Blockchain? Bitcoin?

Lawks! It’s 6a.m. on Friday and I haven’t written a word!

The Youf of today!

They have no dithipline..!

Hold on while I put my teeth in… but… I’m not anymore a youf!

Yeah! … but I got no dithipline either!!

What has been buzzing about in my head is blockchain. The name evokes in me an image of a block and tackle, which is a marvelous system giving great strength to allow the lifting of heavy weights.

Well, there is no system heavier than our economic and financial systems which seem to cater well for only 4% of the world, the rest of the world bends and buckles and starves…

Spurred on by the financial calamities and failures of corrupt financial institutions in 2008, Sakoshi Nakamoto devised the bitcoin and the blockchain system to enable its implementation.

 

 

Trying to understand all this stuff nearly blew my few remaining fuses, but I think it is important stuff to know, so here is a YouTube explanation which may help.

Essentially bitcoin is digital currency with a limited number, which is digitally protected from double use and the blockchain system verifies it.

The blockchain is a totally secure public record or ledger of verified transactions which cannot be changed or altered.

What it does (You have to watch the video a couple of times) is create complete trust in the system. The implications are huge and will see banks shrink and many accountants fade away – the system will become a totally accurate bean-counter, which can tell you in real time how and when every bean was utilised. Because individuals can use the system, handling fees disappear, time delays are no more, records become totally reliable…

In early 2017, the Harvard Business Review suggested that blockchain is a foundational technology and thus “has the potential to create new foundations for our economic and social systems.”

Well, that seems to be a step above fake news to me…

The use of blockchains promises to bring significant efficiencies to global supply chains, financial transactions, asset ledgers and decentralized social networking (Wikipedia). The blockchain is being used for identity and voting systems, real estate and insurance, payment systems and crowdfunding… all because it creates TRUST and reliability. Banks are scrambling to assess its impact on them and how they can adapt or they know they will die.

A bitcoin’s price at the moment is $7738(US$, I assume). An article in Forbes 2 days ago says:  Before the average Bitcoin investor sells … Bitcoin prices could reach very high, $196,165 per coin – roughly 30x the digital currency’s current value.

I think I am going to buy a bitcoin….

Sorry to complicate your day … but I think it is important to know about this stuff.

I hope my accountant daughter and Nat who is a new age logistics wizard read this!