{"id":192,"date":"2021-04-09T16:36:26","date_gmt":"2021-04-09T21:36:26","guid":{"rendered":"http:\/\/wordofweek.com\/?p=192"},"modified":"2021-04-10T07:53:36","modified_gmt":"2021-04-10T12:53:36","slug":"word-of-the-week-52-blockchain","status":"publish","type":"post","link":"https:\/\/wordofweek.com\/?p=192","title":{"rendered":"W<\/strong>ORD OF THE <\/strong>W<\/strong>EEK <\/strong>#52 \u2013 Blockchain<\/a><\/strong>"},"content":{"rendered":"\n

In the news\u2026..

Defined as a digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network.<\/p>\n\n\n\n

The technology at the heart of bitcoin and other virtual currencies,\u00a0blockchain<\/em>\u00a0is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.<\/p>\n\n\n\n

OK\u2026so I am late to the party and behind the proverbial curve..\u00a0 I accept that.\u00a0 If you are alive and kicking you have some knowledge of Blockchain. But read on…..<\/p>\n\n\n\n

\u201cOne of the most disruptive technologies of the 21st<\/sup> century\u201d Wall Street Journal<\/em><\/p>\n\n\n\n

\u201cThis could be as world-changing as the internet\u201d<\/em>\u00a0 Kiplinger\u2019s<\/p>\n\n\n\n

\u201cFortune 500 companies are spending billions\u201d\u00a0 New York Times<\/em><\/p>\n\n\n\n

Our publisher made the decision to include Blockchain as our Word of the Week because….over my 77 years I have lived through a lot of game-changing technologies.\u00a0 Television in the 50s.\u00a0 Personal computers and faxes in the 80s.\u00a0 Internet in the 90s.\u00a0 Improved internet and smart phones in the 2000s with business transferring from paper to digital\u2026throwing away those antiquated file cabinets. <\/p>\n\n\n\n

But, from my brief experience, I believe that this Blockchain technology, in combination with artificial intelligence, just may be the biggest game-changer of all…..and it’s just getting started.<\/p>\n\n\n\n

We have all heard of bitcoin, a digital store of value, which uses Blockchain technology.  Termed a crypto or virtual currency, there are now hundreds if not thousands of them.<\/p>\n\n\n\n

It is decentralized and allows for one to hold an asset and make payments outside of the banking system and government oversight, and since there is a finite number of bitcoins, it has become a true example of worldwide supply and demand (Yes, I took econ 101).\u00a0<\/p>\n\n\n\n

China recently announced that they are developing their own cryptocurrency, and it is predicted by some that the US will one day do the same. Perhaps replacing paper money?\u00a0 <\/p>\n\n\n\n

But Blockchain is going to do much more than act as a store of value.  It is going to be used in ways not yet imagined. Forbes<\/em> recently compiled a list of 50 big-name firms planning to supercharge their operations with Blockchain.  Our government is also using and planning on using this technology in many ways.<\/p>\n\n\n\n

The non-fungible tokens (NFTs) we explained in a previous Word of the Week was created with Blockchain, and they are becoming huge! HUGE!
https:\/\/en.wikipedia.org\/wiki\/Non-fungible_token<\/a><\/p>\n\n\n\n

The argument\u2026..<\/strong><\/p>\n\n\n\n

\u201cPrivate blockchains have been proposed for business use but\u00a0Computerworld\u00a0called the marketing of such privatized blockchains without a proper security mode snake oil. However, others have argued that permissioned blockchains, if carefully designed, may be more decentralized and therefore secure in practice than permissionless ones.\u201d<\/em> Wikipedia

Decentralization and security seem to be the keys….outside of anyone’s ability to control….including the government.<\/p>\n\n\n\n

It is complex. There is an excellent explanation on Wikipedia. https:\/\/en.wikipedia.org\/wiki\/Blockchain<\/a><\/p>\n\n\n\n

You, my grandsons, should study this.\u00a0 It will be a big part of your future. Universities now have courses exclusively focused on Blockchain, as an example, Cornell. https:\/\/info.ecornell.com\/blockchain<\/a><\/p>\n\n\n\n

A previous \u201cWord of the Week\u201d revisited:<\/strong><\/p>\n\n\n\n

rhetorical question – a question not intended to require an answer. “Is this a beautiful day or what?”
https:\/\/www.dictionary.com\/browse\/rhetorical-question<\/a><\/p>\n\n\n\n

