Tag: ai

AI Agents, AI Tools, Banking, Blockchains, Decentralized, Digital Currency, International Finance, Oracles, Productivity, tokenization, Yogi Nelson

Franklin Templeton’s Benji: Bringing U.S. Government Money Market Funds On-Chain

Yogi Nelson

by Yogi Nelson

Welcome to the BlockchainAIForum

The evolution of money is perpetual. Asset managers, such as Franklin, must constantly evolve our face extinction. Franklin was early to adopt a nascent technology in the 1990’s–the internet. Thirty years later, Franklin remains at the forefront–this time with blockchain. Back in the 1990s, Franklin had an “internet-department” that settled transaction! Eventually, of course, the entire organization adopted the internet. Once again, Franklin and the financial world is experiencing a steady convergence between traditional finance (TradFi) and decentralized finance (DeFi). One of the clearest examples of this integration is Franklin Templeton’s Franklin OnChain U.S. Government Money Fund, commonly referred to as Benji. This pioneering initiative represents one of the first regulated U.S. mutual funds to record shares on a public blockchain. While blockchain has often been associated with volatile cryptocurrencies, Benji shows how the technology can be used to modernize stable, regulated financial products—and potentially reshape how capital markets operate.

What Is Benji?

Benji is Franklin Templeton’s blockchain-based version of its U.S. Government Money Market Fund. Launched in 2021, the fund is registered with the SEC under the Investment Company Act of 1940, just like any other regulated mutual fund. However, what makes Benji unique is where its shareholder records live. Instead of relying exclusively on traditional databases, the fund records ownership on the Stellar blockchain, with secondary support later expanded to Polygon.

At its core, the fund invests in short-term U.S. government securities—Treasury bills, government agency debt, and repurchase agreements backed by these instruments. This means investors are not exposed to crypto volatility. Rather, they are accessing a conservative, low-risk investment vehicle—but one enhanced with blockchain technology.

How It Works

Investors access the fund through the Benji Investments app, a mobile platform that simplifies account opening, management, and transactions. Each share of the fund is represented by a tokenized security on-chain. Behind the scenes, Franklin Templeton continues to act as the fund manager, custodian, and transfer agent—ensuring compliance with existing U.S. regulatory frameworks.

From the investor’s perspective, the workflow is straightforward:

  1. Onboarding – Investors complete KYC/AML checks just as they would with any regulated investment account.
  2. Purchase – When buying into the fund, they receive blockchain-based tokens representing their shares.
  3. Ownership Records – These shares are recorded and verifiable on the Stellar blockchain.
  4. Liquidity – Investors can redeem their holdings for cash through the app, just as they would with a traditional money market fund.

This hybrid model combines the legal protections of a regulated fund with the transparency and efficiency of blockchain.

Why It Was Created

The motivation behind Benji can be understood on two levels.

1. Modernizing the back office
The traditional asset management industry relies on layers of intermediaries—custodians, transfer agents, clearinghouses, and settlement systems. These processes are expensive and prone to inefficiencies. By recording fund shares on a blockchain, Franklin Templeton seeks to reduce operational friction, automate reconciliation, and lower costs.

2. Bridging traditional and digital finance
As digital assets gain adoption, institutional and retail investors alike want safer ways to access blockchain-powered financial products. A government money market fund offers familiarity and trust, while its on-chain representation allows participation in emerging blockchain ecosystems. This could pave the way for integrating traditional assets into DeFi protocols in a compliant manner.

The Problems Benji Addresses

Benji is designed to solve several persistent challenges in the investment industry:

  • Inefficiency in recordkeeping: Traditional fund operations rely on complex reconciliation processes across multiple intermediaries. On-chain records create a single, immutable source of truth.
  • Limited transparency: Blockchain enables near real-time visibility into share ownership, increasing trust and reducing the potential for errors or disputes.
  • Barriers to access: By packaging the fund into a user-friendly mobile app, Franklin Templeton lowers the threshold for retail investors to participate. Over time, tokenized shares could be integrated into digital wallets and interoperable with other blockchain-based services.
  • Liquidity and speed: Traditional settlement cycles can take days. Blockchain-based records allow for faster, more seamless transactions.

