Is blockchain as popular as tech blogs would have you believe? The BCTF research team sheds light on the controversy

For an industry insider, it appears that the blockchain technology is making tremendous strides. Some might even say that it’s taking over the world. Unfortunately, the extensive research done by the Blockchain Technology Foundation volunteers suggests otherwise: out of 1200 operating officers polled by the BCTF volunteer research team, only fifty-nine have expressed actual interest in implementing the blockchain-based technology solutions for their respective businesses. That’s less than five percent.

However long a pause this development gives you, we actually consider it good news. The operating officers polled in the survey were carefully divided into groups by company profiles, the line of work, general interest in the blockchain technology, whether or not the company is currently experimenting or plans to research the technology’s applications further, and several other factors. Here is what’s interesting.

The BCTF team of volunteer researchers has concluded that the sectors of the economy soon to be impacted the most by the blockchain technology are exactly those that’s been heralded as the leading candidates for improvement through the use of the blockchain technology from the very beginning. In other words, the blockchain technology itself is choosing its disciples.

From the very beginning, the blockchain technology presented itself as an instrument of “saving the world,” so to speak, thus creating a reputation for itself as the technological Messiah of the 21st century. Today, our research shows, business people look at the blockchain as a very specific knowledge base suitable for a very specific type of business. To them, improving business practices through the blockchain applications doesn’t mean to apply it wholesale to everything. Virtually no operating officer of a business is looking to transfer the entire enterprise onto the blockchain. Businessmen are beginning to realize what the blockchain is not — it’s not a business platform or a company website, neither is it a universal remedy for failure. It’s a precision tool.

And the entrepreneurs who can appreciate its precision are mostly from the banking sector, accounting, manufacturing, agriculture, telecommunications, insurance, machine building, shipping, and, of course, the IT industry in the broadest sense of the term. But local businesses, small business owners, medical professionals, government structures, law enforcement, low-tech enterprise, brick and mortar stores, retail businesses — they just don’t see the potential yet, which is baffling, because the benefits of the distributed ledger technology for those types of vocation are evident and abundant.

Alas, the headlong jump into a life-changing experience is not something a skilled manager would be prone to. Overt cautiousness in regards to the blockchain technology is the mid-level management’s go-to approach today when it comes to discussing the prospects and possibilities of the blockchain. Many can’t reconcile their prior business experiences with what the new economy is going to require of them, and that’s where the BCTF can help by presenting its educational programs, social exchange and all the assistance from the regional BCTF offices necessary for the aspiring entrepreneurs to see the proverbial light.

Another problem with perceiving the blockchain for what it is is the lack of confidence in the ability to find personnel with the right skills for implementing projects on blockchains. Again, the BCTF is created with a specific goal of helping potential employers to find the right cadre when the time comes or to train the existing personnel without having to, shall we say, radicalize the human resources policies. Although some restructuring might be inevitable, based on data, the BCTF volunteer researchers are confident that the vast majority of businesses will transfer to the blockchain rails quickly and smoothly without any interruptions in operations.

But the grand fear is finding resources to accommodate growth. Change is intimidating, changing while growing is terrifying — anyone who’s ever been a teenager can confirm. The blockchain technology is still in its infancy but it’s growing rapidly and exponentially. The BCTF is here to help rein-in the fear of change and to fertilize the soil for further acceptance of the blockchain technology-based solutions throughout the world.

How would we go about fixing the world with blockchain? BCTF has an answer

It’s no wonder that the cryptocurrency space commands such intense attention. The investments into various altcoins have brought the early proponents of virtual payment systems the returns that are nothing short of spectacular. In fact, cryptocurrency valuations in 2017 have grown to nearly a trillion dollars, which signifies a 5500% increase from 2014. Compared to the stock market with its puny 7–15% return, crypto appeared to be that “holy grail” of investment every individual with money to burn is hoping to find some day.

But by now, the attitude towards virtual currencies had changed drastically. The list of failed or fraudulent cryptocurrency enterprises is a mile long, and regulators are either unable or unwilling to address the persistent problems in the space. Still, whatever is your feeling towards crypto, its meteoric rise is unequivocally due to the flourishing of the blockchain technology. And the Blockchain Technology Foundation is created to make sure that the proverbial light remains brightly lit for those who realize that the cryptocurrency merely is one of many applications the blockchain technology had spawned.

Indeed, the blockchain technology claims to fame are precisely what the legacy financial system was unable to overcome for centuries. The creation of a decentralized ledger that documents all data transfers in a given space, distributes the data freely and transparently throughout the network and codifies that data’s indelible nature is a giant step toward the new economy.

