UC Davis Blockchain and Cryptocurrency Club for business students
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Blockchain Club Tackles Trust Issues
Trust is the building block for a technology on the verge of wide-scale disruption

Ever try to understand blockchain and why it matters? The sheer volume of information can be overwhelming. You will likely walk away more confused than ever.

This is why we launched the Blockchain and Cryptocurrency Club, led by Bay Area MBA students in the Graduate School of Management. The club’s goals are to both educate students on how blockchain is impacting industries and to grow our members’ cryptocurrency portfolio—currently valued at about $10,000. We’re planning to donate all gains to charities after two years.

How blockchain works

After our kickoff meeting last month, I and the club officers brainstormed how to help both our members and the broader community at the business school to truly understand what blockchain is and the value of its technology.

We finally decided that it comes down to trust.

We will see this technology applied across nearly all industries in the coming years.

TRANSFORMING FINANCE

With all its wonder, the internet has yet to revolutionize our monetary system.

Sure, you can log into your bank account online and apps like PayPal and Venmo to exchange money. Yet you run into delays with transferring money from one person to another.

Like the pre-internet days, checks must clear before you have access to funds and the “pending” status for purchases is still commonplace. If someone in another country needs money right now, there is no easy way to get it to them quickly. These delays can last days. Compare that with sending a file, when the exchange is instantaneous.

Our banks and platforms don’t trust that the person sending money actually has it to send. They use third parties to verify this and it adds costs and delays.

UC Davis Blockchain and Cryptocurrency Club for business students

Just as the internet fundamentally changed the way we communicate, blockchain will fundamentally change the way we exchange value.

That’s because it builds trust. It does this through a network of decentralized ledgers that can’t be changed and can’t be hacked.

THE COMING WAVE OF INDUSTRY DISRUPTION

When applying for something like an MBA program, you would typically submit an official college transcript. The business school must confirm that you received your degree and GPA and validate the transcript’s authenticity and accuracy.

With all its wonder, the internet has yet to revolutionize our monetary system.

Now imagine your transcript is sent through a blockchain, instead of a university registrar. You could safely and securely share your transcripts with anyone, while still validating its authenticity and accuracy. Nothing in the blockchain would be changed.

Blockchain Club launches with $10,000 portfolio

Last year, MIT began experimenting with this in a pilot program. A number of students received paper transcripts and digital versions that were secured through a blockchain. They could instantly share an official transcript with anyone they chose.

This ability of blockchain to solve the issue of digital trust is the reason why we will see this technology applied across nearly all industries in the coming years. It’s also why we believe it’s worth exploring at UC Davis.

JOIN THE CLUB!

Follow our events, watch our previous lectures and track our live blockchain portfolio at LearnBlockchainBasics.com. Once every quarter, we will host speakers from areas covering blockchain disruption.

To join the club, reach out to us!