Broader Implications

The launch of Benji is not just a technological experiment; it is a signal of how legacy institutions are adapting to the digital age. Several key implications emerge:

  • Institutional adoption of blockchain: Benji demonstrates that blockchain is not just for cryptocurrencies, but also for regulated, mainstream financial products.
  • Tokenization of real-world assets (RWA): Money market funds are just the beginning. If successful, this model could extend to bonds, equities, real estate, and other asset classes.
  • Pathway to DeFi integration: While Benji operates in a regulated framework, the tokenized nature of its shares opens the door for eventual interoperability with decentralized finance applications—potentially unlocking new liquidity and use cases.
  • Regulatory precedent: Franklin Templeton’s collaboration with the SEC provides a roadmap for other asset managers interested in bringing funds on-chain while staying compliant.

Conclusion

Franklin Templeton’s Benji is a landmark in the evolution of financial markets. By placing shares of a U.S. government money market fund on a blockchain, it bridges the worlds of traditional investing and decentralized technology. For investors, it offers a conservative, regulated product with the added benefits of efficiency and transparency. For the industry, it represents a proof of concept for how tokenization can address long-standing inefficiencies and unlock new opportunities. As blockchain technology matures, Benji may be remembered not just as an isolated experiment, but as the first step toward a new financial architecture—one where traditional assets and digital infrastructure coexist seamlessly.

Until next time,

Yogi Nelson

Sources:

Franklin Templeton Website.

Securities and Exchange Commission

RWA.xyz.

Stellar Lumens Website

AI Agents, AI Tools, Artificial Intelligence, Banking, Blockchains, cryptography, Decentralized, tokenization, Yogi Nelson

🔑 The Future of Digital Identification: How Blockchain Can Transform Online Identity

Yogi Nelson

by Yogi Nelson

Welcome to the BlockchainAIForum

Three years ago, I was selected to serve on the Federal Deposit Insurance Corporation’s (FDIC) Digital ID Advisory Committee.  It was an honor and fantastic learning experience.  Now three years later, our lives are ever more digitized hence the impetuous for this blog post.  We all know, secure and reliable digital identification (ID) is essential for everything from opening bank accounts to accessing healthcare services. Traditional systems, however, often depend on centralized databases that are vulnerable to hacking, data leaks, and identity theft. Blockchain technology offers a decentralized alternative that could revolutionize digital identity management.  This article explores how blockchain-based digital identification works, its benefits, potential drawbacks, and real-world use cases.

🏗️ How Blockchain Digital Identification Works

Fundamentally, blockchain digital identity solutions use distributed ledgers to create and store identity information. Unlike centralized systems, no single entity controls the data. Instead, identity credentials are stored across multiple nodes in a blockchain network.

Key Components:

  • Decentralized Identifiers (DIDs): Unique cryptographic keys that link an individual to their identity.
  • Verifiable Credentials: Digitally signed proofs of attributes such as name, age, or employment status.
  • Zero-Knowledge Proofs (ZKPs): Cryptographic methods that allow users to verify identity attributes without revealing underlying information.

The user retains full control over their data, deciding who can access which pieces of information and when. This concept is often referred to as Self-Sovereign Identity (SSI).

✅ Advantages of Blockchain-Based Digital IDs

1. Enhanced Security. Data is stored on a decentralized blockchain, making it extremely difficult for hackers to compromise the entire system. Each transaction is cryptographically secured and immutable.

2. User Control. Users own their identity data, determining what information is shared and with whom. This reduces the risk of misuse by third parties.

3. Interoperability. With proper execution, blockchain IDs can be used across multiple platforms and services, eliminating the need for repetitive registration and verification processes. The key is making blockchains interoperable. In other words, think about WiFi. It works because it is interoperable; blockchains need this additional layer of functionality.

