A peer to peer network (usually decentralized) connected by an incentivized governing protocol that uses private key cryptography to store information on a public ledger.
So WTF does that mean?
You've most definitely heard of Bitcoin, and maybe even Ethereum or some other Cryptocurrency. All of which are exciting, but my fascination lies with the disruptive potential behind these young technologies, that many believe will have an impact as big or bigger than the internet.
Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.
Imagine in the not to distant future that you are the gatekeeper of all your data. The only one with the key to unlock your Amazon purchases, Spotify playlists, Netlix favorites, Instagram likes, local Grocery Store purchases, and so on. Sure Facebook owns your Instagram data too, but you own all your data, consolidated in an unhackable wallet. That data is by far more valuable.
That is how these companies make billions of dollars, by selling little puzzle pieces of information to anyone on the market. It's not very efficient, effective, or ethical.
You can choose what data to sell and to whom. Don't like Walmart, they get none. Kind of like Whole Foods, I'll sell them my social media and food purchasing data from the past year, and they can only have my data for the next six months. If I end up not liking Whole Foods in the future I want the option to no longer do business with them.
A direct relationship with the businesses of your choosing. Closed feedback loop, better products, better services, transparency or lack there of, immutable data that is publicly verified on a decentralized network.
This is only one potential use case for this game changing technology.
Incentive based applications and tasks with microeconomies which are interchangeable via atomic swaps. The gamification of life. And the most valuable component, YOU the 'Prosumer', the Producer & Consumer of content, products, and services.
Blockchain is Antifragile, especially Bitcoin. The more it is attacked, the stronger it gets.
Decentralized = No single point of failure or Control.
This conversation between two of today's brightest minds, Nassim Nicholas Taleb & Naval Ravikant at Block Con 2018, is just a glimpse of the information I'm looking to understand, implement, and share.
This tweet by Naval, sums up the potential of blockchain technology.
Enjoying the Content?
Further down the rabbit hole
If you've made it this far and you're interested in learning more, here are some topics that you might find value in digging deeper.
- Game Theory
- Crypto Twitter
- Decentralized Applications (DApps)
- Lightning Network
- Initial Coin Offerings (ICO)
- Web 3
- Smart Contracts
- Decentralized Autonomous Organizations (DAO)
- Immutable Data
- Bitcoin Carnivores