Quote of the Week:<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

You only had one job\u2026..<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Until next Saturday,<\/p>\n\n\n\n

Gramps<\/p>\n\n\n\n

Fifty-two weeks of great words:<\/p>\n\n\n\n

1 –   exacerbate – to make worse “Your input just exacerbates an already difficult situation.”
2-   assuage – to make a situation or feeling less intense. “I pray our Heavenly Father may assuage you of the anguish of your grief.”.
<\/a>3 –   force majeure’ –  unforeseeable circumstance that prevents someone from fulfilling a contract. “The tenant will not be required to pay rent due to the force majeure’ clause.
4 –  sanguine – <\/a>optimistic or positive, especially in an apparently bad or difficult situation. “I’m trying to be sanguine about this, but I see a major roadblock”
5 –   segue – (seg way) proceed to what follows without pause.  “She has the skill to easily segue from political conversations into subjects less controversial.”
6 –   bifurcate – to cause to divide into two branches or parts. “We have decided to bifurcate this large project.”
7 –   indolent –  <\/strong>habitually lazy – “His failure in life may stem from his indolent ways as a youth”.
8 –   ameliorate – to make better or more tolerable –  “this drug should ameliorate your pain”
9  <\/a>– truncate – to shorten by or as if by cutting off – “A truncated version of this report is on the web.”
10 – nascent – <\/a>coming or having recently come into existence  “His nascent idea for a business turned into a goldmine”
11 – b\u00e9chamel – a rich white sauce – “He made a lump-free b\u00e9chamel for her, and, in return, she gave him her love.”
12 – anarchy –  absence of government – “The revolution began when anarchy took root in just one city”.
13 – rhetorical question – a question not intended to require an answer. “Is this a beautiful day or what?”
14 – milieu – the physical or social setting in which something occurs or develops.- “His discipline is a result of growing up as part of the military milieu”
15 – nadir – the lowest point – “The stock market reached its current nadir in March”
16 – black swan event – comes as a surprise and has a major effect. “This pandemic is considered by many to be a black swan event.”
17 – myopic – narrow in perspective and without concern for broader implications.  “Your myopic view of this project is disturbing”.
18 – quixotic –  <\/strong>foolishly impractical especially in the pursuit of ideals – “His quixotic pursuit for her affection was quite simply foolish.”
19 – prescience – human anticipation of the course of events – foresight.  “His intuitive prescience helped to make him a success”
20 – laconic and laconic riposte – use of a minimum of words, and a short clever response to an insult or challenge.  In response to a demand to immediately surrender he sent back the following: “Nuts”.
21 – protean – ability to change, versatile.  “The coronavirus is protean in its ability to either make you sick or not.”
22 – ephemeral – lasting a very short time or perhaps only one day. “Custer was chasing an ephemeral Indian city.”
23 – catch-22 – a dilemma or difficult circumstance from which there is no escape because of mutually conflicting or dependent conditions.  From the novel “Catch-22”.
24 – arrogate – to take or claim something without justification. “In order to accomplish his dream he arrogated to himself controversial powers”.
25 – obtuse – difficult to understand, lacking intellect.  “The responses to his remarks this week were even more obtuse.” 
26 – purloin – to appropriate wrongfully (steal), often pertaining to a theft that is a breach of trust.  “When she opened her new office she purloined one of my listings”.
27 – salience – the quality of being particularly noticeable or important.  “It is not clear that raising the electoral salience of the Supreme Court will work to the president\u2019s advantage.
28 – confabulate – to talk normally or to hold a discussion.  “He likes to confabulate.”
29 – animus – a usually prejudiced and often spiteful or malevolent ill will. \u201cI have no animus or agenda for the Affordable Care Act.\u201d
30 \u2013 puerile – to act or communicate in a juvenile, silly or childish manner. \u201cHis puerile ways are giving a poor impression at his job interviews\u201d.
31 \u2013 regnant – having the greatest influence – \u201cThe regnant belief\u201d.
32 \u2013 roil \u2013 to be agitated or chaotic \u2013 \u201cthe politics of slavery was roiling the United States\u201d.
33 \u2013 sonder – The realization that each random passerby is living a life as vivid and complex as your own.
34 \u2013 inculcate – To instill or teach someone an attitude, idea, or habit by persistent instruction. \u201cThey will try to inculcate you with a respect for culture.\u201d
35 \u2013 mendacity \u2013 untruthfulness, lying. \u201cHe blew the whistle on the mendacity of the politician.\u201d<\/p>\n\n\n\n