4. Fraud Prevention. Immutable records on the blockchain make it nearly impossible to forge or tamper with identity credentials.

5. Global Accessibility. Blockchain digital IDs can provide a secure identity to the 850 million people worldwide who currently lack government-issued documentation.

⚠️ Challenges and Limitations

While promising, blockchain digital identification also faces challenges that must be addressed before widespread adoption.

1. Regulatory Uncertainty: Countries have different rules for identity verification, making it complex to create a system that works globally.

2. Scalability Issues: Blockchain networks must be capable of handling massive numbers of transactions quickly. Current solutions may face performance bottlenecks.

3. Privacy Concerns. Although blockchain data is encrypted, once information is on the chain, it cannot be removed. This immutability could conflict with data privacy laws such as GDPR’s “right to be forgotten.”

4. Adoption Barriers. Organizations must be willing to integrate blockchain-based IDs into their systems, which may require significant investment and training.

🌍 Real-World Use Cases

Several organizations and governments are experimenting with blockchain digital identity solutions. Below is a sampling of projects that demonstrate the versatility and potential of blockchain-based identity systems:

  • Microsoft’s ION: A decentralized identity system built on the Bitcoin blockchain.
  • Estonia’s e-Residency Program: Uses blockchain elements to authenticate foreign entrepreneurs.
  • ID2020 Alliance: A global initiative leveraging blockchain to provide digital identities to underserved populations.
  • Dock.io: Provides a platform for creating verifiable credentials used in healthcare, finance, and education.

🔮 What’s Next?

The future of digital identification will likely involve a hybrid approach, blending blockchain with traditional systems. Technologies such as Zero-Knowledge Proofs and biometric authentication will play key roles in enhancing security while protecting user privacy. To achieve mainstream adoption, collaboration among governments, private companies, and standards organizations is essential. Legal frameworks must evolve to ensure blockchain digital identities comply with international data protection laws.

⚖️ Final Thoughts: Balancing Pros and Cons

Blockchain offers a powerful solution to the vulnerabilities of traditional digital identity systems, providing security, user control, and global reach. However, challenges around regulation, privacy, and scalability must be addressed.  For now, blockchain-based digital identification is most effective in specific use cases, such as cross-border verification, secure credentialing, and providing identities to unbanked populations. As technology matures, these systems could become the foundation of a more secure and inclusive digital world.

Until next time,

Yogi Nelson

AI Agents, AI Tools, Artificial Intelligence, Blockchains, cryptography, Digital Currency, International Finance, Productivity, Science, Yogi Nelson

Cryptography–The Secret Sauce in Blockchain Technology!

Yogi Nelson

by Yogi Nelson

Welcome to the BlockchainAIForum

Cryptography is the secret ingredient that makes cryptocurrencies work. Without it, Bitcoin, Ethereum, Cardano, and every other blockchain would simply not be secure or trustworthy. In this article, we will explore how cryptography works in the world of cryptocurrencies, explained in simple terms.

🧩 What is Cryptography?

Cryptography is the science of securing information so that only intended recipients can read it. Think of it like writing a message in code. If you know the code, you can read it. If you don’t, it remains a secret. In the digital world, cryptography relies on mathematical formulas and algorithms that are nearly impossible to break without the right key.

🏦 Why Cryptography Matters for Crypto

You may wonder: Why do we need all this math? Cryptocurrencies are decentralized, meaning no single person or bank controls them. Instead, people all over the world maintain the blockchain—the public ledger that records every transaction. Cryptography ensures that:

  • ✅ Transactions can’t be faked.
  • ✅ Coins can’t be spent twice.
  • ✅ Users can keep their private keys safe.
  • ✅ Everyone agrees on the ledger’s state without trusting anyone else.

🔑 Public and Private Keys

At the heart of crypto lies the concept of public and private keys.

  • Public Key: Like your email address. You can share it with anyone so they can send you crypto.
  • Private Key: Like your password. Only you should know it. It lets you spend or move your crypto.

