Coengineers has long taken a leading role in founding the advocacy of blockchain technology in the engineering professions. The objective is to research and develop opportunities and understand the implications of important data-based technologies on engineers.
For those who have been following developments in the blockchain movement, there are several recurring themes out there which portend the future on the blockchain.
Bitcoin Protocol serves as a trusted 3rd party to a financial transaction.
Yet, for the past 100 years, Professional Engineers in the United States have served as the trusted 3rd party adjudicators for overseeing the highest value technology projects in the country.
The Bitcoin Protocol is important for banks because they can carry seamless transactions
The majority of engineering works are are also underwritten by our nation’s banks as well as Insurance industry, public and private corporations, and Federal, State, and Municipal governments.
An indelible public ledger eliminates the incentive to cheat
A tremendous amount of all actuarial data upon which banking and insurance risk models are formed, are based on the indelibility of engineering infrastructure.
Proof-of-work is an essential method to create tokens and maintain a system and must be difficult.
Not unlike money, works of engineering have the characteristics of being irreversible, difficult to create. Real life proof of work performed by engineers, or financing works of engineers, is the source of any and all effective currencies. What is not obvious is that blockchain technology can amplify and expand the role of engineers for the health, welfare, and benefit of society.
Conclusion: While blockchain technology and applications such as Bitcoin are important and useful representations of value, they are not intrinsically valuable. Works of Engineering, on the other hand, have many of the same characteristics of immutability, storage of value, public ledger, and medium of exchange as digital currencies with true intrinsic value.