What is Blockchain technology – Vinay Gupta explains

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This is important and relevant. Its impact will be felt way outside of ICT and transactions that rely on TRUST. 

  1. Introduction Key to the Network Society under construction is that everything in the value chains that do not (or only now and then) add any recognizable value will be kicked out of the chain or bypassed. That means that these ‘zero contributors’ can not be relied on / trusted /cost time/ are obstacles. Action: they are DIS-intermediated. If you do not help solve problems you end up being a problem. I am sorry to say that many once super successful companies and government departments are facing this Darwinian reality. Examples of such intermediaries are former PTT’s, some selfcentred energy companies, some newspaper publishers, some taxi companies, some accountancies and some banks. Goodbye !? 

Their reaction to the inevitable: takeovers to increase their economy of scale in foreign markets they do not know much about or strange new extra ventures to increase their economy of scope in market segments they have no clue about. Rather sad. 

At the same time we see new ventures growing up like a rocket and increasing with exponential (short constant doubling time). These ususaly are digitized at their core.

Distributed ICT services but network-centered. Examples are Easyjet and Ryanair which in fact are distributed reservation systems. The rest (even the flying)  is peripheral to that. That does not mean that these systems have no connections with external computer systems. they surely have like KLM has link with AirBnB for their passengers to reserve rooms for when they arrive. And to banks for payments of tickets etc. 

Enters Blockchain. IMHO it is an online syntax system-distributed trust ledger for transactions. The semantics are split out of this system and are to be part of the smart contracts which parties who use it, P2P without intermediaries must agree on.

Examples are available from for instance  Etherium  and  under construction is “Project DÉMOS”.

2. Video you can see of the tutorial about what Blockchain is, will bring and how important it is:

[ Vinay Gupta (@Leashless on Twitter) about Blockchains, neuropolitics, and the need to read cyberpunk  ]

3. Formal article of what he presented at the recent ConsenSys conference in Rotterdam(? )you can read here: 

https://medium.com/@ConsenSys/programmable-blockchains-in-context-ethereum-s-future-cd8451eb421e#.fni2zshkp  ] 

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4. The present evolution of ICT software is extremely fast, and ever the few supernerds (my heros) who are building it while they learn together have difficulty to keep up. So time to explain it to their partners and their parents is nearly nil.

Maybe it should be best to film them now during their struggles behind keyboards so we at least have historical records for future amazement at what they accomplished. It will affect everything around us. A nervous system and distributed collective intelligence with distributed authority on a worldwide scale.

And why do these whizzkids do it ? “Because they can  !!!”

Jaap van Till, TheConnectivist        See on Twitter #IchBinEinConnectivist

 

 

 

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One Response to What is Blockchain technology – Vinay Gupta explains

  1. Pingback: What is Blockchain technology – Vinay Gupta explains | kwalitisme

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