These keys are mathematically related but it is impossible to figure out the private key from the public key. When you want to send crypto, you “sign” the transaction with your private key. Others can verify your signature with your public key to confirm it is valid.

✉️ Digital Signatures

Digital signatures are crucial. A digital signature is created using your private key and the transaction data. Anyone can check it with your public key. This ensures no one can forge your signature or alter your transaction. They prove that:

  • ✅ You authorized the transaction.
  • ✅ The transaction hasn’t been changed.

🛡️ Hash Functions

Another critical tool in cryptography is the hash function (I don’t mean potatoes, lol). A hash function takes any input (like a document or transaction) and turns it into a short or long, fixed-length string of numbers and letters.

  • ✅ The same input always gives the same hash.
  • ✅ Even tiny changes in input produce completely different hashes.
  • ✅ It is impossible to figure out the original input just by looking at the hash.

In blockchains, hashes are used to:

  • Create unique “fingerprints” of transactions and blocks.
  • Link blocks together securely in a chain.
  • Ensure no one can change past records without detection.

⛓️ Blockchain Integrity: Chaining Blocks with Hashes

The term blockchain comes from linking blocks using cryptographic hashes. Here’s how it works:

  1. Each block contains a list of transactions.
  2. The block also includes the hash of the previous block.
  3. This forms an unbreakable chain.

If anyone tries to change a single transaction in an old block, its hash changes. That breaks the chain, making tampering obvious to everyone.

🧪 Zero-Knowledge Proofs

Some modern blockchains also use zero-knowledge proofs. These allow someone to prove they know something (like a secret or password) without revealing it. By the way, zero-knowledge proofs can improve privacy and security.

For example:

  • ✅ You prove you own funds without revealing your private key.
  • ✅ You prove you have enough balance without showing your entire account.

🏛️ Example: Cardano’s Use of Cryptography

Let’s look briefly at Cardano, a popular blockchain project. Cardano is an example of how blockchains go beyond simple signatures and hashes, using cutting-edge cryptography to enhance security and efficiency. Cardano uses advanced cryptography to secure its blockchain:

  • ✅ It uses Ed25519 for digital signatures, known for being secure and fast.
  • ✅ It employs Ouroboros, a proof-of-stake protocol that relies on cryptographic randomness to select who adds new blocks.
  • ✅ It explores zero-knowledge proofs to improve privacy and scalability in the future.

🌍 Why It All Matters

Without cryptography, there would be no cryptocurrencies.nnBanks have vaults and guards to protect money. Cryptocurrencies have cryptography. It lets people all over the world:

  • ✅ Exchange value securely.
  • ✅ Trust a shared ledger without intermediaries.
  • ✅ Protect their digital assets from theft or fraud.

✅ Key Takeaways

  • Cryptography secures cryptocurrencies without needing banks or middlemen.
  • Public and private keys enable secure ownership and transactions.
  • Digital signatures prove authenticity.
  • Hash functions link blocks in a tamper-evident chain.
  • Advanced tools like zero-knowledge proofs add privacy and efficiency.

💡 Conclusion

Cryptography is the secret sauce of cryptocurrencies. It ensures that people can use decentralized digital money safely, securely, and confidently. Understanding the basics helps you see why crypto is revolutionary—and why it will continue to evolve with even better cryptographic tools in the future.

Until next time,

Yogi Nelson

Sources:

  1. Antonopoulos, Andreas M. “Mastering Bitcoin.”
  2. Narayanan et al., “Bitcoin and Cryptocurrency Technologies.”
  3. IBM Blockchain Essentials – Cryptography Basics
  4. CoinDesk or Blockgeeks articles on cryptographic techniques in blockchain
bitcoin, Blockchains, cryptography, Decentralized, Digital Currency, International Finance, tokenization, Uncategorized, Yogi Nelson

