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Blockchain, uh-yeah! What is it Good For?

Updated: Jul 28, 2021

Imagine, the research paper you have been working on for years has been offered it up for comment to the leading universities for comment and consensus. You move to another project before you have the opportunity to develop the research and finish the patent or copyright. You find your work on-line under another name and another scientist claims the work and provides note books and logs to prove the work is his. Only after costly and time consuming legal and forensic work is your claim proved and the counterfeiter is discredited.

This is the reason blockchain was developed. To prove and protect the integrity of data as it moves thru the public view via the internet. To stake your claim and give notice to everyone as to ownership. To prove beyond a doubt that the research and paper work described is original and true. And to stop counterfeiters from claim jumping.

This is blockchain technology. You may not know where it is best used and it may be invisible to you, but it is a major disruptor in many areas due to the high security it offers, along with transparency. Add to this the low cost and energy sustainability of operating costs. The logistics industry stand to profit immediately as they employ new tools from blockchain technology .

The logistics supply chain and counterfeiting has been a thorn in the side of many manufactures. Nuts and bolts, and drugs, and shoes, and food items. Now, the security that block chain offers can easily ferret out the fake items and even when and where they entered the global supply chain.

The energy sector can claim more profit and less energy waste via the transparency and security of blockchain technology Even Bitcoin mining benefits when excess energy production or off grid energy is utilized to secure the immutable crypto/public ledger utilized by blockchains as new blocks are mined and minted.

A recent report released by the U.N. on blockchain technologies environmental impact praised its benefit to those fighting the climate change issues. This can be brought about due to a more sustainable economy . ( less overall energy usage, as commerce/population increases)

Not the least of the benefits are crypto assets. Real value. tradable, spendable, loan and offer credit, risk instruments and savings for a rainy day. So, the list goes on and on.

Do these attributes remind you of what we call money.

  • Unit of Account

  • Store of Value

  • medium of exchange

The role of Finance in society has always been allocating, pricing, and moving money throughout the economy . No matter how small or large. Two people trading fruits or vegetables in the wilderness, or one nation purchasing an island or rights to fishing and hunting in the arctic. Blockchain will cure many of the problems of moving assets and risk from one economy to another, or peer to peer remittances, or claim of ownership.


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1 Comment

Lori B
Lori B
Jul 08, 2021

I love the analogy, makes it simple to understand! Most of us have written a term paper, and no one wants to have credit stolen from them!

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