May 2019 Meeting Notes Blockchain 101

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blockchain101

·        President Kim Boaz opened the May meeting.

·        2nd Quarter Social of the Woodard Group- May 6 from 5 – 7 pm at The Rose & Thistle Public House patio at Broadway & 24th on the Eastside. The social is open to spouses and friends as well.

·        Free ReceiptBank dinner to discuss their app on May 8 but need to register.  Also shown on the ASAP and Woodard Facebooks.

·        There was positive feedback of the last virtual happy hour.  Feel free to jump in anytime.

·        Today’s topic: Bitcoin vs. Blockchain; presenters:  Jennifer Dymond of Spire Consulting Services and Phoenix.  Jennifer’s website is Spirecs.com and she offers technology consulting services. Phoenix teaches free Bitcoin 101 classes once a month at the Flying Pie Pizza on the first Monday. Phoenix’s website is BitConsultants.org.

·        A distributed ledger is a database maintained and updated by multiple independent participants (nodes) in a large computing system.  Examples = peer-to-peer networks; Napster and blockchain.

·        Blockchain:  block = set of information; chain = sequence of items of same types.  Digital information stored in a public database.  Some companies require their vendors to use blockchain, such as Walmart.

·        Bitcoin is an open sourced technology.  Data miners are incentivized to receive a miner’s fee by being the first to verify data in a block.  There will always be 21 million bitcoins.  IRS classifies bitcoin as a capital asset.

·        There are more than 4,000 crypto currencies today.

·        Upcoming Meetings:

·        The next ASAP meeting will be June 6, 2019.  The meeting topic is to be determined.

·        The next Woodard meeting topic is Keeping Client Data Safe.  Location is McMenamins Chapel Pub.

·        There is a virtual meeting called “Zapier through Zoom” May 21 from 4:30 to 5:30. Zapier is an app that integrates plug ins.  It can connect multiple apps and sends data in a customizable way.  It can automate leads through QuickBooks plus many other apps.