This week, Jordan Gitterman, Founder of Item Bank, Board Member of Africa Blockchain University and United Africa Blockchain Association, is featured as the Blockchain Personality of the week on QBITtimes.
QBITtimes (QT): Could you share with our readers your background?
Jordan Gitterman (JG): With the advent of the Fourth Industrial Revolution, my passion for positively disrupting the status quo, improving how valuations are calculated and exchanges consummated became tangible. By developing and implementing Ecosystems utilizing cryptocurrencies, AI, Smart City and Blockchain technologies, I became empowered to have a positive social impact, assisting people in obtaining life’s essentials and creating a fair market.
Beforehand I invested, facilitated funding, held financial and senior management roles in two privately-held independent oil and gas exploration companies that produced in Kansas and Colorado. Moreover, I joint ventured with a publicly-traded company to develop an iron ore production, export, and trading business in Mexico, founded Latin American Mining which operated a copper mine in Chile.
Also, I have been a principal in varied natural resource projects and am still active in this sector. Before entering into the natural resources business for 15 years, I owned and operated a multi-office New York City real estate brokerage, where I invested and managed properties.
QT: How did you get into Blockchain & Cryptocurrencies?
JG: I was fascinated with and educated myself on bitcoin and blockchain technologies in around 2011 when it was about a $1. I began taking these technologies seriously in 2013 when Estonia was planning and then eventually used Blockchain for its e-residency program.
While living in Chile, where I had a copper mine and needed to use the international banking system often, which is expensive, slow, arduous, and provides poor service. As I compared it to bitcoin’s permissionless Blockchain, I knew Blockchain & Cryptocurrencies were the future.
The peer to peer nature of transacting is, in essence, electronic bartering. Barter exchanges, which to me are synonymous (with all the aforementioned negative characteristics) with banks, commenced operations about 50 years ago in the United States.
Upon my return to the States, I wanted to disrupt the barter exchange industry and targeted their community which had been using barter (virtual) currencies since their inception. I began working with a gentleman who took a barter currency and put it on the Blockchain.
QT: What are some of the Blockchain/Cryptocurrency projects you are involved?
JG: I am a member of the board of directors of Energy Rescue Systems Corporation’s (ERS). It is a core patented technology that fuses the Energy-of-Things (EoT), and Blockchain distributed ledger technology for a profitable way to protect people, property and privacy and its ancillary companies ACME Financial, Grid Power, and GridPal.
They are all finance and technology companies in the “smart” energy sector providing safe, secure, cost and energy savings solutions. I am an advisory board member of the United African Blockchain Association (UABA) and the African Blockchain University (ABU) two organizations that promote the use and education of blockchain technologies.
And I am one of the founders of Item Banc a first-of-its-kind Global Parity Valuation Engine designed to create global parity valuation information. Data for the engine is derived from a basket of basic human need goods commercial information that is captured and tokenized by smart contracts with producers and organized by Nation.
It is another market for basic human needs, to deliver them to those who need them, to allow each country or community to have a viable currency backed by them, and for their commercial information to derive the best relative valuations.
QT: From your outlook, what prevents mainstream adoption of Blockchain Technologies?
JG: Adoption is happening as private enterprises, banks and governments are implementing Blockchain in various ways. The front end of the technology will improve and become more user-friendly.
“From Cryptocurrency perspective, the legal and regulatory authorities, most importantly, in the US because of its influence, have not settled down on a policy. Consequently, this is preventing capital and other resources from being deployed into the sector and hence slowing adoption.”
The following are also being addressed:
Protection of the private key (password) a weak point in security
Proof of user consent, in other words, double-checking if the wallet owner intended a transaction
Decentralized compliance and its relationship to global privacy while staying in regulatory compliance are all issues that once resolved, will remove friction leading to mass adoption.
QT: How do you see Blockchain/Crypto solving problems and making the world a better place?
JG: In the Blockchain/Cryptocurrency communities, the word disrupt is used for nearly every Ecosystem or industry. We disrupt by implementing Blockchain & Cryptocurrencies, and when applied correctly, they will change the paradigm by removing parasitic parties, saving fees, speeding up transacting, offering privacy, transparency, immutability, and more.
The exciting part of answering this question is that there are a plethora of new ideas using these technologies that are changing the world for the better by bringing forth transparency and a fair marketplace.
QT: Let’s say you fall asleep and wake up in 50 years, what question would you ask first about Blockchain/Crypto?
JG: How did Blockchain and Cryptocurrencies transform the worlds broken financial and governing systems.
QT: Tell us your most Provocative/controversial thought in Crypto?
“I think the entire world is going to use various blockchains and cryptocurrencies and become autonomous, transparent, decentralized, with abundance and peace reigning.”
QT: Which Blockchain/Crypto project is your favourite?
JG: Item Banc is my favourite project, and I dedicate most of my time to bringing it to market. Item Banc is a first of its kind global parity valuation engine that applies the technologies as mentioned earlier and economic calculations to provide the market with the best relative valuations.
Valuations are derived from the analyzed data of the commerce of basic human needs – BHN. Item Banc incentives producers, farmers and manufacturers, to produce and intelligently distribute to market food, shelter, clothing, medical, hygiene, paper products, and delivers the commoditization of these necessities to enable valuation information.
This information allows BHN to be traded, financed as commodities and to be used as a superior form of exchange as a cryptographic currency; an Information Currency.
QT: Thank you.