Wyoming Business Report
LARAMIE — A state task force will meet Thursday and Friday in Laramie to discuss legislation that could shape Wyoming’s landmark blockchain laws.
If enacted, the laws under consideration could change the landscape for real estate, banking and energy, among other industries.
“I think over the next decade or two, a lot of traditional assets will be issued in blockchain form,” said Blockchain Task Force member Caitlin Long. A former University of Wyoming graduate, Long dove into blockchain through her business in New York.
Blockchain technologies use the power of a network to make a ledger more secure, said David Pope, a certified public accountant in Cheyenne who acts as executive director for the Wyoming Blockchain Coalition. In a traditional database, a single server holds the master copy of the data, which can be accessed from authorized computers. If the server is hacked or one employee is too loose with login info, you have an Equifax breach. Or an Anthem. Or a Target.
With blockchain technology, every computer or node that has a blockchain on it houses the entire database, and instead of one executive decision making vast changes to the database on demand, it takes majority approval from all computers on the chain.
“You have to attack all the computers at once” to hack into a blockchain, Pope said.