4 Ways to Invest in Bitcoin: A Comprehensive Guide

Yogi Nelson

by Yogi Nelson

Welcome to the BlockchainAIForum

I first learn of Bitcoin in 2012; at the time I was working as a federal government bank examiner. With hubris I ignored the Bitcoin story–to say it was a bad choice is the financial understatement of the millenia! However, even if I had wanted to buy Bitcoin in 2012, it was not easy to do so. Now as Bitcoins matures from a fringe digital asset into a mainstream financial instrument, investors have multiple avenues to gain exposure. Four of the most prominent methods are: buying a Bitcoin exchange-traded fund (ETF), purchasing Bitcoin on a centralized exchange, engaging in peer-to-peer (P2P) transactions, and buying Bitcoin directly on the spot market. While each path provides a stake in Bitcoin’s upside, they differ significantly in transaction mechanics, custody, risk, and security. Let’s explore each of those options, one-by-one, starting with ETFs.

Bitcoin ETFs: Indirect Exposure Through Traditional Finance

How It Works
A Bitcoin ETF is a publicly traded investment vehicle that mirrors the price of Bitcoin. Investors buy shares through a brokerage account, just as they would with an equity ETF. The ETF provider either holds actual Bitcoin (in a spot ETF) or uses futures contracts (in a futures-based ETF) to track performance.

Custody
Custody is handled by the ETF issuer and its appointed custodians, typically regulated financial institutions. Investors never directly own Bitcoin or private keys; instead, they hold ETF shares.

Risk Profile
The main risks here are counterparty and regulatory risks. The ETF depends on custodians’ ability to securely hold the underlying asset, and on regulators maintaining approval for such products. Investors are also exposed to tracking errors—where the ETF’s price diverges slightly from Bitcoin’s spot price.

Safety Considerations
From an investor’s perspective, ETFs are among the safest ways to gain Bitcoin exposure. Brokerage accounts are insured and integrated with traditional finance systems. However, they lack the decentralization ethos of Bitcoin; investors sacrifice sovereignty for convenience and regulatory oversight.

Centralized Exchanges: Accessibility with Custodial Trade-Offs

How It Works
Centralized exchanges (CEXs) such as Coinbase, Binance, and Kraken allow users to buy Bitcoin with fiat currency. The process is straightforward: deposit fiat, place a buy order, and receive Bitcoin in the exchange’s internal wallet.

Custody
In most cases, custody remains with the exchange until users withdraw Bitcoin to a personal wallet. The adage “not your keys, not your coins” reflects the risk—users trust exchanges to safeguard their assets.

Risk Profile
CEXs concentrate custodial risk. They are prime targets for hacks, and history has examples like Mt. Gox where users lost funds. There’s also regulatory and operational risk; governments may restrict access, freeze withdrawals, or impose compliance burdens.

Safety Considerations
Well-established exchanges use cold storage, insurance policies, and compliance protocols to mitigate risks. Still, best practice is to treat CEXs as access points, not long-term storage solutions. The safest move for users is to withdraw purchased Bitcoin into self-custody wallets.

Peer-to-Peer Transactions: Trust and Sovereignty

How It Works
Peer-to-peer (P2P) trading occurs when individuals directly buy or sell Bitcoin from one another. This may happen via dedicated platforms like Paxful or LocalBitcoins, or informally between acquaintances. Payment methods range from cash and bank transfers to mobile money apps.

Custody
Custody depends on the structure of the transaction. Many P2P platforms use escrow smart contracts that hold Bitcoin until both sides confirm payment. Once released, the buyer assumes custody directly, typically into a self-hosted wallet.

Risk Profile
P2P transactions carry counterparty risk. Fraud, scams, and disputes are common, particularly with fiat payment reversals. Legal risk also arises in jurisdictions where P2P Bitcoin sales are restricted or monitored.

Safety Considerations
P2P embodies Bitcoin’s decentralized ethos—users transact without intermediaries and retain control over custody once completed. However, safety depends heavily on reputation systems, escrow protections, and user diligence. In regions with weak financial infrastructure, P2P often becomes the most practical option despite higher personal risk.

