The Coming
Originally published at http://sellbloc.wordpress.com
The specters of protectionism, geopolitical competition, and weakening international integration have recently made the underpinnings of global commerce seem insecure. We’ve grown up under the influence of Central Banks, Federal Governance and today, central services like Facebook, Twitter, Linkedin, Google and iTunes, to name a few. Central processes do not serve the majority at large, but have the affect of creating stronger divisions between buyers and sellers. Most small businesses today require the intervention of a middle man, who in most cases reflects the corporate attitudes that disallow freedom of speech, privacy, security and peer to peer communication between parties. By the time the message reaches the intended audience, it has been convoluted and much is lost in the translation. The internet has solved this problem in theory, in that now smaller businesses can compete with corporations on an equal platform. However, “In theory“, is the operative term here since corporations have greater access to to savvy marketing processes like programmatic, social media and Big data. The solution? The Blockchain.
THE BLOCKCHAIN
A blockchain is a decentralized and distributed digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. A block is the “current” part of a blockchain which records some or all of the recent transactions, and once completed, goes into the blockchain as permanent database. Each time a block gets completed, a new block is generated. A blockchain facilitates secure online transactions.
Nine benefits of Blockchain technology
1. Disintermediation & trustless exchange Two parties are able to make an exchange without the oversight or intermediation of a third party, strongly reducing or even eliminating counterparty risk. 2. Empowered users Users are in control of all their information and transactions. 3. High quality data Blockchain data is complete, consistent, timely, accurate, and widely available. 4. Durability, reliability, and longevity Due to the decentralized networks, blockchain does not have a central point of failure and is better able to withstand malicious attacks. 5. Process integrity Users can trust that transactions will be executed exactly as the protocol commands removing the need for a trusted third party. 6 Transparency and immutability Changes to public blockchains are publicly viewable by all parties creating transparency, and all transactions are immutable, meaning they cannot be altered or deleted. 7. Ecosystem simplification With all transactions being added to a single public ledger, it reduces the clutter and complications of multiple ledgers. 8. Faster transactions Interbank transactions can potentially take days for clearing and final settlement, especially outside of working hours. Blockchain transactions can reduce transaction times to minutes and are processed 24/7. 9. Lower transaction costs
By eliminating third party intermediaries and overhead costs for exchanging assets, blockchains have the potential to greatly reduce transaction fees.
What Does It All Mean?
Decentralization suggests greater responsibility or autonomy and less reliance on a central committee that sets the rules of the game. This anarchist attitude, although at first glance can appear unsociable in a world of “likes” and “follows” is in fact the opposite. No longer are we confined by the rules of a central platform but are free to discuss and debate among ourselves what is mutually beneficial. Privacy, in world of prying eyes gives us choice.
Bitcoin, has disrupted the world of banking in that banks no longer set the rules. we now own the private keys to our own deposits and have free will to set the hours of our banking establishment.
The blockchain has indeed multiple uses and will provide enlarged disruption in this centrist world.
The blockchain is a decentralized system. Decentralization is a removal of powers; specifically, government : the delegation of power from a central authority to the people. In a nutshell, decentralization means free market, free will or freedom of choice.
A decentralized blockchain implies digital ledger running across several nodes or points of reference. This represents what economists label “economies of scale” and perhaps a chance to really compete on an equal footing with those corporations who now control the playing field. SellBloc’s private ledger will allow independent artists the ability to self governance.
Transparency, self determination, freedom, security and privac
That said, governance and over sight always leads to the same outcome. It opens the door for a few bad actors to assume a position of control over the many. Once in place, it provides a target for other bad actors to challenge the control of the status quo.
As James Baldwin so aptly described:
“Words like freedom, justice, and democracy are not common concepts; on the contrary. They are rare. People are not born knowing what these are. It takes enormous, and above all, individual effort to arrive at the respect for other people that these words imply”.
One thing he is certain. The blockchain needs no governance. The people are smart enough to figure it out without adult supervision.
That is SellBloc.
