Alon Goren, Blockchain, Fraud discussed on The Big Biz Radio Show
It's gonna join us Alon Goren. Crown? Invest summit dot com was his first website. And I believe I believe they've changed the name of that. Because it's now security token summit because they have they have not only encompass the crowd funding space. They've also. Encompass the cybersecurity space. He's a pioneer in the financial technology sector. Did you never think you'd see here? The words financial technology here. He is a lot. How are you, sir? Great to have you today. Marie to me back. So. Good. So you started as a crowd funding expert at very quickly learned that you could intersect crowdfunding with cyber with with crypto currency. How did that happen? How did how did that transition happen with you? So I was a nurse for the crypto stuff early on. You know me. So we as a team building exercise when we were doing a crowdfunding startup actually mind some crypto just for fun with the team, and it quickly escalated and over time the crowd funding space was sort of utilized in hijacked by the crypto space with all the crazy ICO's over the last couple of years. So now, people are doing them compliantly, and they're taking securities actual securities governed by law. And putting them on the blockchain and basically making them more efficient and more transparent. Hey, explain for our listeners who still don't really understand the relationship between blockchain cryptocurrency talk about that. Because as I understand it the blockchain is the infrastructure by which the crypto currencies traded. Yeah. Exactly. So blockchain is to give it as a as a database where transactions are held it's a really advanced database that tracks everything and people immutable. Basically that just means that you can't go back and do some funny accounting and change change transactions. After the fact so pudding securities putting investments and putting things like that on the blockchain means that it's easier to track it's easier to trace regulations, hopefully, we'll be baked into what we're calling smart securities of the future. And and that means that you know, you can transact quickly and easily online the way we always wanted to with crowd Sunday, but you had to deal with with human interaction, and you still do for. But we're hoping the future means that things are streamlined and better so talk about there's this verification mining process that goes on I think that is that is that is pretty confusing from. Most people talk about how transactions are actually verified because that's a piece of this. Right. Yes. So what we're seeing is. I'm a bitcoin side and the transaction side with with all of these is that every time a transaction occurs. There are minors verify the transaction the point of this is so that there is consensus. And so that there can be fraud and assistance. Consensus means it happened. I give you a dollar you hand me a potato. We put it on the blockchain. It means. It actually happened because people are actually witnessing to that. Correct. Exactly. Thousands of people are verifying that transaction. So if somebody wanted to commit fraud that would be an anomaly in the system, and that would be thrown away. So my question my question is is these these miners, I believe are those called minors. If they do that, the people that verify this. Yeah. In the big acquaintance. Crypto a lot of the networks called minor today. Take a little piece of the action is that is that is that what what incense them to do that they do different Blockchain's work differently. But ver- basic purposes. Yeah, they they get that's how they earn their bitcoin or their crypto stay right there along Goren. The crowd funding expert, the crypto expert the. If you know what I see or token is he's going to tell you this one.