What is bitcoin and what is the blockchain? Bitcoin is a crypto currency. A crypto currency is a digital currency with encryption. Encryption ensures the security of the bitcoin. The blockchain is the protocol that solves the problem of trust. Every human interaction is compromised by trust. We have built institutions that guarantee trust such as banks and governments. But these institutions have been behaving badly and can no longer be trusted. The blockchain is here to guarantee trust. It promises to get rid of the institutions that we have built because these institutions can be compromised and can no longer be trusted. The blockchain has applications in every area of human interaction that requires trust. It keeps a public ledger of every transaction between human beings. The blockchain is an accounting system which cannot be compromised without the simultaneous consensus of all the participants in the blockchain. It’s the biggest disruption to the status quo after the internet. My advice is for everyone to try to understand how it works and what applications are being used in your area of expertise. The blockchain is building a new economy which resurrects dead capital and incorporates people who have been financially excluded from economic activities. Inequality of capital and of income is the biggest driver of poverty and it is a deliberate machination. The blockchain will put a stop to that.
The current education system has a one size fits all approach. We make the assumption that students of the same age group have similar educational needs. Is this the best we can do? We know that everybody is different. Teachers are asked to differentiate when they plan for lessons. But the differentiation at best divides the class into three categories: the able, the average, and those who are struggling. This division is still not enough to cater for individual students. We have an issue with student to staff ratio. But there are technological solutions to this problem. Khan Academy is one example of how a single coach or teacher can attend to the individual needs of various age groups and abilities using software which generates personalised learning. The World has inherited the Prussian Model of education whose objective was to produce workers for the agricultural and industrial revolutions. That era is gone. Machines are doing most of the work which was done by humans. The World is ready to disrupt capital ownership and address inequality of income and of capital. The blockchain is the technology which will fairly reward those who participate in the new economic order. The blockchain is breaking down physical barriers like banks and schools. The blockchain has applications in every driver of economic growth and development. Each person has the skills to contribute to the economy and their efforts can be rewarded accordingly. The Dereck Tafuma University will use blockchain technology to provide personalised project based
Blockchain technology has applications in everything we do including education. But what is blockchain technology? The blockchain is a chain of blocks and each block is a public ledger or record of transactions by the members of blockchain network. A blockchain network is a decentralised platform with an incentive system for building trust. The incentive is based on awarding tokens or a crypto currency. Bitcoin is an example of an incentive crypto currency. But who makes the bitcoin or incentive crypto currency? Bitcoin miners. How do they do it? They use computers to solve complex mathematical problems which are generated by the transactions of the members of the decentralised blockchain network. Whenever a computer solves a network problem, the miner is rewarded with bitcoin or the crypto currency or token system they have created. When a transaction takes place such as paying a tutor for his lessons, the network computers validate the transaction by solving the maths problem. The transaction is converted into a maths problem which the computers or miners compete to solve. The miner who solves it first gets a bitcoin or token reward. I would say the blockchain is an accounting system based on cryptography on a decentralised open source network. In education, AcademyCoin is preparing to launch. It is a decentralised payment system for educators and students based on the blockchain. The AcademyCoin is the incentive. I have downloaded the wallet for the crypto currency transactions on my Mac and now await its ICO or Initial
Blockchain technology has applications in every sector of the economy. We should not judge the blockchain on the implementation challenges of bitcoin and other crypto currencies. Doing so is like judging the internet on the implementation challenges of email. The bitcoin has captured the public imagination more than any other application of the blockchain. The crypto currencies we have today are the first versions. They may survive or will be replaced by others. This is bitcoin 1.0. The blockchain is the internet of value. It is a peer to peer network of trading value. The transactions are secured by encryption. Blockchain technology is the protocol of trust. Human beings struggle with trust in their daily dealings. Fiat currencies have failed to guarantee that trust. We still keep paper money under lock and key. The distribution of fiat currency is biased towards the rich. The blockchain promises to resurrect dead capital. It is an inclusive technology which makes everyone a bank. It is cheaper to keep your own crypto currency than for a traditional bank to keep your fiat currency. As has happened in many countries, the money can just disappear. We have seen long queues at banks in Zimbabwe. Crypto currency solves the liquidity crisis. The problem is that it threatens the establishment. Central banks around the world have been able to run Ponzi schemes on its citizens. Crypto currency takes away that privilege. The problems we have around the world are caused by inequality of income and of capital.