Spot Market Purchases: Direct but Institutional

How It Works
The Bitcoin spot market refers to trading platforms—often institutional-grade—where Bitcoin is bought and sold at current market prices for immediate settlement. Examples include major global exchanges or over-the-counter (OTC) desks that facilitate high-volume trades.

Custody
Custody arrangements vary. Some spot desks deliver Bitcoin directly to buyers’ wallets, while others require custodial accounts. Institutional clients may rely on licensed custodians that specialize in digital asset security.

Risk Profile
Spot market transactions reduce exposure to tracking error, since trades reflect real-time Bitcoin prices. Risks revolve around liquidity, counterparty default, and settlement failures. For retail traders, access to true spot markets is often indirect, via exchanges.

Safety Considerations
Because spot desks often serve professional investors, security protocols are robust. Cold storage, multi-signature wallets, and compliance audits are standard. Retail users can replicate this model through reputable exchanges and immediate self-custody, but they must remain cautious about liquidity slippage when trading large amounts.

Key Comparisons

1. Transaction Mechanics
– ETF: Buy shares via brokerage; indirect Bitcoin exposure.
– CEX: Deposit fiat, trade on exchange; simple for retail.
– P2P: Direct trade with individuals; payment varies.
– Spot Market: Institutional-level immediate settlement at live prices.

2. Custody
– ETF: Managed by custodians; investor never holds keys.
– CEX: Custody with exchange unless withdrawn.
– P2P: Custody transfers to user upon escrow release.
– Spot Market: Custody varies; institutions often self-custody via licensed providers.

3. Risk Factors
– ETF: Tracking error, counterparty, and regulatory risk.
– CEX: Hacks, insolvency, regulatory freezes.
– P2P: Counterparty fraud, payment disputes, legal uncertainty.
– Spot Market: Liquidity, settlement, counterparty default.

4. Safety Profile
– ETF: Safest for traditional investors, least aligned with Bitcoin’s ethos.
– CEX: Convenient but should not be used for long-term custody.
– P2P: Empowers sovereignty but demands vigilance.
– Spot Market: Professional-grade security; best for institutions or experienced traders.

Conclusion

Choosing how to gain Bitcoin exposure depends on preferences, risk profile, and other factors particular to the individual. Investors seeking regulated, traditional vehicles may prefer ETFs, even at the cost of direct ownership. Retail participants often start on centralized exchanges for accessibility but should practice safe withdrawal to personal wallets. P2P markets empower financial sovereignty, especially in regions underserved by banks, though with heightened counterparty risk. Spot market purchases represent the most direct institutional approach, ensuring fair pricing and immediate settlement but requiring sophistication. Ultimately, the spectrum of options reflects Bitcoin’s growing integration into both decentralized and traditional financial systems. Whether one values security, sovereignty, or simplicity, understanding custody and risk is central to making an informed choice.

Until next time,

Yogi Nelson

AI Agents, AI Tools, Artificial Intelligence, Blockchains, computer vision, content creation, cryptography, NASA, Science, Yogi Nelson

Blockchain for Open Science: How NASA is Leading the Way

Yogi Nelson

by Yogi Nelson

Welcome to the BlockchainAIForum

Why Open Science Needs Stronger Data Integrity 🔐

Aaron Malone, Unbound Science Founder, introduced me to the idea of non-traditional science. Not exactly in the manner of NASA, nevertheless in the general direction. You can read about open science at: https://openscience.org/. And then there is decentralized science. This movement consists of a budding cluster of independent researchers and scientists who ditched traditional science to pursue science without political pressure. Check out Unbound Science here: unboundscience.com

In this article I’ll focus on NASA’s version of open science—the idea that data, methods, and findings should be openly shared—is critical to global progress. Keep in mind NASA is a USA government agency so their idea of open science might be …. Nevertheless let’s dig in. This article will rely on NASA’s recent technical memorandum, Blockchain for Supporting Open Science Practices, which highlights how blockchain technology can solve these issues by bringing data provenance, transparency, and immutability to the scientific process.