It’s obvious that the flaws in the banking sector are making our lives miserable. The lengthy validation periods for various remittances drives us crazy. The constant meddling by third parties makes virtually any transaction many times more expensive than it needs to be. The continuous necessity to interact with a physical agent — a banking branch, an accountant, a tax office — slows things down to a crawl and complicates business settlements tremendously. The many other inconveniences are abundant and apparently are not going away any time soon.

The BCTF is working with the volunteer blockchain enthusiasts to fix all these problems by facilitating research into the three whales the future economy will rest upon — decentralization, transparency, and speed of transaction. The blockchain-based networks implement those standards by simply distributing data among the nodes situated throughout the world, rather than keeping it on a local server. The BCTF regional offices will be assisting businesses in their respective localities to set up their nodes in a way that will ensure the proper functioning of any blockchain.

We will help aspiring businesses and working people to unpack and utilize the obvious advantages of the blockchain in many capacities. For instance, creating registries of labor contracts on blockchains is gaining popularity right now and the BCTF volunteer developers are already testing software for the creation of a specific smart contract that enumerates and codifies relationship between an employer and an employee. This particular application of the blockchain technology is incredibly timely for the third world countries where the worker-boss interactions are still very fluid.

In a world where tens of millions of people are earning their wages through forced labor, where child labor is rampant, and even slavery is no longer a remnant of the past, this blockchain application is particularly important.

The BCTF volunteer developers are making significant strides in the realm digital identity. This application is vital to the new economy we’re all eager to build. Correctly authenticating parties to an online transaction has been a challenge since the appearance of an online marketplace model in the early 2000s. At BCTF, we’re consulting several developer teams who are working on layering the security on a blockchain in such a way that would expedite transactions while ensuring total privacy and complete transparency. It may sound dull to you but remember that even in 2018 we still live in a world, in which more than a billion people have no verifiable identity. It is essential to include those people in global processes, give them voices, ways to earn wages and spend their earnings without the risk of being defrauded or robbed.

Once the issues of identity are settled, the BCTF will oversee the creation of data exchanges. Think of them as eBay for information — data, ideas, patents, copyright, etc. For thousands of years, the humanity had been perfecting the mode of transfer of goods and services but neglected to create a safe space for marketing data. The BCTF and its team of volunteer researchers and developers will make sure that this critical path is explored with due diligence. It is our firm belief that data should be moving freely on the internet and available to everyone. Many today are working on putting a dollar value on data to capitalize information to benefit the same old circle of the super-rich and the governmental structures. We at BCTF feel that data in the New Economy is comparable to fresh water: regardless of the aggressive corporate attempts to turn the natural wealth into commodities and tradable assets, our planet/our data belongs to all of us.

BCTF: the blockchain technology is the ultimate truth-finding tool

Questioning the meaning of life has always been left to philosophers. And on many occasions, philosophers had told us that the true meaning of life is the pursuit of happiness and search for the truth. However non-representational it sounded before, today with the entrance of the blockchain technology into our lives we can definitively state that we have an instrument of finding the truth and achieving happiness in hand.

The applications for the blockchain technology are numberless. The team of volunteer researchers at the Blockchain Technology Foundation is proving concept after concept to present to digital entrepreneurs and blockchain enthusiasts throughout the world to work on and to develop into viable business or service.

As we hurtle through the whirlpool of technological revolution, the search for the truth becomes less of a philosophical endeavor and more of a model for value creation. In a world where multiple decisions being made instantly, transactions need to be verified in a fraction of a millisecond and the exact amounts of money need to change unfamiliar hands billion times a day we no longer have the luxury of error in judgment.

God bless the ancient Greeks with their justice system so democratic — it’s near impossible to replicate today when a verdict depends on a pathologically massive amount of tightly controlled variables! But twenty-five hundred years ago the Greek citizens who wished to be a part of the judicial process would insert small scoop-shaped bronze plates called “pinakion” into slots carved in a stone called “kleroterion” as bids for a juror position. Then, a judiciary official would throw black and white balls at the kleroterion; whomever’s name was on the pinakion that’s managed to catch a white ball would become a juror that day. The “blackballed” candidates would be dismissed.

Looking at this most elegant and perfectly incorruptible technic of getting the right people involved in the truth-finding process, one can’t help but wonder whether the blockchain technology is the modern kleroterion. With that, facilitating the application of the blockchain technology to resolving disputes is one of the Blockchain Technology Foundation’s most important priorities. To decentralize, democratize, and simplify online and offline relationships to the point when we can enjoy our newly-found financial and social freedoms without pondering their costs is perfectly attainable via various blockchain-based applications, and the BCTF knows just what they are.

