Blockchain technology first became know as the basis of the cryptocurrency “bitcoin.” blockchains are distributed transaction ledgers storing record data without central coordination by using a consensus-based mechanism to check the validity of transactions. Blockchain encrypted ledger entries distributed over the Internet: Altering or falsifying them without discovery is, as a practical matter, impossible. Since its first use in 2009 for bitcoins, some are calling blockchain technology the greatest revolution in accounting since the development of double-entry bookkeeping almost 500 years ago.
About Owen Gallagher
Owen Gallagher is an experienced insurance litigator as well as a certified mediator and arbitrator who specializes in insurance industry disputes. His interest and affinity for insurance began at a young age working the counter at his father’s assigned risk agency in Roxbury. Over the course of his career, Owen has argued a number of cases in the Massachusetts Supreme Judicial Court and has helped agents, insurance companies, and lawmakers alike with the complexities and idiosyncrasies of insurance law in the Commonwealth. Owen can be reached here.