The Future of Blockchain (a college essay written October 2017)
This past June, I graduated from the Syracuse University Information School (iSchool) with B.S. in Information Management and Technology, and a concentration in Information Security Management. As I end this chapter of undergrad, I will be turning the page to pursue masters at the iSchool, in Information Systems. But, I would like to reflect first: when I was first applying to college, I fell in love with Syracuse University after watching this video by my current research advisor, Dr. Lee W. McKnight. This is after I had applied and wrote my college essay on the future of blockchain in 2017. I knew after watching the keynote, there would be plentiful opportunities to delve into blockchain and cryptocurrencies at Syracuse.
While in undergrad, I Co-Founded CryptoCuse, enrolled in IST 408 Blockchain Management, and later became the teaching assistant for that class.
Without further adieu here is the essay I wrote in October 2017:
PROMPT: Some students have a background, identity, interest, or talent that is so meaningful they believe their application would be incomplete without it. If this sounds like you, then please share your story.
Over this past year, I had a handful of time and no sense of what would fill this void. But as the days progressed, I had stumbled upon the great wonders of Bitcoin and other cryptocurrencies. A cryptocurrency is a digital asset that used cryptography for security. You may have heard about Bitcoin in the news, but if you are not familiar with it, this is why and how it works. Being similar to gold, there is a finite supply, and as supply goes down, demands goes up. Bitcoin, unlike gold has no physical backing yet the perceived value of bitcoin is tremendous. There is a direct correlation between the number of users and Bitcoins value. Bitcoins can be sent from one user to another, from anywhere in the world. There are no conversion fees because it is all in one currency, Bitcoin. Bitcoin relies on no central government, and therefore is decentralized. This is a revolutionary way to handle assets, and bridges the gap of countries with substandard economies. These transactions are nearly anonymous and are confirmed by the blockchain. The blockchain is a revolutionary way to record of all bitcoin tractions and replace old methods of ledgers. Computers constantly update and confirm all transactions. Computers that work to confirm the transactions are sometimes rewarded with 50 Bitcoins when the block is completed, this is known as mining. Similar to gold, work has to be put in to receive gold. Blocks are large quantities of confirmations in the blockchain. As more blocks are confirmed, the mining difficulty goes up as well as the value of Bitcoin. The way Bitcoins work may seem confusing at first, but just like riding a bike, it becomes muscle memory the more hours you spend on it.
Bitcoin sometimes receives a negative connotation being associated with illicit activities on the black market. The fact that humans can have bad intentions can be a huge elephant in the room for Bitcoin. The creator did not intend bitcoin to fuel an illegal ecosystem, but this is unpreventable just as Adam will always desire the forbidden fruit.
But I digress, I am interested in bitcoin because of the positive benefits it brings to the table. I explain Bitcoin to my peers in the business world as the stock market on steroids. Bitcoin and many other cryptocurrencies have an exponential investment potential. Similar to stocks there are mediums to gauge how a said stock will appreciate. Traditional methods are earnings reports, profit & earning ratios, and many other boring methods. I have spent my time watching the Dow Jones and it is quite dull compared to Bitcoin and other Cryptocurrencies. Cryptocurrencies are elevated compared to stocks because of the nature that each and everyday, there is a brand new product that does the required task faster and simpler. I enjoy the fact that in the cryptocurrency world there will never be a time where I know how everything works. Traditional textbooks are left in the dust in this world because in the time it could take to write and edit the textbook, bitcoin will nearly double in value. The simplest way to put it, if you blink there is a chance of missing out on profit. Everyone dreams of winning the lottery, and getting rich quick in the business world, but that is nearly impossible. Putting things in perspective this most likely not will not happen to me.
Bitcoin has an endless amount of applications beyond the financial benefits. Simply put, Bitcoin is not the the sole solution to any problem, but it might be the solution if utilized correctly. Anywhere there is internet, Bitcoin can accessed. Bitcoin was created as a backbone to help support the digital age. Anyone can access the code and modify it to help fix their problem. The applications of Bitcoin are endless because this is nearly the tip of the iceberg.
