What is BLOCKCHAIN? The best explanation of blockchain technology
- January 15, 2024
- Posted by: MainInstructor
- Category: Blockchain Learning Tutorials
Video Title: What is BLOCKCHAIN? The best explanation of blockchain technology
Many people think of blockchain as the technology that powers Bitcoin while this was its original purpose blockchain is capable of so much more despite the sound of the word there’s not just one blockchain blockchain is shorthand for a whole suite of distributed ledger technologies that can be programmed to record and track
Anything of value from financial transactions to medical records or even land titles you might be thinking we already have processes in place to track data what’s so special about blockchain let’s break down the reasons why blockchain technology stands to revolutionize the way we interact with each other reason number one the way it
Tracks and stores data block chain stores information in batches called blocks that are linked together in a chronological fashion to form a continuous line metaphorically a chain of blocks if you make a change to the information recorded in a particular block you don’t rewrite it instead the
Change is stored in a new block showing that X changed to Y at a particular date and time sound familiar that’s because blockchain is based on the centuries-old method of the general financial ledger it’s a non-destructive way to track data changes over time here’s one example let’s say there was a dispute between
Ann and her brother Steve over who owns a piece of land that’s been in the family for years because blockchain technology uses the ledger method there is an entry in the ledger showing that Adam first owned the property in 1900 when Adam sold the property to Dave in 1930 a new entry was
Made in the ledger and so on every change of ownership of this property is represented by a new entry in the ledger right up until Ann bought it from their father in 2007 and is the current owner and we can see that history in the ledger now here’s where things get really interesting
Unlike the age old ledger method originally a book then a database files stored on a single system blockchain was designed to be decentralized and distributed across a large network of computers this decentralizing of information reduces the ability for data tampering and brings us to the second factor that makes blockchain unique it
Creates trust in the data before a block can be added to the chain a few things have to happen first a cryptographic puzzle must be solved thus creating the block the computer that solves the puzzle shares the solution to all of the other computers on the network this is
Called proof of work the network will then verify this proof of work and if correct the block will be added to the chain the combination of these complex math puzzles and verification by many computers ensures that we can trust each and every block on the chain because the
Network does the trust-building for us we now have the opportunity to interact directly with our data in real time and that brings us to the third reason blockchain technology is such a game-changer no more intermediaries currently when doing business with one another we don’t show the other person our financial or
Business records instead we rely on trusted intermediaries such as a bank or lawyer to view our records and keep that information confidential these intermediaries build trust between the parties and are able to verify for example that yes and is the rightful owner of this land this approach limits exposure and risk
But also adds another step to the exchange which means more time and money spent if anne’s land title information was stored in a blockchain she could cut out the middleman her lawyer who would ordinarily confirm her information with Steve as we now know all blocks added to the chain have been
Verified to be true and can’t be tampered with so an can simply show Steve her land title information secured on the blockchain and would save considerable time and money by cutting out the middleman this type of trusted peer-to-peer interaction with our data can revolutionize the way we access verify
And transact with one another and because blockchain is a type of technology and not a single network it can be implemented in many different ways some block chains can be completely public and open to everyone to view and access others can be closed to a select group of authorized users such as your
Company a group of banks or government agencies and there are hybrid public private blockchains too in some those with private access can see all the data while the public can see only selections in others everyone can see all the data but only some people have access to add
New data a government for example could use a hybrid system to record the boundaries of Anne’s property and the fact that she owns it while keeping her personal information private or it could allow everyone to view property records but reserved to itself the exclusive right to update them it is the
Combination of all these factors decentralizing of the data building trust in the data and allowing us to interact directly with one another and the data that gives blockchain technology the potential to underpin many of the ways we interact with one another but much like the rise of the
Internet this technology will bring with it all kinds of complex policy questions around governance international law security and economics here at the Center for international governance innovation we seek to bring trusted research that will equip policymakers with the information they need to advance blockchain innovations enabling economies to flourish in this new
Digital economy learn more about our work on blockchain technology by visiting our website and social media channels you
-
Sale!
Wireless WIFI Repeater Extender Amplifier Booster 300Mbps
$29.99$14.99 Add to cartWireless WIFI Repeater Extender Amplifier Booster 300Mbps
Categories: Electronics, Wi-Fi Router, Wireless Wi-Fi Extender Tags: 300Mbps, 802.11N, Amplifier, Booster, Extender, mobile wi-fi booster, Remote, WIFI, Wireless, Wireless WIFI, Wireless WIFI Repeater, Wireless WIFI Repeater Extender, Wireless WIFI Repeater Extender Amplifier, Wireless WIFI Repeater Extender Amplifier Booster, Wireless WIFI Repeater Extender Amplifier Booster 300Mbps$29.99$14.99 -
Sale!
Full RGB Light Design Gaming Headset Headphones with Mic
$24.99$14.99 Add to cartFull RGB Light Design Gaming Headset Headphones with Mic
Categories: Electronics, Gaming, Gaming Headsets Tags: Design, Full, Full RGB Light Design Gaming Headset, Full RGB Light Design Gaming Headset Headphones, Full RGB Light Design Gaming Headset Headphones with Mic, Gamer, Gaming, Gaming Headset Headphones, gaming headset wireless, Headphone, Headphones, Headset, Light, Mic, Package, RGB$24.99$14.99 -
Sale!
