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D18: Do you know the blockcahin works? Plus, JP Morgan launches their own digital coin..
Title:
The Blockchain Explained
Date:
Saturday, June 4th 2022
Domain:
BUSINESS
Life lesson:
The blockchain technology is being used by institutions NOW.
Core idea:
I want to explain how blockchain works so one can make sense of its implied economic benefits.
Fact #1:
HIGH RELIANCE ON TRUST
Our current system relies on high levels of trust.
Because of this lack of trust we have created a monetary system that needs verification in every corner.
Fact #2:
TRANPARENCY FACILITATES TRUST
Blockchain technology provides a framework that adds transparency in the digital age.
A system of hash tags creates an open network of information that can be accessed by anyone on demand
Fact #3:
BLOCKCHAINS ARE CUSTOMIZABLE
Blockchains can be public or private
Think of the email system. You have your user name and password to log in (private key) and your email address is your (public key)
Fact #4:
JP MORGAN HAS THEIR OWN DIGITAL COIN
JP Morgan created their own digital coin it's called the JPM coin
The JPM coin has to abide by certain standards to comply with regulations. I feel the lack of coordinated regulation is what is holding back blockchain technology from broad adoption.
Action:
Shoot podcast
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By Joe SotoTitle:
The Blockchain Explained
Date:
Saturday, June 4th 2022
Domain:
BUSINESS
Life lesson:
The blockchain technology is being used by institutions NOW.
Core idea:
I want to explain how blockchain works so one can make sense of its implied economic benefits.
Fact #1:
HIGH RELIANCE ON TRUST
Our current system relies on high levels of trust.
Because of this lack of trust we have created a monetary system that needs verification in every corner.
Fact #2:
TRANPARENCY FACILITATES TRUST
Blockchain technology provides a framework that adds transparency in the digital age.
A system of hash tags creates an open network of information that can be accessed by anyone on demand
Fact #3:
BLOCKCHAINS ARE CUSTOMIZABLE
Blockchains can be public or private
Think of the email system. You have your user name and password to log in (private key) and your email address is your (public key)
Fact #4:
JP MORGAN HAS THEIR OWN DIGITAL COIN
JP Morgan created their own digital coin it's called the JPM coin
The JPM coin has to abide by certain standards to comply with regulations. I feel the lack of coordinated regulation is what is holding back blockchain technology from broad adoption.
Action:
Shoot podcast