A few thoughts on blockchain technology

  • Fundamentally speaking what makes the blockchain technology so great?
    Actually a lot of naysayers discard it as nothing more than public database. I think people who say that either live in a bubble or don't really have any real world experience.
    The other day we were talking about charities and why they are so unreliable. I love to give money. I would like to give all my money to the poor and needy before I die. As a matter of fact I have a religious obligation to do that.
    My issue is that I have no insight into where my money goes. What is the distribution like? How much money is being given to the people who actually need it and how much money is being used to compensate the employees or owners of the charity.
    See the problem with these enterprises is that there is always a centralized authority sitting in the middle who gets the money and distributes it to run the various segments of the charity. This central figure, sometimes known as the finance department, distributes the money according to some predesignated plan which the outside world has no clue of. At the end of the quarter or year the people who give to these charities get reports that have material set by the standards set by External Reporting Board (XRB). The problem with these reports is that they are created by the people working for the company and there is no way to prove their accuracy.
    This is exactly where the blockchain will come to the rescue. With the blockchain I can see right away where my money is and who its going to pretty much in real time. The rules of the charity are dictated in code and are immutable, which means once written they can't be changed unless the community agrees to a hard fork of some sort.
    Now I dont even think this is the coolest part of what makes a blockchain so great in these cases. Essentially the blockchain is a self governing system. Yes, I said it. It governs and funds itself in a transparent manner. In another words you can almost call it a living breathing organism on the internet that grows itself. This I think is the coolest part of a blockchain.
    Finally the expanse team is using the technology in a great way with borderless charity, borderless identity management, voting and quest platforms.

    If you have any questions feel free to contact me at [email protected]. I can always be found on the expanse slack channel with the name @omarsiddiqi.

  • This is great,thanks for sharing your thoughts on blockchain.

  • Nice thoughts. It was very intersting!
    By the way, i am working on https://www.cryptocurrency2buy.com/coin/310-Expanse

  • @omarsiddiqi this is such a great thought! 😍