Let’s debate Blockhain! Why do we need it? #use cases

Hi guys, I hope you are all well in this market roller coaster. I want to talk to you about a recent event, very important in my opinion. On October 11, 2018 the committee on Banking, Housing, and Urban Affairs met in an open session to discuss the current state and future of cryptocurrency and blockchain ecosystem.

The Senate listened to the cryptocurrency skeptic Nouriel Roubini (Dr.DOOM), chairman of Roubini Macro Associates LLC and the positive perspective of Peter Van Valkenburgh, Director of Research Coin Center. Roubini claimed blockchain technology is no more than “overhyped technology” and a “glorified spreadsheet or database.”

In contrast, Peter Van Valkenburgh claimed that “bitcoin isn’t perfect, but neither was the email in 1972 when it was first introduced to the world.”

So, in my opinion, the speakers invited to a hearing must show regulators strong use cases for blockchain technology and cryptocurrencies.

Here are some use case examples that I think would present a strong argument on how blockchain can change our world in a positive way.

1. Crowdfunding:

Lack of transparency and zero protection for the investors make it the perfect ground for scammers and speculators. This situation brought an explicit ban in more than a few countries.

But, ICOs are evolving – the Aragon project team is currently working on an investor-friendly ICO/Crowdfunding application that enables more responsible uses of funds. What’s also important is that, tokens are bought for their immediate utility and not future use cases. It may vary case by case but can be transparently shown to the user by describing the specific permissions granted to token holders.

1. Intellectual property:

What are the challenges in the intellectual property industry? The cost to file a patent can reach unaffordable levels to an individual inventor resulting ideas to never reach fruition.

Let’s look at LOCI – they have a platform that empowers inventors by offering effective tools to innovators, investors and the patent service industries.

LOCI has fully working systems like– LOCI Search, Invention Analysis and staking the idea on the ERC20 Ethereum blockchain for immutable record. The information LOCI Search provides is more complete and more intuitive than what an inventor or even a patent attorney can find conducting a search on the web. The Invention Analysis provides a unique novelty LOCI Score allowing the inventors to identify opportunities and berries in relation to their idea and existing ideas. By staking the idea onto the blockchain, it creates an immutable record of the date and ownership allowing the inventor to proceed confidently by filing a provisional patent and/or offering the idea for sale on the soon to come market place. Connecting innovators to a strong global network via blockchain technology is changing the patent landscape allowing everyone to be an inventor.

So, these are some of the arguments and use case examples that I would present in a Senate hearing.

I’m interested in hearing your use-case for blockchain if you were invited to the Senate to defend this new technology.