36 \u2013 pejorative \u2013 Expressing contempt or disapproval.  Having negative connotations.   \u201cPermissiveness is often used a pejorative term\u201d.
37 \u2013 dystopian \u2013 A world or society in which people lead wretched, dehumanized fearful lives, often associated with a totalitarian government or an environmentally degraded world. \u201cThe dystopian future of a society bereft of reason\u201d.
38 \u2013 Occam\u2019s razor \u2013 The simplest answer may be the preferred answer.
39 \u2013 execrate or execrable \u2013 very bad \u2013 \u201cThe execrable hotel food.\u201d
40 \u2013 immutable \u2013 unchangeable \u2013 Do not make the mistake of assuming that public opinion is immutable.   
41 \u2013 prurient – having or encouraging an excessive or unwholesome interest in matters of sex. 
 \u201cShe\u2019d been the subject of much prurient <\/em><\/strong>curiosity\u201d.
42 \u2013 obsequious – exhibiting fawning attentiveness. Exaggerated deference of manner.  \u201cWaiters who are obsequious in the presence of celebrities.\u201d
43 \u2013 iconoclast –  a person who attacks settled beliefs or institutions \u201cHe was a prolific writer with a reputation for iconoclastic insight and irreverent prose.\u201d
44 \u2013 oblique – something not parallel nor at a right angle to a specified or implied line \u2013 slanting.
\u201cWe sat on the settee oblique to the fireplace. Or something not done in a direct way such as \u201cHe issued an oblique attack on the president\u201d.
45 \u2013 profligate \u2013 wasteful \u2013 wildly extravagant.  \u201cHe has always been a profligate spender, which is why he is broke.\u201d
46 – raconteur \u2013 a good teller of stories.  \u201cWe always invite her to dinner because she is a fine raconteur\u201d.
47 \u2013 taciturn – a person who is reserved or uncommunicative in speech\u2026saying little.  It usually connotes unsociability. \u201cNothing bothered the taciturn Hogan more that excessive praise.\u201d<\/em>
48 \u2013 fungible – capable of mutual substitution: interchangeable\/  \u201cThe court’s postulate is that male and female jurors must be regarded as <\/strong>fungible.\u201d
<\/em>49 \u2013 filibuster – The use of tactics in an attempt to delay or prevent action especially in a legislative assembly. This currently requires a 60 vote Senate majority. \u201cThey stopped the bill from coming to a vote by the use of a filibuster\u201d.
<\/em>50 \u2013 hegemony – preponderant influence or authority over others: Domination. \u201cThey battled for hegemony in Asia.\u201d<\/em>
51 \u2013 de facto – being such in effect though not formally recognized or contrary to established law \u201ca de facto state of war\u201d <\/em>for a war that has not been officially declared.
52 \u2013 Blockchain – an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.<\/p>\n\n\n\n

 –<\/p>\n","protected":false},"excerpt":{"rendered":"

In the news\u2026.. Defined as a digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network. The technology at the heart of bitcoin and other virtual currencies,\u00a0blockchain\u00a0is an open, distributed ledger that can record transactions between two parties efficiently and in … Continue reading W<\/strong>ORD OF THE <\/strong>W<\/strong>EEK <\/strong>#52 \u2013 Blockchain<\/a><\/strong><\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/wordofweek.com\/index.php?rest_route=\/wp\/v2\/posts\/192"}],"collection":[{"href":"https:\/\/wordofweek.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wordofweek.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wordofweek.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wordofweek.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=192"}],"version-history":[{"count":9,"href":"https:\/\/wordofweek.com\/index.php?rest_route=\/wp\/v2\/posts\/192\/revisions"}],"predecessor-version":[{"id":203,"href":"https:\/\/wordofweek.com\/index.php?rest_route=\/wp\/v2\/posts\/192\/revisions\/203"}],"wp:attachment":[{"href":"https:\/\/wordofweek.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wordofweek.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wordofweek.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}