Monday, February 19, 2018

Blockchain Technology I

Blockchain Technology
A little over 20 years ago I became aware of how the understanding and use of information technology (IT) as a tool for empowerment would soon become a major factor in personal and community economic development opportunities not only in Harlem but thought the world.
In 2000 as Director of the Office of Urban and Governmental  Affairs at the City College of New York , my office hosted one of the first two day information technology community awareness conference for Harlem residence “Teach Harlem”. The IT awareness conference was in partnership with Columbia University along with organizations and businesses in the civic, public and private sectors. I wrote a statement in the conference program that “the greatest form of discrimination in the information age will be the lack of access and understanding of the use of information technology.

It took some time for many of the people in my network of family, friends and associates to fully understand what I was trying to say about the importance of IT awareness at that time; but now some of those same people would not think of living or doing business without the World Wide Web. Information technology has become the most effective way for the world to move information and data. I am now convinced that Blockchain technology (BT) will soon become the most effective way for the world to move currency and to trade services and objects of value.

I received a tremendous response from my recent article on Crytocurrency , I apologize for not getting back to some of your calls. My email is the best way to get to me; but I am very happy about the interest. We all know about Bitcoin and other types of Cryptocoins but just as 20 years ago I thought it was important to understand the game changing power of IT I believe it is just as important to now become aware of the future game changing power of BT.

The bitcoin blockchain is the most used due to the  current value of  bitcoin but a blockchain  can be used by any form of virtual currency coin also known as cryptocurrency. Blockchain technology allows value to be exchanged between two parties without a third-party. BT technology will authenticate and log any transaction and make it available in a public ledger called a block.

This might sound complex but most people do not know how the internet works but they know how to use it. If you have a business that provides a service it might be wise to explore how to receive the value of your service in cryptocurrency. Soon you will begin to see cryptocurrency ATMs and credit cards that will not be control by banks or credit card companies; blockchain technology will eliminate the middleman.
In the near future blockchain technology will not only be used for digital cash transactions. Just as creativity has produced many ways to use information technology, there will be many creative ways developed to use BT as a tool to transfer goods and services.  

 This will be a two part article next week I give more details about how blockchain technology works with a focus on crypto mining.
Don’t allow the hype about bitcoin miss lead you blockchain technology is what makes the bitcoin and any other type of crypto coins work. This is a very exciting time BT will in time have the effect  on the use and exchange of currency as IT has had on how we use and exchange information.

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