The words "blockchain technology" have taken over public discourse in recent months, but do you know what it really is? Michael Terpin, founder and CEO of Transform Group, explained just how impactful and just how important the technology behind bitcoin could become at TheStreet's investor boot camp this month.
"It's a layer of value on the internet," Terpin said. He explained that the development of the internet was slow at first, then it boomed with the introduction of the world wide web. The same could happen for blockchain technology - a move from a niche audience to absolute global ubiquity.
"The most important thing to understand isn't the ledger. It's the tokenization," Terpin said. "It's the difference between a digital asset and a digital file ... infinite reproducibility is the hallmark of the digital file. You don't want that with money. You don't want that with records," Terpin explained, noting that blockchain allows for digital assets that can't be reproduced.
"Right now it's growing at a faster pace than the internet and a faster pace than social media, and those are pretty ubiquitous right now," Terpin said.