(IJCH) Cotton Coin - Disrupting the Global Cotton Industry (BUT MORE IMPORTANTLY, Cotton Coin Aims to Alleviate the Horrible Plight of Third World Cotton Workers)
IJCH - Inside JaiChai's Head (Meaning: My Warped, Personal Opinions and Musings)
From the Author:
I am JaiChai.
And if I haven't had the pleasure of meeting you before, I'm delighted to make your acquaintance now.
I invite you to interact with everyone, learn, and have as much fun as possible!
For my returning online friends, "It's always great to see you again!"
I just read this awesome post by my Steemit friend @piotr -
Blockchain Technology Solving Real World Problems - "Now That's What I'm Talking About!"
I've been touting for years that Bitcoin is but one (and probably the least important) of many uses of Blockchain technology for the good of Humanity.
IMHO, Bitcoin as a digital asset is the least functional use of the blockchain. - JaiChai (2011)
"People with tunnel vision; that is, those who only focus on Bitcoin as a slow moving, expensive transaction medium are missing the notion that we’re on the threshold of the next generation of the web."
In another article, I pointed out that Blockchain technology was being used to tackle the problems of "Lawful Identity" and "Worldwide Humanitarian Efforts".
That's why, upon reading about Cotton Coin (props to @piotr) and in spite of being alone in my bedroom at the time, I blurted out loud, "Now That's What I'm Talking About!"
What is the Cotton Coin Project?
Cotton Coin's Blockchain technology will track, authenticate, and streamline the global cotton industry.
BUT MORE IMPORTANTLY, with Cotton Coin, the plight of cotton workers around the world can now be addressed and alleviated.
From Cotton Coin's website:
The cotton industry is threatened by debates, lawsuits, corruption, and scams, that even data coming from a third party traceability system is viewed with suspicion by the participants.
This led us to wonder how we can bring back trust in cotton related information. We needed a technology which ensures that the cotton related data cannot be corrupted or modified in any way, by any party.
Blockchain Technology - From Bitcoin to Cotton Coin
Although Blockchain technology was originally created for cryptocurrency (e.g., Bitcoin, Ethereum, Litecoin, etc.), it is now being used to disrupt other industries and improve the status of all stakeholders within its ecosystem.
Blockchain is the master ledger, a global shared database across multiple networks; allowing information to be disseminated and accessed by anyone via the internet.
The information cannot be forged and it is not recorded in one central location; making it less likely to be targeted by hackers looking for a single point of failure.
It is egalitarian in nature, not controlled by a single entity (decentralized).
Blockchain information is immutable - set in stone, so to speak. Once a transaction has been validated, it can't be changed - meaning: No after the fact corruption from deletions or other forms of censorship.
We are now seeing the tip of the iceberg when it comes to bringing the invaluable utility of Blockchain technology to fruition; thereby creating viable solutions for real world problems.
For example, similar to the De Beers Group, the world’s leading diamond company, which specializes in diamond exploration and manufacture, Cotton Coin uses Blockchain technology (IDENTIFICATION TOOL MANAGEMENT) to create a “digital record" for every source of cotton registered on the platform.
Cotton Coin's Blockchain implementation (LOGISTICS TRANSACTIONS) monitors and records the movement of cotton for tracking.
This drastically curtails the all to common instances of cotton "falling off the truck" (aka theft) and authenticates both the source and quality of the goods.
And similar to IBM's Carbon Credit Management Using Hyperledger Fabric Blockchain, Cotton Coin uses Blockchain enabled AUTHORITY TOOLS and COTTON SAFETY INFORMATION that will deter unscrupulous vendors from manipulating the cotton market.
Alleviating the Horrible Plight of Cotton Workers
Cotton workers world wide suffer from a host of miserable circumstances.
So much so that it has recently led to an epidemic of suicides!
The problems of the cotton workers can all be traced to the obsolete, centralized and corrupt entities operating within the global cotton industry.
Cotton Coin Aims to Disrupt, Decentralize and Democratize the industry through its Blockchain.
"Blockchain technology is going to revolutionize the cotton industry. -Carson from Texas, USA"
"Cotton farmer from Pakistan realizes the importance of Cotton Coin. -Basit From Pakistan"
Everything from making business transactions transparent to eliminating extended payroll delays, Cotton Coin has plans to make huge quality of life improvements for the workers; while putting the corrupt old guard on notice.
For example, just like the UK's 2016 Department for Work and Pensions blockchain, Cotton Coin could use a mobile app to receive and spend salary payments. Doing so will reduce salary fraud and protect workers from predatory payment practices (aka extortion).
"Cotton coin provides instant payment option. Perfect for the export market. -Robert from California, USA"
"Slow and non-payment contribute to the plight of the cotton farmers. Cotton Coin can solve the issue. -Wei From Hubei, Chin"
In the same way AIG teamed with IBM to use Blockchain for "smart insurance policies", Cotton coin could easily setup both an equitable pension plan and/or fair insurance policies via Blockchain technology.
The Ultimate Goal
The ultimate goal of any true charitable/relief endeavor is planned obsolescence; that is, to fill the need or solve the problem so thoroughly that it makes the project no longer necessary.
How is this done?
SUSTAINABILITY (the "Give a man a fish" principle).
That's why more focus should be given to all aspects of the project: Mission-Road Map-Vision BEFORE execution; then executing and executing until the objective has been met (aka the problem is solved once and for all).
Unfortunately, the bulk of charitable organizations take on a life of their own and insidiously setup conditions for its own survival.
And this is why I am confident in Cotton Coin:
"We believe that building a self-sustainable business is better than any type of government aid." - Cotton Coin
They obviously have their guiding principles in order, no?
I truly hope more and more Blockchain projects like Cotton Coin are created to solve today's real world problems affecting our planet and all of Humanity.
Thanks for stopping by.
Truly hope to see you again!
About the Author
Believing that school was too boring, he dropped out of High School early; only to earn an AA, BS and MBA in less than 4 years much later in life – while working full-time as a Navy/Marine Corps Medic.
In spite of a fear of heights and deep water, he performed high altitude, free-fall parachute jumps and hazardous diving ops in deep, open ocean water.
After 24 years of active duty, he retired in Asia.
Since then, he's been a full-time, single papa and actively pursuing his varied passions (Writing, Disruptive Technology, Computer Science and Cryptocurrency - plus more hobbies too boring or bizarre for most folk).
He lives on an island paradise with his teenage daughter, longtime girlfriend and three dogs.