Image from https://www.cyberbahnit.com/blockchain/
The Blockchain and The Supply Chain:
Until listening to this talk, I never considered the benefits that the blockchain could have in supply chain management. Last summer, I interned with the parts and distribution department of a large aviation company, and supply chain issues were discussed on a very regular basis. When the Buttons were discussing the fact that information in the blockchain is stored like a digital ledger, I quickly drew a connection between this and supply chain management. With blockchain technology, location information will be consistently available. If all parties involved in a transaction have access to all of the same information at the same time, then there is a much smaller chance for breakdowns in communication to take place. In fact, the process of distributing goods would become much smoother with the integration of blockchain technology because interpersonal communication would become less vital to that process. Not only would blockchain technology remedy supply chain issues at the corporate level, but it would also improve overall customer experience in many scenarios. Some tracking technology is available to customers, but it often leaves much to be desired. One poor example of tracking technology is the service used by USPS. The interface is rather nondescript and usually unhelpful. Another example of tracking technology for consumers that I enjoy is the Dominos Pizza Tracker. While it may seem silly to mention, I think this sort of tracking technology is genius. It lets customers know the exact status of their order at all stages in the process. If all industries were able to have and provide a similar level of information, then I think supply chain issues and time-based customer complaints would almost disappear.
Cryptocurrency and Decentralization:
Cryptocurrency represents a great opportunity for the decentralization of currency in the United States. The federal government’s control over the amount of money printed affords them an inordinate amount of power. For example, the federal government has the ability to fund war efforts by printing more money which decreases the value of the dollar, effectively instituting an indirect tax on the American people. I take serious issue with this possibility, so I think decentralized currency is a solution that should be explored. However, it does come with pros and cons. The first positive aspect of decentralized currency is that it will be free from government control and manipulation. The second positive aspect of decentralized currency in the form of cryptocurrency is that most of them do not require any “middle man” for transactions. The third positive aspect is that decentralized currency allows for individuals to store money without it being directly associated with their true identity. Lastly, Dr. Jonathon Button mentioned that the blockchain is beautiful because it is a “truthless and permissionless” system. While I think there are positive aspects to the decentralization of currency using cryptocurrency, I also think there are negative aspects. To begin, cryptocurrency is quite volatile. The value of various cryptocurrencies ebb and flow on a regular basis. In my mind, this aspect by itself is almost enough for me to not want to buy into cryptocurrencies or NFTs. Another concern I have with the solution of decentralized cryptocurrency is that many stores currently do not accept cryptocurrency as payment. Finally, I am concerned about the safety of cryptocurrencies. Dr. Jonathon Button made a point that the only way your data will be fully secure is if you write down your necessary passcodes, then rip the list in half, keeping the two physical halves in different locations. I completely understand the reasoning behind wishing to separate vital information such as the login to your cryptocurrency, but it kind of reminds me of people storing cash underneath their mattresses.
The Blockchain and Class Division:
To conclude, I want to comment on the impact that I think cryptocurrency and NFTs will have on class divisions in the United States. The topics and ideas discussed in the talk were almost foreign to me, and I will comfortably say that I grew up as a firmly middle-class individual. Because of this, I cannot imagine how the topics would sound to lower-class individuals or people in poverty. Dr. Quinn Button mentioned that she believes the market is as free as it ever has been right now because of the presence of cryptocurrency. Depending on her definition of free, I might agree, but I really feel like much of the population is being excluded from the conversation. While no literal “restrictions” are in place to restrict people from exploring cryptocurrency, I strongly feel that it is a luxury item that only people with extra funds and sufficient understanding can benefit from.
