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Wednesday, January 4, 2017

Bullish on Blockchain, Or Full of Bull? How You Can Avoid The Frauds

As of this writing, most digital currencies of consequence are soaring with double digit percentage gains over the past week if not the past day!

Renewed interest in all things "blockchain" has followed. That interest is flowing towards the omnipresent commentary about how "The Blockchain" will solve all manner of human problems large and small.

Want to have immediate transaction clearing? The blockchain will handle that. Sure. Someday. Just trust us.

Want to end world wars and terrorism? The blockchain will have an app for that!

Want to stop food from spoiling? Yeah, the blockchain can do that too.

These are the fantasies of the utopians, the tech lovers and science fiction geeks whose faith in human intelligence to ultimately provide these solutions is both unbounded by and, too often, ungrounded in reality.

Blockchain technology can be a platform for great innovations, advancements and improvements in commerce, science, education and recordkeeping. It can be a main pillar of the next wave of human civilization in which the information economy is not merely a feature but rather a core element.

Yet the dreamers are too often followed by the schemers. The people saying that blockchain technology will solve your problems -- and get you rich quick in the process -- are confident only that it will solve THEIR financial problem, and your capital is the solution.

Any real solution starts with an understanding of the gravity of the problem.

We are rapidly moving into a post-fact era where impulsivity replaces intelligence and bravado replaces mature judgment. In this new world, we need a renewed appreciation for and value of the sanctity of information.

There's something else here as well. The value of information is only as good as the information itself. Throw bad content into the blockchain and, absent a strong external
Quality Control mechanism which may contradict the very nature of blockchain, the content remains. Because it is valid -- even though in its valid state it may have impure data.

The blockchain can be a great preservative. But it cannot guarantee a great crop yield and it cannot guarantee the food will get from field to table in one piece or in edible condition. As with perishable food, no amount of refrigeration will restore food which has already gone bad before it gets to the blockchain.

A mature view of this technology will accept its current limitations and identify the real present day problems that can be solved today. Focusing on stuff that sounds like it came out of a "Star Trek" movie is great for showing off. For the rest of us, we need to solve real world, real life problems and we need all the focus we can summon to accomplish what's real.




Without that appreciation, the blockchain is worthless.

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