The revolutionary aspect of the blockchain is starting serious discussions in the Professional Engineering community. Indications are that there are some fundamental problems in Engineering may be solved by the issuance of a token, in this case called Quant (1) and is currently in the “sand-box” phase of development.
The plan, in part, involves mining Quant to create a public key, or data-base called Engipedia. There is also a “proof-of-stake” (2) aspect, which forms an engineer’s private key summarizing by algorithm the engineer’s personal data such as education, qualifications, projects, and other contributions or related works.
The Quant token, which is proposed to have inherent smart contract capabilities will be mined by engineers in a variety of ways, most of which are intended to establish an expanding knowledge base, one such enterprise is called Engipedia. This is a knowledge base which has a formidable upside for democratic technological advancement and dissemination of workable knowledge worldwide.
As a virtual currency, the Quant token may provide a necessary bridge to financing that was previously inaccessible to engineers. Often pools of capital are controlled by vested interests or politically minded parties. Economic opportunities, which previously were unavailable due to lack of funding, may now have a financial vehicle for entrepreneurial Engineers.
The Design is the Contract
Engineering is different than finance and insurance. Finance and Insurance merely need to represent a physical object in a party / counter-party transaction script. There is no design involved. Engineering represents a physical object – the engineering design and specification IS the smart contract. Then, what happens in construction, operations, maintenance, renovation, and replacement is far too complex to be scripted in a single smart contract. Engineering outcomes involve enormous mass, forces, and real-life consequences. (3)
- The Market for QUANT
- QUANT Proof of Stake
- A Warning to Engineering Firms Concerning Blockchain Technology