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 www.urbanologysystems.com 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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