Walter Hodge
A Blockchain characterized as a distributed ledger, where individual nodes (P2P) validate and post immutable transactions is a growing technology seen from many as the next big game changer since the internet. Unlike centralized systems like the Federal Reserve, no one authority has control over the informational data, this provides various benefits to both organizations and consumers. A blockchain provides transparency, reduces transactional cost, and is more efficient. In addition, a blockchain has a wide variety of use cases, for example, law enforcement can utilize a blockchain to preserve evidence, so control is not centralized in the precinct where lobbyist have an ability to falsify or manipulate data. Similarly, property records or deeds can be preserved and even the latest technology for IoT can be secured and improved by using smart contracts. However, blockchain is not without its challenges, many questions are raised regarding regulatory requirements, confidentiality, and scalability. These hurdles and many others will need to be addressed to see global adoption. The lectures on Systems Thinking comes to mind, just like “The Water Cycle” the value that can be obtained from Blockchain, first must be considered by its impact on the economy, society and government before a purpose, with clear boundaries & a complete transformation (emergent property) can be obtained.
Works Cited
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Rajesh Kandaswamy, D. F. (2018, October 8). Blockchain Technology Spectrum: A Gartner Theme Insight Report. Retrieved from Gartner: https://emtemp.gcom.cloud/ngw/globalassets/en/doc/documents/3891399-blockchain-technology-spectrum-a-gartner-trend-insight-report.pdf
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Blockchain is incredibly diverse, and individuals are creating their own systems, while massive industry giants like IBM work on their own blockchain projects. Do you think blockchain will eventually be overrun by the large corporations with their immense resources, or do you see it continuing to be driven by members of the community? For example, if IBM and Visa were to release a blockchain technology as the standard for instant, international transactions, do you think it would be able to dominate the market and drive other blockchains and cryptocurrencies into obscurity?
Great post Walter.
I always viewed blockchain as a tool for businesses to use for transactions to cut costs like the “middle man” which could be banks. I think you make a very interesting point on how blockchain could be used for police officers to preserve evidence. I also believe blockchain is the future and will eventually because like you said, organizations like the Federal Reserve would not have all the authority over the data. Especially after how popular digital currency like Bitcoin has become. With technology becoming a bigger part of business more and more each day, I believe blockchain will change the game for digital transactions.