Blockchain — the new way of tracking cryptocurrency

Maria McGinnis

Cleveland accelerator company Flashstarts explained the rise of blockchain at the Kent State University Library on Tuesday.

Blockchain is a new kind of database used to exchange and track cryptocurrency such as bitcoin.

Blockchain has been a topic of discussion in Ohio since the summer of 2018, when the state legally recognized data stored and transacted on blockchain such as electronic signatures.

Flashstarts, a startup accelerator that aims to help fund and develop early stage startups into becoming successful businesses, spoke about blockchain as part of its “Around the Block” event series.

Flashstarts founder and CEO Charles Stack spoke at the event and expanded on the idea of blockchain, specifically in Northeast Ohio.

“It’s important that we give small companies the chance to explore,” Stack said, “because if you don’t explore, you’ll never discover.”

Northeast Ohio has typically been dead-last when it comes to technology and innovation, falling behind neighboring cities like Cincinnati and Columbus, Stack said.

“There are opportunities around blockchain; I think those are real, but none of us know where the next great technology or opportunity is going to come from,” Stack said.

Blockchain technology has been difficult for some to understand, which is part of the reason why Flashstarts began this series in Northeast Ohio.

Stack urges people with an interest in blockchain to keep up with this rising innovation by visiting Cleveland’s Blockland website and learn how blockchain could potentially advance the future of businesses, government and finances. 

“There’s nothing more exciting than being at the start of an idea that could change the world— even if it’s in a small way,” Stack said.

Maria McGinnis covers technology. Contact her at [email protected]