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of Zachary Gorman
| 1/9/19 2:20
In a world full of wonders and technological innovations, it can be difficult to understand which innovations are passing fads and which will become omnipresent. While it is not clear whether cryptocurrencies will change the way everyone pays for goods and services, technology has certainly attracted significant attention. Cryptocurrencies, digital currencies like Bitcoins that can be used to securely transfer money online, have dedicated groups of enthusiasts and investors who are interested in the future of technology – and, in many cases, make money from it. In 2017, campus cryptocurrency enthusiasts created the Dartmouth Crypto Club, now known as the Blockchain in Dartmouth.
Luke Bienstock & # 20; 20, the club president, believes that this type of club could help Dartmouth be a leader in innovation for cryptocurrency and related technology.
"Schools like [the Massachusetts Institute of Technology] is [the California Institute of Technology] … certainly lead and dominate the field, "said Bienstock." But since it is such a new industry and technology, this is definitely a field in which a school like Dartmouth, if you pay attention, time and resources are made available … can recover ".
One of the peculiarities of the cryptocurrency market is its extreme volatility. Bienstock noted that the club peaked when Bitcoin reached its highest market value.
"There was certainly a great correlation, at least in the beginning, between the club's presence and the price of Bitcoin," Bienstock said. "At the start of 2018, there were tons of people coming to meetings, more than I ever expected, for what was a dark currency and a dark technology."
Shortly thereafter, however, most cryptocurrencies suffered an extreme decline in value. For example, the price of a Bitcoin fell from about $ 17,000 in December 2017 to $ 4000 in January 2019. In Bienstock's mind, this has somewhat changed the club's composition and moved the discussion on the blockchain, the technology that allows the existence of cryptocurrencies.
"[Some] People started putting us in because it was a kind of wealthy scheme, but the people who stayed were the people who are really interested in blockchain technology, "said Bienstock.
Blockchains are a type of technology that allows cryptocurrencies and other information to be securely shared among online users. This eliminates the need for third parties that would traditionally be required for such transfers. Although blockchain technology is important for cryptocurrencies because it eliminates the role of banks in cryptocurrency transactions, it has the same significance for other fields. Patrick Maher & # 21; 21, the president-in-office of the club in this period, believes that the health industry is a place where blockchain technology could have a huge impact.
For example, Maher referred to the medical records, which may be in a disadvantaged position in different databases and difficult to reach without going through a bureaucratic process.
"With the blockchain, you can put everyone's medical records there," Maher said. "They will be safe and nobody will be able to access it unless it is planned, it would make the whole health system much more efficient with lower costs and ultimately [it will] provide better healthcare for patients ".
In a general sense, most digital information requiring secure transfer could use blockchain technology. Aaron Flores & # 21; 21, the club treasurer, believes that companies will eventually realize this and will use the technology to their advantage.
"I think it will be integrated into the business in a sense of trust," said Flores. "So any commercial document that will be confidential will be on the blockchain just to make sure it's actually legitimate, and I think anything has to do with trust in the
the future will probably be on the blockchain ".
While Bienstock does not necessarily think that blockchain will change the world in the same way that Flores does, he thinks technology will have a huge impact on society, just like Cloud technology.
Maher says he was struck by Crypto Club's attention to blockchain technology even when the cryptocurrency craze was in full swing. Maher himself was interested in the cryptocurrency around the "crypto boom" of 2017 and added cypto to the traditional list of things he had invested in, such as stocks, bonds and commodities. After doing some research, he learned what blockchain technology really was and joined the Crypto Club to find out more.
"The guys were all very knowledgeable about what it was, and they took it a step further," said Maher. "Rather than talk about the savage movements of the price of time, they would have really analyzed the great players in the crypto and blockchain space."
The enthusiasm for blockchain technology eventually led the club to change its name to Blockchain in Dartmouth. Maher and other members also pushed the club to move away from cryptocurrency and to blockchain applications in general.
"We get a lot of kids coming in because they know about cryptocurrencies and the amount of money that people make on them," Maher said. "But let's move the narrative instantaneously to learn what blockchain really is in. Do not pretend like you know it just because you made money with [cryptocurrency] trade. We really want to educate children about real technology ".
While Blockchain in Dartmouth has begun to focus less on cryptocurrency specifically, there is no denying that the future of cryptocurrency is still of interest to club members. Although Bienstock and Maher are both somewhat dubious about the idea that cryptocurrency will gain enormous popularity, Flores believes it could still have a significant impact, as it is an incredibly multifaceted technology that has the potential to be slowly integrated into our economy.
"He's following a very similar cycle that the Internet has done," said Flores. "There was a huge bubble, then it crashed, but the infrastructure was still there. [the Internet] it slowly started to be introduced, and now everyone uses it. I think [cryptocurrency] something similar will follow. "
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