Blockchain-Based Smart Contracts Approved

Greenfire supports blockchain business and technology. It is a belief held by Greenfire that business is growing into a blockchain technology based accountability system that will provide the move into a more sound money system.

Aaryn Prettyman

 

Maybe you’ve heard the term “blockchain” but aren’t quite sure what it is. You’d be in good company. However you may want to start learning, as it just may be a technology platform that changes the ARM industry someday.

In super-simple terms, blockchain is a decentralized way of keeping track of what is “true” (i.e. who owns what, who has signed what, who has paid what, etc.). This decentralized mechanism is called a “distributed ledger” – imagine a town checkbook, but instead of living in city hall, everyone in the town has a copy of it. Each time an entry is made it must be validated by everyone with a copy, and then everyone’s copy is updated. Each update is a new “block” in the “chain,” and each block needs all the other blocks to form the whole picture. The result is said to be a highly secure, transparent, interdependent chain. 

Today, most information is tracked in major centralized databases owned by one company (or government) or another. As we know, these databases are often vulnerable to hackers, they are not at all transparent, and they can be difficult to get corrected when they are wrong. This has created a lack of trust in our systems, and makes it frustrating to do business.

Blockchain was first used to manage bitcoin, the new kind of electronic currency that pretty much operates on the fringe. But many are now experimenting with a wide range of other, more mainstream uses. One example is that the State of Arizona has just passed a bill giving legal status to smart contracts and blockchain based signatures. Here’s what the bill says,

"A signature that is secured through blockchain technology is considered to be in an electronic form and to be an electronic signature.

A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.

Smart contracts may exist in commerce. A contract relating to a transaction may not be denied legal effect, validity or enforceability solely because that contract contains a smart contract term.

For the purposes of this section:

  1. “Blockchain technology” means distributed ledger technology that uses a distributed, decentralized, shared and replicated ledger, which may be public or private, permissioned or permissionless, or driven by tokenized crypto economics or tokenless. The data on the ledger is protected with cryptography, is immutable and auditable and provides an uncensored truth.
  2. “Smart contract” means an event-driven program, with state, that runs on a distributed, decentralized, shared and replicated ledger and that can take custody over and instruct transfer of assets on that ledger."

insideARM Perspective

The debt collection community – including creditors, collection agencies and consumers – could benefit greatly from innovation that provides transparency and trust. Unfortunately there are many hurdles, including regulatory limitations and perceived risk by financial institutions. Blockchain may or may not prove to be the solution, but many industries and organizations – including major banks — are in active exploration of how it might be used in their domain. In my opinion, the conditions and requirements of the debt collection ecosystem make it a perfect candidate for this type of innovation.

The iA Institute (parent of insideARM) is devoting considerable effort to the concept of innovation for the industry. In conjunction with the Consumer Relations Consortium, this week we are kicking off the first meeting of our Innovation Council – a thought leadership group of creditor, agency, and service provider executives who will gather to contemplate the future of debt collection technology.

Source: Blockchain-Based Smart Contracts Approved

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Good Day Friends, There are now several thousands of subscribers to my newsletter, Inside GreenFire DAO. A news letter that follows the development of an Industrial blockchain application for landfill mining and landfill Commerce for the "Children of the Landfill", those that are forced by circumstances to "live to survive" on the world's dumps.

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Social Media and the Blockchain

Social media has penetrated individual and collective lives to a huge extent and consequently modified many of our online and offline behaviors.

Public and private organizations worldwide are greatly benefiting from a better understanding of the fundamental principles governing the individual and collective behaviors of people connected through social media.

Recently, a framework  called Virtual Collective Consciousness (VCC) has been put forth. It is defined as the internal knowledge motivated by social media and shared by a plurality of individuals driven by the spontaneity, the homogeneity and the synchronicity of their online actions.

Thus, the extensive outreach of information sharing through social networking platforms can build a momentum of consensus based on converging informational contents. Ultimately, a common identifying  stance can be forged as a resulting effect of the collectively shared consciousness.

The VCC model assumes that any virtual massive-scale collective consciousness depends on transactive memory (TM). The latter can be defined as a set of individual memory systems combined with a set of individuals interacting with each other. In other words, TM can be considered as the collective memory of the online community that is afforded by social media.

So how does their collective behavior exhibit awareness, cohesion, and self-identity?

We have both the internal framework and the platform, which will produce such a mind-like process. To be explicit, we use the Mycryptoworld/Infinity Economics (MCW/IE) advanced blockchain as a paradigm based on its very recent innovations in the blockchain domain. Indeed, the blockchain protocol offered by MCW/IE and its TM operations emerges as an example on which the knowledge framework of VCC can operate.

Blockchains are based on strong cryptography and memory of operations – and illustrates peer-to-peer interaction with no central agency.

Applied to social networks, the blockchain protocol provides an explicit model for a platform that incrementally incorporates immediate experience with an integrated memory of the past, provides a global workspace, and a mechanism for consensus between participating individuals operating within a Virtual Collective Consciousness.

Blockchain protocols maintain the relatively secure identity of participants and the integrity of the records. It is this methodology of linked records that provides a proxy for a linked, on-going record of experience, which is an essential feature of idealized virtual consciousness.

Making the case for adopting a blockchain approach to a social network, the result would be a cloud based entity which might satisfy the criteria for a Virtual Collective Consciousness.

In any case, blockchain will provide the key services needed for integrating a decentralized planet wide distributed group activity.