“The profit system follows the path of least resistance, and the path of least resistance is what makes a river crooked.” — Utah Phillips

It is no secret that late stage capitalism has its issues, and they are not going away. …

Image credit: allerin.com

Yes, the original blockchain concept was only created to solve the accounting issue of “the double- spend conundrum” of digital currencies, which, along with sounding boring, also comes across as very, let’s say, niche. How is such a specific “conundrum” supposed to apply to anyone without an accounting degree? Excellent question.

But if you look closer, the ingenious structure of a blockchain can be applied virtually anywhere, and offers to upgrade the existing, antiquated system of centralization and authority of one governing body, to a system wherein the authority is inherent in the consensus of the participating crowd. Think of…

Image source: Lifeboat Foundation

When creating the technology behind Bitcoin, Satoshi Nakamoto envisioned an efficient, peer-to-peer payment system that required no institutional involvement. Ten years later, beyond changing payment systems or inciting wild investor frenzies, the technology at the heart of Bitcoin holds the potential to have a profound impact on the world’s social sector in the 21st century.

Though the word ‘blockchain’ is currently most associated with various forms of digital currencies, the technology can be used to record virtually any form of data exchange in a secure and trustless manner. Anything from property sales to supply chain management can benefit from the…

Image source: techcrunch.com

Though the original blockchain was only created to solve the double-spend conundrum of digital currencies, the ingenious structure of a blockchain can be applied anywhere, offering advantages of accountability, efficiency and transparency. Let’s take a look at some industries that could benefit from the new technology.

Identity Management

A static blockchain of identity-related information can become essential for businesses, governments, and individuals alike. For the individual, it provides unprecedented ID security. Everywhere we go, we are constantly being asked to share personal information to gain entry into places or access services. …

Image source: securityri.com

If you keep up with cryptocurrency news, you have certainly heard about the cyber theft running rampant in the industry. According to CNBC, the total amount of stolen cryptocurrencies in just the first half of 2018 was $1.1 billion. With blockchains being touted as these amazing, impenetrable networks, you may be wondering how it is possible for so much crypto to get swiped.

The simple answer is that the majority of thefts have nothing to do with vulnerabilities in the blockchains themselves, but can instead be attributed to human error. …

Image source: Bitcoin Market Journal

Cryptocurrencies are not all the same. There are several different types of coin and tokens, and by that I mean there is a variety of different behaviors that different cryptocurrencies resemble. This is because the people making these currencies are literally writing the rules for how they work. Sound confusing? It is, and for this reason, I am going to drill into the main types of currencies that are currently on the market.

Security (Equity) Tokens

Security tokens are tokens that act as stocks or shares in a company. Often these coins employ Proof-of- Stake systems (PoS), in which token…

Image credit: debeterewereld.nl

Blockchains were originally made to circumvent centralization, as I wrote about here. The inventor of blockchain, Satoshi Nakamoto, was interested in cutting intermediaries out of many systems, specifically payment systems, and the solution was to create a a pure peer-to-peer system that would be validated by participants anywhere in the world. With all of this excitement around blockchain technology in the media, many businesses have started to explore the idea of creating a privatized blockchain. But if the whole purpose is to decentralize, what is the point of privatizing it? Excellent question.

What is a Private Blockchain?

In contrast with…

Image credit: blog.scconline.com

Blockchains were originally conceived for the purpose of circumventing centralization. The inventor, Satoshi Nakamoto, wanted to cut intermediaries out of payment systems and make a pure peer-to-peer system that would be validated by participants across the world. Here are some key points to understand the pros and cons of a public blockchain.

What is a public blockchain?

A public or “open” blockchain is a transparent record of transactions that can be confirmed by anyone who cares to participate in the network. There is no requirement to meet conditions for admission into the network. Anyone with a computer and Internet access…

Image credit: CoinCentral

Often times, working in the blockchain industry, I am asked to explain what Bitcoin and other cryptocurrencies actually are. What is their value? How are they created? What is the point of it all? To help clarify things, I’ve defined these terms and simplified them with analogies and metaphors that even your grandmother could understand.

What is a cryptocurrency?

A cryptocurrency is a digital currency in which cryptographic techniques are used to regulate the generation of units of currency and verify the transfer of funds, often operating independently of a central bank or authority. Imagine trying to throw a dollar…

Blockchain is enabling a new way to buy real estate.

In 2016, the real estate transaction volumes in the U.S. totaled $491 billion. While the sales of U.S. homes decreased dramatically in the wake of the 2008 financial crisis, they’ve been on the rise since 2011. In 2016 alone, 560,000 houses sold throughout the country.

As the real estate industry begins to grow once more, lots of financial specialists are indicating that it should start looking toward blockchain.

And for good reason:

The Bitcoin network is more powerful than 500 supercomputers working together, and alternative currency Ethereum now has a global market cap of more than $27.2 billion. …

Monika Proffitt

Monika Proffitt is a serial entrepreneur, speaker, and author of Blockchain 101: Fundamentals of a New Economy.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store