The dispute resolution on a blockchain should be a swift affordable arbitration, in which the judgment is crowdsourced, rather than passed down to litigants by a judge. Adjudication of disputes should be a matter of a few minutes on a blockchain when opposing parties, having entered a smart contract, are not satisfied with an outcome of a transaction. In this case, a platform would have the community evaluate the situation and vote with the members’ electronic wallets.

The possibilities of such an approach to finding truth and reason in the new economy should make our heads spin. Changing the mode of governance for the media industry, legal matters, business administration, market relations, product development and promotion (we could go on ad infinitum, but you get the idea) is that ultimate instrument that will allow us to walk the walk on finding the real in the world of fake.

Given all of the above, the Blockchain Technology Foundation deems the finding and maintaining the balance between the perceived reality and the actual nature of relationships on a given blockchain its most important goal. Every day the BCTF team of volunteer developers and researchers is finding new ways to create partnerships and produce mechanisms for making collective business decisions. We are determining ways to expedite various transactions and making them beneficial to all involved. We design elaborate modes of storing value on a blockchain and are dedicated to preventing loss and providing compensation to untrained investors. In other words, the truth, indeed, would still set you free and to find it in the maze of cryptographic symbols would mean to turn the blockchain technology from a means to an end to a happy new beginning.

Blockchain Technology Foundation: Accelerating Technology Change Is Promise Of Better Tomorrow

There is not a single doubt in our minds that the blockchain technology is being heralded as a groundbreaking feat not only for a good moral reason (the double-entry bookkeeping in various iterations has been ruling the world for too long, and we all know what the irreplaceability of power does in nature) but for a number of practical ones.

The potential to stir up and reshape virtually all social and business processes — from introducing country currencies to crop protection and small-scale farming — is well-documented and seemingly endless. With that, the Blockchain Technology Foundation is here to curb the no longer necessary hype and present to the public the actual possibilities of this marvelous technology.

It is our strong belief that the humanity is desperately looking for the next evolutionary step towards a better version of itself and the blockchain technology could and should be that stepping stone for making our world a better place.

Even if you hadn’t read “Marooned in Realtime” (1986) by the great American mathematician and author Vernor Vinge, you should be familiar with the concept of accelerating technological change. In a nutshell, humans will enjoy exponentially streamlined technological advances until the intervals between the cycles of innovation become shorter, and eventually disappear. At that point, the human involvement or even comprehension of a given technology is no longer necessary because machine learning will create self-sufficient AI, and both humanity and technology will begin to coexist independently on two vertical parallel planes of development.

It does seem a bit far-fetched in 2018 but according to the research by the BCTF team of volunteer-researchers, even given that some of the overinflated promises by the blockchain technology are being fully deflated at the moment, we are on the right track. The blockchain is rapidly shaping the “plateau of productivity” for the new economy, and the hundreds of mesmerizingly promising blockchain-based startups originating from almost every country on Earth are solid proof of the upcoming technological jump.

We do have many obstacles to overcome, though. The initial over-hyping of the technology and the subsequent cryptocurrency boom haven’t bode well with the public opinion crystallized by the original blockchain promise. Multiple crashes of cryptocurrency-based platforms, disappearances of funds, bankruptcies and rampant fraud in the space suggest that the kinks in the system need to be addressed immediately. Some of the world governments do it with the heavy-handedness usually attributed to government. But the Blockchain Technology Foundation is created to alleviate the shock many of us are bound to experience once the cryptocurrency bubble if fully burst. Among other things, the BCTF will provide reimbursement to qualified investors who incurred losses as a result of being involved in a less than scrupulous cryptocurrency enterprise.

Unfortunately, in the beginning, the true value of the blockchain technology to our society was overshadowed and overwhelmed by the PR-activities of many pump-and-dumpers who magically appeared online once the promise of the blockchain had been revealed. It was (and, frankly, still is) a shame to watch the outright scoundrels, who barely disguise themselves, luring the unsuspecting soon-to-be billionaires into various pyramid schemes. And for those poor souls who fancied themselves as “better-trained investors” there have always been more elaborate combinations conjured up, advertised, promoted and hyped by “airdrops” and “bounties.”

It’s really tempting to say “no more” but we are fully aware of the reality: where there’s money to be made, there will always be those who want it fast, easy, and lot of it, which most of the time means that you’re looking at a fraud.

