Anytime you watch TV or read the news you see it again and again. Another story discussing blockchain technology. I felt like I was the only person in the entire world who had no idea what they did or how they worked. I challenged myself to learn more and by the end be able to explain them to my six year old.
I learned that the concept of blockchain isn’t as confusing as I had expected. In layman’s terms, they are simply a new network designed to help decentralize trade allowing us to do a lot more of our transactions peer to peer directly and lower our use of intermediaries.
Normally, when people want to trade they have to go to the store or/and know the person so they can get what they ask for. With blockchain you can make that exact same trade but you don’t need the store and you don’t necessarily need to know the other person.
How could I explain this to my six year old?
One Saturday, I tried to put in a context that he would understand by asking him as we played with his Legos. “Son, do you know what a blockchain is?” He responded, “can I play with them? I laughed and said “sort of.”
I explained to him by asking him, if he wanted to sell his Lego to someone what would he have to do? He responded by saying he would have to sell it to one of his friends at school or put a notice in the library in town with a for sale sign and photo of his Lego. I said “exactly! “
I asked him what he thought would happen, if he could sell his Lego not only to kids in his school or in his own town but anywhere in the world? He replied that it would be amazing!
I told him that blockchains could do just that. They allow for kids to sell or trade their Legos with other kids anywhere in the world. Cool was his response.
Being able to explain how blockchain worked to my son helped me to fully understand the benefits blockchain technology will have moving forward. Instead of having to use an intermediary like eBay or Amazon to sell products where payments are made via a bank, or online processing company blockchain technology will allow for direct access from seller to customer with no middleman.
Blockchains are here to stay and have enormous potential to dramatically alter how products are bought and sold in the years to come. While GLITZKOIN is not exactly a kids playground, we are focused on implementing a blockchain and cryptocurrency in a way that, most business men and even casual buyers would understand. The power of this project is huge but, for the user – it would be a simple, effective, useful and secure business tool.
GLITZKOIN seeks to use blockchain technology to modernize the way business is conducted in the diamond trade using a state-of-the-art blockchain platform. The idea is to make the entire operation transparent to the seller and buyer.