What is Blockchain and Why Does it Matter for Science? 🔗

Blockchain is essentially a distributed ledger that records transactions in a tamper-proof way. Once data is added, it’s nearly impossible to alter without detection. This technology has already transformed the finance and supply chain industries, and now NASA is exploring how it can protect research data.

For science, blockchain could:
– Verify data authenticity (ensuring no one alters findings after publication).
– Track contributions to projects, providing fair credit for datasets, analyses, and results.
– Facilitate reproducibility, which is essential for scientific trust.

Data Provenance: The Heart of the Challenge 📂

Data provenance—the full history of where data came from, who handled it, and how it evolved—is often missing from modern science repositories. NASA’s report notes that incomplete provenance records make it hard for researchers to reproduce findings.

Recording data events on a blockchain, creates a transparent and traceable chain of custody for every dataset. Scientists can see every step and that creates a transparent and traceable chain of custody for every dataset.
1. Who collected the data.
2. When it was collected.
3. How it was processed.
4. Which algorithms or models were applied.

Supporting Global Scientific Collaboration

NASA operates large international missions like the Earth Observing System and the James Webb Space Telescope. These projects involve thousands of researchers and terabytes of data. Without secure, automated systems, maintaining integrity across partners is challenging.

Blockchain can help by:
– Creating a common ledger shared among all research partners.
– Reducing the risk of tampering by a single actor.
– Automating permissions and access rights using smart contracts, so only authorized individuals can edit or annotate data.

Enhancing Credit and Recognition 🏆

One of the frustrations in science is lack of recognition for data curators, software developers, and other contributors who aren’t listed as lead authors. NASA’s memorandum highlights that blockchain could link each contribution to a unique digital identity, ensuring everyone receives proper credit. Researchers could even receive digital tokens or certifications for their work, providing a transparent record for resumes, tenure committees, and funding agencies.

Addressing Challenges and Limitations ⚡

Blockchain isn’t a magic bullet. NASA’s report acknowledges some hurdles:
– Scalability: Storing massive datasets directly on blockchain is impractical. Instead, the blockchain should store references and hashes, while the data itself remains in traditional repositories. DeSCI would say use decentralized file space, such as FileCoin.
– Energy use: Some blockchains consume significant energy. NASA emphasizes the need for green blockchain protocols suitable for science.
– User adoption: Researchers must be trained to use blockchain tools effectively, which requires cultural change.

NASA’s Next Steps 🚀

The memorandum outlines pilot projects where NASA plans to test blockchain tools in open science contexts. By leading these experiments, NASA hopes to set the standard for how blockchain can enable a trusted and transparent scientific ecosystem. These pilots will likely focus on:
– Metadata tracking for large Earth science datasets.
– Smart contracts for automating data-sharing agreements.
– Prototypes for tracking software versions in complex modeling projects.

What This Means for the Future of Science 📢

The push for open science is gaining momentum worldwide, and blockchain could be the infrastructure that makes it possible at scale. NASA’s leadership in this field signals that blockchain could soon be as essential to science as telescopes and satellites. Imagine a world where:
– Every dataset is verifiable and traceable back to its source.
– Data-sharing agreements are automatically enforced by smart contracts.
– Researchers can confidently build on others’ work without worrying about data corruption or ownership disputes.

Final Thoughts 📝

NASA’s Blockchain for Supporting Open Science Practices (2023) is more than just a technical memorandum—it’s a blueprint for how blockchain can enhance scientific integrity and collaboration. While challenges remain, the potential to revolutionize data sharing and reproducibility is undeniable.

Remember to check out Unbound Science. Until next time,

Yogi Nelson

Sources:
NASA Technical Reports Server (2023). Blockchain for Supporting Open Science Practices. NTRS Report Number 20230009029.

Citation: NASA Technical Reports Server (2023). Blockchain for Supporting Open Science Practices. [NTRS 20230009029]