Grand Forks professionals will host quarterly meetings in hopes of teaching others in the business community about blockchain and digital currency trading.
The North Dakota Blockchain Group met last week at The 701 Coworking space with about a dozen people to kick off sessions on exploring the impact, opportunities and challenges of digital trading. Daniel Schott, a senior business analyst at Experian Health in Grand Forks, described blockchain as a method of exchanging digital currency and information, he said.
“Think of it like an infrastructure technology,” he said. “You can call it a technology that allows individuals and organizations to work together more efficiency and without intermediaries.”
Blockchain can be used to exchange online currency like bitcoin, among other things, Schott said. The advantage is cutting out the middleman.
Blockchain software is regulated by federal securities rules, and though it is a relatively new concept, more people and businesses are starting to use it, Schott said.
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Fargo also has an educational blockchain group. The Grand Forks group wants to help business people understand the technology as it becomes more predominant.
“The first thing is education and understanding this technology,” he said.
