Gaining Understanding of the Blockchain

August 3, 2018   |   Blog

an abstract image of glowing cubes on a dark teal background

We should think of the Blockchain as another class of thing like the Internet – a comprehensive information technology with tiered technical levels and multiple classes of applications for any form of asset registry, inventory, and exchange, including every area of finance, economics, and money; hard assets (physical property, homes, cars); and intangible assets (votes, ideas, reputation, intention, health data, information, etc.). But the blockchain concept is even more; it is a new organizing paradigm for the discovery, valuation, and transfer of all quants data (discrete units) of anything, and potentially for the coordination of all human activity at a much larger scale than has ever been possible before. This technology has a built-in ‘robustness’ as it stores blocks of information that are identical across its network and can be controlled by any single entity and has no single points of failure. The days of hearing large corporations make public statements  about data breach are long gone. Blockchain technology is the platform that was invented to allow Bitcoin and other cryptocurrencies to function. Bitcoin was invented in 2008 and since then has not had one significant disruption.  This will also lead to the idea of decentralization. Blockchain technology is managed by a network, not one central authority. Stock market trades will become simultaneous and will basically eliminate the need of record keeping.

So, how does this pertain to you? The Blockchain does not need to be necessarily understood for it to provide use in your life. Before using the internet did you actually understand how it works? Probably not, but you used it. Think about the amount of money spent on money transfers. In 2015 the World Bank estimates over $430 billion was sent via money transfer. With the Blockchain this would basically eliminate the middleman. While it may seem foreign now it  will soon become a large part of everyday life.