The purpose of this article is to help African-Americans learn about financial technology that we can implement right now to discover patterns and opportunities for economic advancement in African-American communities. Right now, we got cats in the African-American community just blabbing off at the mouth about economic empowerment and doing nothing but selling tickets for cats to hear them move their mouth about what we should be doing for economic empowerment and been saying that same line for several years. Well, thankfully there are some real cats in the house who use STEM and patterns and practices and can show and tell they about it and one of those people are..hey, actually that’s me! So yeah, what I’m going to discuss with the brothas and sistas blockchain and distributed ledger and how we are going to implement this technology to pinpoint and optimize the economic conditions in the African-American community. The reason why I stress African-Americans and not black people learning blockchain and distributed ledger because our people in Africa is already on it. Wow, they over in Africa got podcasts on drones, open source and got startups on mobile payments and you African-Americans – yeah, you black people in America..what you doing? You black African-Americans ain’t doing a damn thing and just want to read about some cute little black kid who build some some crappy mobile app with PhoneGap that none of yall going to use but love to share the story on Facebook for inspiration..ooooh, so inspiring! I thought you African-Americans are all smart and stuff with your HBCUs and stuff like that. Why haven’t we seen a HBCU create their own internal mobile payment system built by their students? Are these HBCU students too stupid to build a university-level mobile payment app? But they want to work so badly on Wall Street and Silicon Valley, don’t they? But they over in Africa doing drones, mobile payments, solar energy, aquaponics and stuff while you African-Americans over here just reading about some Techcrunch token peddling razor blades in a subscription package and yall all happy about that. So to avoid further embarrassment of African-Americans and to salvage our reputation within the African Diaspora, I decided to write this article to get African-Americans up to speed in knowing about blockchain and distributed ledger technology. What is Blockchain and Distributed Ledger? I read a lot of articles that talk about blockchain and distributed ledger and these articles tend to intertwine the two meaning the same thing and it does not. This would confuse many of you brothas and sistas what cryptocurrency is which is also, not the same as blockchain and distributed ledger but one of many components that drives digital transactions. So let me give you cats the definition: Blockchain. A block is a physical unit of anything. It can be money, it can be inventory or it can be a person. A chain is the transactional ledger of that block in terms of how it is transferred. So think about rental business and you rent a car to a customer. That specific car is the block but every customer that rented it is the chain data stream affiliated with that rental car. You have a bunch of cars in your car rental business but you can see who rented what car and when looking at a big picture. With payments, a unit of money like one dollar can now be chained to knowing what person it was transferred from and transferred to, creating an economic pattern – where we going in this article. Distributed Ledger. A distributed ledger is an accounting system ledger that independent entities contain a copy of and is used for validation to see if a block is valid for transactions. So for example, you want to make a transaction and the system can check four different distributed ledgers and each of those independent ledgers should return back the same information saying the block is valid. When a transaction is made in one ledger, that information is distributed to the other independent ledgers so multiple parties can validate the transaction. So by now after reading the definitions, you African-Americans are now on par with the rest of the African Diaspora and not as embarrassing as you were two paragraphs ago. You should see a lot of high paying jobs, especially in London right now for jobs that focus on blockchain and distributed ledger. The technology is considered disruptive and can be used in not just cryptocurrencies but in any business that use transactions and transfer methods. So this is a big career field and wide open with opportunities. But watch how many of you cats going to return back to your broke paying trifling ways after reading this article…watch. Implementing Blockchain Technology in the Hood The goal of implementing blockchain technology in our hood is to show how the money moves in the black community. I know many of you cats hear Dr. Claude Anderson talk about how money changes hands several times in the black community versus other communities and other cats say this also. Well, with blockchain technology, we can know 100% for sure how many times money is transferred within the black community and not only know this, we have the data to make optimizations and find opportunities to increase how many times money is transferred in our community and improve black economic activity in near real-time in response to the data. Ain't it cool that we black STEM cats just make the other pro-black clowns look so stupid because we study and put in work to help the black community while the pro-black morons just run their mouth all the time? So the way we setup the mobile payment system is we are going to create an initial $5 million inventory of digitally signed “blocks” and each block is worth 1 cent. So 100 blocks = $1 USD. I do want to make you guys aware that we are considering $10 blocks and $100 blocks denominations. And what happens is when someone signs up, they buy $100 worth of blocks and that person goes out and spend those blocks and the blockchain is created. This is kind of like a prepaid card system but with blockchain capability. The scope of this setup is going to be hyperlocal to a commercial strip in