And that’s the social purpose of the Blockchain Technology Foundation — to guide and educate those who realize the vile nature of the “get rich fast” mantra and wish to learn, understand and utilize the blockchain technology in business and life. BCTF will help citizens of the world find and decode the transformative nature of the blockchain and create solutions to problems that, had it not been for the blockchain technology, might never be solved. We’re here to help you all fast-track the real, tangible improvements to our way of doing business on and offline and once and for all resolve the issues of identity, cost of transaction, transparency, security, and scalability engendering trust for the twenty-first century economy.

The Blockchain Technology Foundation Names The Ultimate Issue With Blockchain That Needs To Be Resolved

Usually, we look at crashes and crises as results of wrong or irresponsible actions on the parts of big government, big finance, and other institutions entrusted with our collective well-being. And most of the time we’re right. But sometimes we observe something constructive or outright awesome stemming from obvious blunders. One such blunder was the dot-com bubble of the late 90s. And, what arose from it is a host of neat tech, which, in time, became the backbone of the Silicon Valley. From social media to cloud computing to mobile apps to 4G networking to AI and machine learning — it’s all due to the workups we’ve inherited from the dot-com bubble. And, of course, the blockchain technology is part of that inheritance as well.

 

The Blockchain Technology Foundation is created to bring trust back into the blockchain technology space. Trust is what was lost in the late 90s and is the ultimate asset that the blockchain technology creates. It’s trust that is suffering almost irreparably when various techie factions make the mistake of conflating price with value. When the tumbling prices of candy-wrapper tokes are showing on our screens, we tend to devalue wholesale the entire blockchain-based industry, quickly cash-out and write-off this madness as a bad dream. The BCTF aims to correct this dangerous misunderstanding and create a perfect equilibrium between those who build blockchains, those who maintain blockchains and those who invest in blockchain-based businesses.

 

The BCTF members will oversee and participate in the creation of the new system of value exchange, in which trust is not only codified as the only mode of behavior but is digitally embedded in legally binding contracts. The blockchain will ultimately become the technology that will ultimately eradicate from our society the current perception of debt. The loans, percentage points, exchange rates will float freely on public and private blockchains serving the entire communities as one while various types of the blockchain-based software will be keeping track of transactions, defining transfer amounts and closing contracts simultaneously on behalf of multiple parties.

 

Some blockchains have gone further than others in building the new economy perfecting the electronic ledger software, singling out the more deserving cryptocurrencies, and creating platforms for digital stock certificate exchanges. In fact, the list of both conceivable and existing blockchain technology applications is seemingly endless and because of that is probably impossible to compile. The BCTF volunteers are coming up with new ways of utilizing the blockchain virtually every minute. But, unlike the dot-com times in the late 90s, we are not conducting projects out of thin air but are looking forward to building upon the credible tech and valuable expertise of the active BCTF members.

 

Where the startups of the 90s were seriously lacking, the blockchain-based enterprises of today are very well positioned. The impregnable rules of mathematics and the cryptographic security underpinning the blockchain are the bedrock of the imminent success of a blockchain-based enterprise. That circumstance alone should put any and all concerns of the non-believers to rest. Given the crying fallacies behind the current paradigm of trust in the world of finance, paradoxically, the dry mathematical precision and the sheer brilliance of the concept of the blockchain is much more digestible to us than sugarcoated minutia from a loan officer.

 

What we need is to be able to preserve our wealth without having to constantly look back. What we need is the honest and objective valuations of assets and the opportunity to trade them freely, securely, and transparently across the world without the fear of regulators or transnational scammers. What we need is a shelter for our transactions, the eradication of dubiousness of data and the ability to make clear and safe choices in our business decisions without the need to consult countless third, fourth, and fifth parties.

 

What we need is no more inflated balance sheets or blind trust for centralized authority; we all have right in front of us the extreme examples of what the lack of trust can do to society. The bankruptcy of century-old financial institutions, the layers of meaningless jobs created exclusively to verify and confirm, the two and a half billion people who are denied access to banks… And, of course, the perverted showpiece, the “trust” turned upside down and passed around as a kindness despite the most basic notions of common sense — the subprime lending.

 

All this needs to stop immediately, and the Blockchain Technology Foundation together with its regional offices and multiple volunteers around the world is going to dedicate all of its resources to the creation of collaborative networks of like-minded individuals interacting with each other through an open-source code, executing the unimaginable. And we’re all going to be there building the new economy and watching the Humanity 2.0 emerge.

