In the early 1990s the core concepts behind blockchain technology emerged. They described a consensus model for reaching agreement on outcomes in a network of computers and recording them as an electronic ledger shared among multiple participants without a central repository or the control of a central authority. The blockchain technology concepts were applied to cryptocurrency in 2008 in Satoshi Nakamoto’s paper Bitcoin: A Peer to Peer Electronic Cash System. With the launch of the Bitcoin network in 2009, the first of many cryptocurrency networks, blockchain technology became widely known.
While blockchain technology is the foundation of cryptocurrencies networks, it may be more broadly applicable. There are countless news articles and videos describing the “magic” of blockchain technology and its ability to solve all problems in every sector in every way imaginable. However the use of blockchain technology may not be a silver bullet. There are issues that must be considered such as how to deal with malicious users, how controls are applied, and the limitations of the implementations. This one-day blockchain technology workshop attempts to address these issues and describe the method behind the magic and the hype that surrounds blockchain technology.