Through all the uncertainty of our modern world, there is an enormous bright spot. This brightness shines light on the path forward to an exciting future. This bright spot is technology.
New potentials for personal expression, human connectivity, medical breakthroughs, energy efficiency, and enhanced prosperity—all made possible by a sudden wave of technological advancements.
Minnesota Blockchain Initiative (MNblockchain) is a nonprofit organization dedicated to helping Minnesota rise within this transformation. Just as our state has been a historic leader in agriculture, mining, medical research, materials, retail, and finance, MNblockchain is working to make our state shine in this century’s new industry.
An Introduction to Blockchain:
Blockchain technology, at its core, is a decentralized ledger of transactions across a network. The breakthrough is that it radically transforms and improves how data moves and is stored. This could be financial transactions, inventory management, media storage and consumption, and even voting. And this means a sudden (behind-the-scenes) change in how we pay for things, store records, and connect with one another.
Blockchain’s benefits are:
- Decentralization: Unlike traditional databases managed by a single entity, blockchain is maintained by a network of computers (nodes). This decentralization reduces the risk of data manipulation or failure.
- Transparency and Security: All participants can see the entire chain of transactions (the blockchain). And the use of cryptography and consensus among the network means it’s also more secure.
- Efficient: No more waiting three days for a check or credit card to clear.
- Applications Beyond cryptocurrency: While Bitcoin introduced blockchain to the world, blockchain applications extend to “smart contracts” (programmed movement of data/money), NFTs (ownership of a digital good such as an event ticket or piece of art), DeFi (short for decentralized finance, a methods for deposits and loans without an intermediary), and more.
What MNblockchain Does:
With a community-driven approach, MNblockchain comprises a mix of blockchain enthusiasts, industry professionals, and policymakers. Their mission is to foster an environment where blockchain technology can thrive—through community engagement, education, and highlighting area projects/builders.
- Community Building: MNblockchain actively cultivates a community around blockchain-related technologies. This includes hosting events such as “Spotlight Meetups,” seminars, and conferences. Today their community has about 1000 individuals, gathering at events and online for conversation, support, and collaboration. This year, MNblockchain unveiled a new Memberships program, enhancing the connectedness within the community.
- Education and Advocacy: Recognizing the demand for learning and discussing these topics, MNblockchain conducts educational outreach. They provide workshops, seminars, and online resources aimed at demystifying blockchain for newcomers and deepening the understanding for seasoned tech professionals. MNblockchain works alongside companies wanting to learn more about how this technology can serve their industry. Finally, advocacy plays a crucial role as well, where MNblockchain has met with several local government officials interested in crafting blockchain-related legislation or even integrating the technology into government activity.
- Innovation Hub: By partnering with local universities, businesses, and tech startups, MNblockchain assists those organizations and individuals in Minnesota at the frontier of this technology’s capabilities.
- Networking and Collaboration: MNblockchain’s platform serves as a nexus for developers, entrepreneurs, enthusiasts, investors, and professionals from many fields. Through the many collaborations, business partnerships, and the enhanced overall awareness/education within this industry, the MNblockchain network is vital for the growth of blockchain-related activity in Minnesota.
Today, many U.S. states have an industry association such as Minnesota Blockchain Initiative. Our state’s unique talent, resources, and history, however, have our state stand out in its potential to leverage these exciting, new, society-shaping technologies—to the benefit of Minnesotans as well as all those around the world. Learn more about MNblockchain at mnblockchain.org and contact them at connect@mnblockchain.org.