the hood, on one side of town. Another side of town can use the same platform and will use distributed ledgers to allow cross-spending of different payment platforms in different places. So someone from Chicago can fly down to Atlanta and spend their Madison/Pulaski West Side payment system over in West End Atlanta payment system and distributed ledgers can validate the card and blocks to accept them and Atlanta can redeem them back to Chicago for cash or a “block bank” exchange similar to FOREX systems that hold foreign currencies. So in case you wondering, yeah, we can start as small as a local strip in the hood and build up from there. So what I done was create a demo database to show you guys how a blockchain works and here are the steps and how to do it. In the image above, I created the house which is us, the ones who created the blocks for the mobile payment service. And I created 5 entities. The entities can be a person to person or a person to business or a business to person (wage/bonus) and it does not matter in this example. But what happens they spend the money between each other and eventually it’s time to cash out and they come back to the house which is us and cash out. That is the cycle of how money change hands and finally come back to us. Yeah, you like this already, I can see the smile on your face… But you also saw I created the blocks which is one thousand blocks of value of .01 or a penny. As I indicated, later on, we may consider creating denominations of 1.00 and 5.00 and 10.00 and 20.00 and 50.00 and 100.00. Then when a person come to open an account, they open it with $5.75 and we transfer those blocks to their account. So as you see, the house had 1000 blocks which is 10.00 and we moved 575 blocks to the new account or 5.75 blocks and the house now have only 4.25 blocks left to distribute to new account. So the new account goes and give 2.47 to another entity which is a soup and sandwich shop. So you see that the person transferred 2.47 or 247 blocks to the soup and sandwich shop. Now the soup and sandwich shop want their cash and they come to us the house to cash out. Then they transfer the 247 blocks back to the house. This ends the cycle. So the soup and sandwich shop cash out the 2.47 and we now have 672 blocks with the person holding on to 328 to spend elsewhere. The 247 blocks came back to us and when they come back to us, then we can analyze the movement of money in our community and find opportunities and adjustments. View the Blockchain for Adjustments and Opportunities In the image above, you see we can discover how money was moved thanks to the blockchain. You should see the money came from the house to a person and from a person to a business and the business return the money back to us, the house as a cash out. Now, this is the group of money and simplified but we can actually track every block or every penny spent and watch how it moved through the economy and back to the house. With that said, what do you think is the opportunity here? The opportunity is to have the soup and sandwich shop find way to use the blocks they received. Let’s say the soup and sandwich shop cashed out because they need to buy the ingredients to make more soup and sandwiches. Then that tells you that you need a wholesaler in the hood who can supply the soup and sandwiches and that is the opportunity discovered. Or the shop can pay their employees partial blocks to go and spend in the community with other merchant who accept the blocks for payments. Or if they do a rebate, the rebate amount is in blocks from our system the same way those other cats give you a rebate with a prepaid card. Those are ways to keep the blocks circulating in the community before coming back to the house. The first thing someone is going to scream is privacy. And I understand, I don’t want cats knowing I’m sending payments to my side bae because I’m her sugar daddy. Our concern is not person-to-person and only person-to-business and business-to-business transactions to include in the blockchain analysis. We can determine that by the account doing the spending. Person-to-person does not benefit us to help the economy unless it is a chick tricking all the married dudes or a corner store church taking all the blocks as tithes from the black community and we see that pattern of money going to tricks and preachers instead of spending in the community to boost economic activity. But what we can do is analyze and see data points on how to keep money circulating in our community and also help the community with education showing them how to spend better in a way that benefits all. We don’t care about one person, we care about the community and can show if they all shop at the soup and sandwich shop, they supporting the butcher who provide the deli meat and the shared kitchen where the soup is made and the community become better informed and conscious of how they spend their funds. Then cats will realize they should eat at the soup and sandwich because it keeps their neighbor having a job and that place also donate to their kids school to take a field trip to the zoo. Global Urban Collective The source code for the blockchain will be provided to the Global Urban Collective to incorporate into the existing Account Provider platform that is there to power mobile payments and other transactional components and ledgers. We will show brothas and sistas who are about it in the Global Urban Collective how to implement blockchains and distributed ledgers. There is already stuff built out and ready to execute what we discuss so this is not hypothetical, these are real solutions that will be coming out to the marketplace as STEM tools and financial tools to actually create economic solutions in our community while everybody else just blabber their mouth off. But as you see, blockchains can be used in a way to help us and the African cats are already on this technology. So let us see if the African-Americans are going to step up like the Africans and learn STEM or if the African-Americans just going to stay stuck on stupid and act with a sense of entitlement that things are going to be okay because they are African-Americans.