Can BlockChain Be The Right Mix For Cocktail Conversation?

No Jargons, Block Chain for the Uninitiated — Yet Interesting

Photo by Jez Timms

Mob or crowd — the word choice matters.

Internet is a concept– you do not see it, you can feel its presence.

That is all cool. Is there a formal definition of Blockchain?

The global agreement on the definition for Blockchain is yet to crystallize. Let me share the simplest definition I am comfortable with (slightly modified from Ritesh’s definition):

A blockchain is a decentralized technology — distributed and incorruptible digital ledger that is used to record transactions across many computers.

What do you believe are the key takeaway words here?

If Blockchain could be back office bonanza why did it start with a currency like Bitcoin?

Simple answer — incentives for the bookkeepers.

What are the application areas beyond Bitcoin for Blockchain?

The best answers are often embedded in understanding why something was created in the first place.

All this really looks like the art of the possible, what are the realistic chances? Will banks and central ledgers be out of business?

Did the post office go out of business due to the Internet? Margins diminished for sure. At the same time, deliveries are finding resurgence after Amazon’s growth. What you used to get at a grocery store comes home. Delivery has convenience benefits.

All sounds great and let us assume Blockchain takes off like the Internet. What is the real tradeoff while embracing blockchain?

Trust.

All the discussion about motives is good, one simple technical question — why is it called blockchain and not transaction ledger?

Chain part is straight forward. The transactions need to linked in a sequence that all agree. When you have multiple copies of the ledger — the sequence is as important as the transactions.

Bringing it all together

The internet reduced information friction — reduced the cost of transmitting information. Google and Facebook became the middlemen. Google’s vision was “to organize all of the data in the world and make it accessible for everyone in a useful way.” Facebook vision is to connect people all over the world. How they make money is through advertisements.

Stories to fuel your mind. Theme: life’s hidden treasures in plain sight. Goal: Warm tone, solid content, crisp stories. About me: one google search away.

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