Blockchain: Easiest Ultimate Guide To Understand Blockchain (Blockchain Programming, Smart Contracts, Fintech, Blockchain Revolution Book 1) by Jared Norton

Author:Jared Norton [Norton, Jared]
Language: eng
Format: azw3, mobi, pdf
Publisher: UNKNOWN
Published: 2016-09-04T16:00:00+00:00

The Human Element

Reasonable Blockchain supporters don't try to pretend that the human element won't ever be a factor. When the Bitcoin Blockchain was accidentally forked in 2013, the humans on the Bitcoin development team detected the problem, investigated and warned owners of mining rigs to not switch over to the faulty update that caused the fork. By admitting that the update was not functioning as intended and fixing the problem quickly, they earned the trust of the Bitcoin community.

There will be times when you'll need an equally alert person watching the Blockchain apps for signs of a possible malfunction. When your business has grown to the point where you have eight locations in five cities, you'll naturally want to have a node at each location, but how do you make sure that a dishonest location manager won't try to tamper with a node in an attempt to make himself look more effective than he really is? Ideally, such a thing would be easy to deal with, especially when that node forks the chain multiple times and always seems to do so in a way that makes the manager look good. Just make sure that the Blockchain expert on your IT staff stays on top of it while you deal with the dishonest manager.

Blockchain apps are good at generating and storing data in a reliable way, but have limited ability to make decisions beyond what they're programmed to do. This means you might miss opportunities if you rely too much on the automated nature of the Blockchain. Where can you find a better price on office supplies? Should you reinstate a contract that was deactivated because the client was late on the monthly payments for three months in a row? Should you buy that stock that has plummeted in value recently but otherwise has a history of performing well? These are questions that a Blockchain app might not be able to answer because it's not programmed to look for the appropriate indicators.

The Blockchain is a way to process and store records in a way that the humans viewing it can trust. It can't make the kind of decision that requires intuition or an ability to jump on an opportunity that your automated stock trading software might miss. Look at it this way: How many times have you wished you could have gone back in time and invested in Bitcoin when it was still worth five cents? The data makes it possible to spot trends early, but one common saying about trends is that, if you can spot it, the trend is already almost over. It's up to you to decide whether to buy, hold, sell, or invest in that innovative new technology instead.

That doesn't mean you have to obsess about watching the data scroll that represents new Bitcoin transactions on Blockchain.info. It just means that it never hurts to check and use your intuition when a new opportunity comes to light. It means you should stay alert and be ready to jump on opportunities that your applications might miss.

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