CoinGeek Backstage with Dr. Craig S. Wright

Making accounting sexy again: Dr. Craig Wright on using blockchain in everyday lives

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One key focus for Dr. Craig Wright in his The Bitcoin Masterclasses series has been educating people on practical use cases for Bitcoin in everyday life. In an interview with CoinGeek Backstage, he talked about “making accounting sexy again,” how Nike missed the mark with blockchain, and the use of blockchain in taxes and expenses.

In Zurich, Dr. Wright touched on the age-old computer science problem: garbage in, garbage out. The solution is twofold–for one, we must ensure that all the entry is done correctly. Second, we must ensure that the data, once recorded, can’t be altered or manipulated, and this is where blockchain comes in, the nChain chief scientist told CoinGeek Backstage host Becky Liggero.

“…we want to make sure we never have the ability to change or alter that (data), but rather to hand that information from machine to machine, with hashes checked so that nothing ever alters.”

In Zurich, Dr. Wright touched on how Nike missed the mark with its entry into blockchain technology. The apparel giant integrated digital avatars at a time when NFTs were soaring, but Satoshi believes there were better blockchain applications by the company.

One practical example is integrating technology into their shoes, allowing users to track their activities and store this data securely on a blockchain platform. Such a service would allow fitness enthusiasts to monitor their progress through their phones and share this data securely.

Taxes are another field needing automation, and blockchain could be useful, Dr. Wright added. Anyone could digitize their expenses, making it easy for tax authorities to levy taxes in an automated manner.

Making Bitcoin practical in everyday life is a mission Dr. Wright is committed to, and he plans on giving his lectures around the globe well into the future.

“I’m just going to keep going. We’re far behind on the patent list that I’ve been putting in; when we run out of those, I’ll stop,” he said.

The Bitcoin Masterclasses #3 in Zurich: Accounting & mapping transactions on chain

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New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.