When it comes to the potential of the little-known blockchain technology, Valentina Isakina, Director of Financial Services at JobsOhio, does not use the word.
It compares the impact of blockchain to the transformative impact that the Internet has had on all our lives.
"Or even bigger," Isakina said in a recent interview.
Governor John Kasich signed legislation in August that makes Ohio one of the less than 10 states to adopt legislation that recognizes the use of blockchain to save and protect electronic records in a wide range of uses, from financial services to supply chain management, real estate and healthcare, and more.
To simplify a little, the blockchain can be described as a secure digital form of recording. However, as important as its supporters say technology is, blockchain and its possible impact remain poorly understood.
This is a modified transcript of a recent interview with Isakina.
reported: Ohio has simply become blockchain-friendly
Dayton Daily News: let's start with a fundamental question: what is blockchain?
Isakina: "Blockchain is a different way of registering, archiving and negotiating with data.If you think about how traditionally the accounting process works with an accounting ledger, registering on the left and right transactions in one place, blockchain, to use A different word is a ledger or a distributed system, which allows several participants in the system to contribute to the data transaction.
"Information is distributed among several participants rather than stored in one place."
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DDN: Why should Ohio worry about the blockchain?
Isakina: "No. 1, this technology is really transformative: if you think about what the Internet has done – and I'm not overestimating here, this is my professional vision – what the Internet has done to advance the way people communicate, the blockchain technology will do the same kind of transformation to how we think about interactions between people, between organizations.
"It's almost like Internet 10.0 in one way, to communicate, and it all happens with a safer platform because of the distributed nature of the information, so instead of being all subject to an intrusion or an information leak from a source, because nobody has it all, it's all distributed among the participants, only the consent allows to archive the transactions. "
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DDN: Columbus hosts its share of large financial services companies, as well as Ohio.
Isakina: "It's important for Ohio to be in charge of this, No. 1. It's really a technology of transformation The fact that we're coming to the table – we were neither number 1 nor number 2, right? take a step back and think about it logically, but it is important for us to be in this space, to allow innovations to take place, because unless it is adapted through legislation, some of the transactions would not be allowed.
"We are now opening the door for new start-ups, new investments in research and development by larger companies, we are in a very, very good point for this innovation to be really tested.
"We are a very large state, and we are a very well diversified state.We have all the necessary components for this technology to be truly transformational.We have financial services.We have health care.We have production."
DDN: how has industry reacted to recent legislation?
Isakina"This has allowed us to examine a large part of the pent-up demand and to go to market, and we see a significant number of startups coming to the plate, exploring a number of blockchain solutions in various applications."
DDN: can you give an example of how this technology will be used in our daily life? Or will it be mostly invisible to us?
Isakina: "The easy answer is that we may not even know that what we are doing is enabled through blockchain, because at the moment we do not know where all our transaction data is stored in. Is it stored by a financial institution or could it be stored by some other part.
"What the customer should expect to receive as an advantage … is that this technology should enable faster, better and cheaper services – things that take longer, such as buying a house and paying for it. If you are a homeowner, you know what the painful process is and how much money you have to pay for your title insurance – some of those knots will be solved.It will be a much smoother and less expensive process for the consumer. This is the ultimate goal of this. "