teaching us the basics, Dimov moved swiftly into a discussion of cryptocurrencies in general. He pointed that cryptocurrencies don't have to be issued by governments.

"There are no borders to the technology," Dimov said.

When compared to fiat, cryptocurrencies offer faster validation speed, verifiable data integrity and the ability to conduct complex transactions.

"It's not a new technology," Dimov notes. But crypto does represent a new asset class, one that's "solving real-world problems and seeing rapid growth in adoption," he said. In general, cryptocurrencies offer the new ability to

  1. Track and store transaction data
  2. Create confidence in the transaction data
  3. Reduce the need for intermediaries.

Due to the distributed nature of the product, cryptocurrencies benefit from efficient network processing, he said. There's no single point of failure in a cryptocurrency network, and there's complete transparency, he said.

Getting back to the news Dimov dropped, that CBDC legislation is coming in two months. A search of Google turns up nothing on the supposed coming announcement. In March 2022, nearly one year ago, President Joe Biden issued an executive order directing the government to assess the technical needs regarding such a project. Does Dimov know something others don't? Guess we'll have to wait until May to see if he's proven correct.

The American Crypto Academy is dedicated to providing up-to-date education information on cryptocurrencies and blockchain technology to professionals, individuals and students. The company is a division of the Sarson Funds, a third-party marketing agency.

Edited by Greg Tavarez

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