Blockchain explanation, applications, and possibilities…
Omid Malekan, author of “The Story of the Blockchain: A Beginner’s Guide to the Technology Nobody Understands“, blogger, and Explainer-in-Chief at Triple Smoke Stack (a publishing, consulting and educational firm that specializes in bringing the latest advancements in blockchain technology to traditional companies) joins Thomas Kutzman and Scott Pollack in the MouthMedia Network studios powered by Sennheiser. Presented by Prevu.
Malekan on Blockchain – technology that gives digital items physical propertiesPhysical things can only exist in one place at one moment in timeBecause of crypto tokens big public blockchains epxploded in valueMore and more industries are looking at blockchain, including real estateThere are many applications beyond crypto currencyBefore the Internet, restrictions of physical existence worked but blockchain reduces friction or restrictionsDigital items are replicableMusic is a great example of an application of blockchain that can be of valueBlockchain exists on a spectrum, with varying degrees of how to apply it, and is by nature often decentralizedA process to keep you honestA consensus mechanismBitcoin is slow (only a few transaction per second)Losing a key/passowrd to access, the value is lostReal Estate doesn’t change hands without people knowing about it, likely a blockchain run by government for property in the futureUsing blcokchain to potentially democratize ownership and mortgagesHow REITs were like an early tokenization, good step in that directionWhile REITS are cumbersome and expensive, can take the REIT model and issue tokensi instead, a tradeable avatarA lot of creativity possibleLike a co-op model, real estate distilled down to sharesA home is an indivisible asset, tokenization can enable that, financing aspect – you go to one bank, one loan, future can offer breaking debt into pieces each with other peopleFractional ownership, fractional debtNomadic lifestyles enabled by fractional ownership shares in properties to live in places not regular residence, like a timeshareCreatively applied can improve on good parts, lose bad partsAirbnb a perfect example of Web 2.0 kind of business, someone builds platform, people use it, and most of value goes to owner of platform.Whether a value of Blockchain can be to mediate disputesHow you can determine cryptocoin has value despite being digitalBecoming The Explainer in ChiefModel United Nations, learning to debate, valuable life lessons that it was a popularity contest, not all about substance, from moment you walk into the room relationshipsArtifical Intelligence replacing jobsSee omnystudio.com/listener for privacy information.