4D= Time-Space – // blockchain = Time/Data:
gAtO SaiD – I will meet your on the corner of 5th Ave and 42nd Street in NYC. As you can see this is an incomplete jexaposition in time and space because we as humans take it for granted that the basic request to meet at 5th and 42nd cannot happen between us unless we have a TIME factor to complete the human equation. Known mathematically as 4D Minkowski spacetime. We as humans don’t even think about time, we know it’s always working so we adjust our mindset to use it properly and function as a society.
The Blockchain simply stores data in time on the Public-Ledger. So now we go back to our meeting, if we all agree to meet and just publish the time on the blockchain – anyone that wants to go to that meeting just needs to look at the block were the data with the time is stored and it’s done- they now have the time of the meeting. The blockchain records the data that you want, like a contract or a deed to a house on the blockchain time stamped forever or until the Bitcoin network dies.
The Blockchain of the Bitcoin fame and other blockchains ( LiteCoin – DogeCoin…etc ) does nothing but publishes data based on time and the transactions data on a global database (public Ledger) all done with machine to machine crypto-consensus. You have different people in this value transfer network that play with the coin and some people just want to mine the coins and the new ones want the stored data in the blockchain as the real value.
The division of labor is the beauty of this system the miners are all working for the 10 minute price of 25 BTC. The winning Miner of the calculation based on hashing power now had to process the transactions in order to get the 25 BTC. All they care about is the size of the transactions since this is the limit on the size of data you can store in the Blockchain, BitcoinXT addresses this issue – But Bitcion_XT that’s another issue for a later article.
So now I want to sell gold and publish the time/price @$1,200 per ounce. So anyone can now look at the blockchain and see your buy order – no middle-man – buy/sell all machine to machine executed. the transactions are non-reversible – when I change my next buy order – it will once again be available everywhere globally. Illuminates the cheaters so they can’t cheat the blockchain data.
I was hired to do an analysis of the blockchain replacing the Bond Market – just in settlements of Bonds a Blockchain system would eliminate errors and the savings from all those middle-man managers in the bond market would save billions of dollars and that’s just one small spot of the financial industrial complex. Today we hear talk about Bankers putting together a private blockchain to store their data and use the 2.0 contracts in a controlled way. As a regulatory tools in the financial tools worldwide a blockchain solution would eliminate so much waste and errors saving money also adding accountability so nobody can cheat.
Adding the 4th Dimension (Time) to Blockchian 2.0 contracts to this would allow you do draft payments to your loved ones after your long gone, automatically moving currencies,stocks or Bonds from one ownership to another. We could write contracts that read the price of Gold and execute buy and sell orders all machine-to-machine 100% accountability and available to you only (via your wallet ID /PrivateKey).
4th dimension T&T Time and Transactions are the key to all blockchains systems, this is the key to the value network called the blockchain 2.0 were the real wealth is in the knowledge of the transactions. gAtO oUT