Is Self-Governance On The Blockchain Truly Sustainable? The Blockchain Technology Foundation Has The Answer

Today the self-governing nature of the blockchain is closely scrutinized for its functionality, purpose and general viability. Skeptics claim the impossibility of harnessing the blockchain technology for state governance, true innovation in science, and social life. The Blockchain Technology Foundation is created to counter this mode of thinking and provide further proof that the only way to go for the global community of the blockchain proponents and enthusiasts is a self-governing structure.

 

There is no clear global roadmap for a single entity or a particular organization to promote the awesome power of the blockchain technology. The early failed attempts to adopt the blockchain by various states in the US (Delaware, Illinois) as well as in other countries show that the very nature of the distributed ledger is decentralized, hence cannot be enhanced through consolidation. A blockchain may only exist if there is a certain quantity of entirely independent nodes involved in building it — a principle that is closer to the ancient Greece agora-style democracy than to what we have today.

 

But all of the above is not to say that adherence to the blockchain equates to utter anarchy on the internet. Nothing could be further from the truth and the BCTF is created to ensure proper coordination and interaction among those involved on various blockchains of the world. Without tight coordination, our efforts will fall far short of our goals and will probably land on deaf ears of the world’s governments, big finance, and the rest of the unsuspecting society. The BCTF must create a solid package of benefits for everyone in the cyberspace, particularly those individuals and businesses planning on utilizing the blockchain technology.

 

Lately, more industries are either consider developing blockchains or have already firmly rooted themselves in the space. Naturally, the IT leads the way, closely followed by biotech, science-intensive manufacturing, defense contractors, fintech, energy sector, agribusiness, and many others. It is utter silliness to presume that these sectors of the world economy may advance the blockchain technology in a fully decentralized manner as conceived by the ideals of the early adopters. Not only will they have to coordinate but the concept of new governance on the blockchain will have to be developed by the BCTF as soon as possible. We would all have to find a way to once and for all step away from the legacy government that resembles a pyramid scheme. We must create an optimal solution according to a rough formula:

 

  • Individual
  • Group
  • Common interest
  • A path for collective development
  • Coordination with other groups
  • Achievement of collective strategic goals
  • Publicizing results
  • Forward movement

 

If we were to adhere to this formula and utilize the blockchain technology to do so, the leveraging of public interest would become much less arduous then it is today. With this kind of updated self-governing structure overseen and later managed by the BCTF, we can build better and stronger partnerships between public and private enterprise, supply R&D funding and grants more efficiently, and better focus the future developers on the industry-specific applications of the blockchain technology.

 

Education of the next generation of the blockchain enthusiasts is also a matter of the utmost importance. We would like to say “building on what we have today” but the truth of the matter is, today we don’t have much. So far the technological advancements of the blockchain are mostly comprised of disjointed efforts by various businesses, governments, financial structures, and enthusiasts who are independently trying to gain a foothold on the blockchain in hopes that somebody someday will figure out how to systemize, legitimize and properly scale this highly chaotic space. It is no longer possible to look at the blockchain technology with a wandering smile of an idealist who thinks that it will all sort itself out someday.

 

It won’t. If we, the true blockchain devotees will loosen the reins on reality, bad actors of all sorts will momentarily pick up where we will have left off. You think the today’s ICO bubble is bad? Wait until the space is truly deregulated and completely “self-governed” in the worst sense of the word!

 

The real challenge is to govern the blockchain properly with full due attention and consideration to all interests present on it. For instance, building a blockchain at a University would require the participation of the entire student body where each student is, speaking both figuratively and literally, a node on the blockchain. The Student Council would be a coordination hub for such a structure. That’s exactly how the BCTF builds relationships with its regional offices around the world with the help of the blockchain technology. After all, preserving privacy and ensuring complete security of movement of data or funds is something that makes the blockchain technology stand out.

 

The same can be said for the widest variety of administrative activities: virtually all state and business administration can and should be conducted on a blockchain because of the obvious advantages of this technology over any other mode of record-keeping and data mining. The BCTF had already begun experimenting with data privacy and various types of asset registries. The BCTF members had tremendous success with creating various algorithms for digital identity management and preservation, monitoring compliance, various types of local and international certifications, etc.

 

But what is the most wonderfully encouraging part of our work is that anywhere we go we are met with open arms; it’s clear that the public already has the mindset for implementing the new economy and the tools for making it work. Fast and powerful computers in almost every home, mobile devices, general knowledge of the digital environment — we already have everything to begin the irreversible process of change.

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