Blockchain explained clearly in 3 videos
Blockchain has been coming up in our client meetings lately. They’ve been asking us about developing apps for such networks. We’ve heard about the internet of information, Internet of things, and now it is time for the Internet of Value. Blockchain is a distributed ledger of transactions and it is going to have more impact on our lives than the Internet itself and make centralized entities that maintain information about our transactions and ownership obsolete.
Photo by BTC Keychain
Blockchain was originally used as the infrastructure for the controversial cryptocurrency called Bitcoin. It can however be applied to many other scenarios where keeping track of all transactions in a safe and secure fashion is required. The safety and security is created by the distributed nature of blockchain. In this architecture there is a peer-to-peer network of ledgers where each ledger database or node contains the history of all transactions. This data is immutable and cannot be changed. A blockchain – by design – is very hard to hack.
Ledgers and history of transactions are normally maintained by powerful entities such as corporations, financial institutions, and governments. They keep records about the history of valuable assets such as lands, properties, etc. If all these ledgers move to the blockchain where no single entity be able to assert control over them, this may disrupt many ivory towers of power in the world.
The blockchain topic can get quite complex and we are still learning how to use and apply it. Here are 3 videos that we have selected for you that describe blockchain in a simpler language.
How the blockchain is changing money and business
This is the best video that we’ve found which is from Don Tapscott
Bitcoin and the Blockchain
Rick Falkvinge is a terrible standup comedian, but he founded the Sweden’s Pirate Party and does a decent job of explaining blockchain and bitcoin which is one of the main cryptocurrencies today built on blockchain infrastructure. He believes that block chain competes with a lot of core services that corporations, banks, courts, and governments provide. Those services essentially have to do with knowing who owns what. Know if that information is maintain by a blockchain network, those entities will have a lot of power to give up.
Bitcoin Might Fail but the Blockchain is Here to Stay
This is an oldie but a goodie from 2014, but does a good job of describing what blockchain is