Wireless BlueTooth Multi-Device Keyboard Mouse Combo
$39.99$19.99 Add to cartWireless BlueTooth Multi-Device Keyboard Mouse Combo
Categories: Electronics, Gaming, Gaming Keyboards, Keyboard Mouse Combos Tags: Combo, Keyboard, keyboard mouse combos, Mouse, MultiDevice, Set, WireKeyboard Mouse Combo, Wireless, Wireless BlueTooth Keyboard Mouse Combo, Wireless BlueTooth Keyboard Mouse Combos, Wireless BlueTooth Multi-Device Keyboard Mouse Combo, Wireless BlueTooth Multi-Device Keyboard Mouse Combos$39.99$19.99 -
Sale!
High Back Leather Executive Adjustable Swivel Gaming Chair with Headrest and Lumbar
$199.99$139.99 Add to cartHigh Back Leather Executive Adjustable Swivel Gaming Chair with Headrest and Lumbar
Categories: Gaming, Gaming Chairs Tags: Adjustable, Chair, computer chairs, Desk, Executive, Gaming, Girl, Headrest, High, High Back Leather Executive Adjustable Swivel Gaming Chair, High Back Leather Executive Adjustable Swivel Gaming Chair with Headrest, High Back Leather Executive Adjustable Swivel Gaming Chair with Headrest and Lumbar, High Back Leather Executive Adjustable Swivel Gaming Chairs, Leather, Lumbar, Office, Racing, Swivel$199.99$139.99 -
Sale!
Professional LED Light Wired Gaming Headphones with Noise Cancelling Microphone
$29.99$19.99 Select optionsProfessional LED Light Wired Gaming Headphones with Noise Cancelling Microphone
SKU: N/A Categories: Electronics, Gaming, Gaming Headsets Tags: Cancelling, Gaming, Gaming Headphones with Noise Cancelling Microphone, gaming headset, Headphones, Headset, LED, Light, Mic, Microphone, Noise, Professional, Professional LED Light Wired Gaming Headphones, Professional LED Light Wired Gaming Headphones with Noise Cancelling Microphone, Wired, Wired Gaming Headphones, Wired Gaming Headphones with Noise Cancelling Microphone$29.99$19.99 -
Sale!
Gaming Desk with LED Lights USB Power Outlets and Charging Ports
$349.99$249.99 Select optionsGaming Desk with LED Lights USB Power Outlets and Charging Ports
SKU: N/A Categories: Computer Desk, Gaming, Gaming Desk Tags: and Charging Ports, Charging, Desk, Desks, Gaming, gaming desk with led lights, Gaming Desks with LED Lights, Home, LED, Lights, Monitor, Office, Outlets, Port, Power, Room, Stand, USB, USB Power Outlets, White, Workstation$349.99$249.99 -
Sale!
Wired Mixed Backlit Anti-Ghosting Gaming Keyboard
$99.99$79.99 Add to cartWired Mixed Backlit Anti-Ghosting Gaming Keyboard
Categories: Electronics, Gaming, Gaming Keyboards Tags: Antighosting, Backlit, Blue, brown, Gaming, Gaming Keyboard, gaming keyboards, gaming keyboards and mouse, Keyboard, Laptop, Switch, Wired, Wired Mixed Backlit Anti-Ghosting Gaming Keyboard, Wired Mixed Backlit Anti-Ghosting Gaming Keyboards, Wired Mixed Backlit Gaming Keyboard$99.99$79.99 -
Sale!
Wireless Bluetooth 5.3 ANC Noise Cancellation Hi-Res Over the Ear Headphones Headset
$119.99$59.99 Add to cartWireless Bluetooth 5.3 ANC Noise Cancellation Hi-Res Over the Ear Headphones Headset
Categories: Electronics, Gaming, Gaming Headsets Tags: 5.3 ANC Noise Cancellation Hi-Res Over the Ear Headphones Headset, ANC, Audio, Bluetooth, Cancellation, Ear, Earphone, gaming headset, Headphones, Headset, Hi-Res Over the Ear Headphones Headset, HiRes, Noise, Wireless, Wireless Bluetooth 5.3 ANC Noise Cancellation Hi-Res Headphones, Wireless Bluetooth 5.3 ANC Noise Cancellation Hi-Res Over the Ear Headphones Headset, Wireless Bluetooth 5.3 ANC Noise Cancellation Hi-Res Over the Ear Headphones Headsets$119.99$59.99 -
Sale!
Wired Sports Gaming Headset Earbuds with Microphone
$19.99$9.99 Select optionsWired Sports Gaming Headset Earbuds with Microphone
SKU: N/A Categories: Gaming, Gaming Headsets Tags: Accessories, Earbud, Earphone, Earphones, Gaming, gaming headset with microphone, Headphones, Headset, IOS, Microphone, Sports, Wired, Wired Sports Gaming Headset Earbuds, Wired Sports Gaming Headset Earbuds with Microphone, Wired Sports Headset Earbuds$19.99$9.99 -
Sale!
150W Universal Multi USB Fast Charger 16 Port MAX Charging Station
$49.99$29.99 Add to cart150W Universal Multi USB Fast Charger 16 Port MAX Charging Station
Categories: Charging Stations, Electronics Tags: 150W, 150W Charging Station, 150W Universal Multi USB Charging Station, 150W Universal Multi USB Fast Charger 16 Port MAX Charging Station, 150W Universal Multi USB Fast Charger 16 Port MAX Charging Stations, 150W Universal Multi USB MAX Charging Station, 16 Port MAX Charging Station, 3.5A, Charger, Charging, Fast, laptop charging stations, Max, Multi, Port, Stand, Station, Universal, USB$49.99$29.99
I share this video to everyone that asks me what it is. It's one of the best video explanations I've come across in the past 2 years.
When an explanation is presented authoritatively with lots of official sounding phrases, but really never actually says anything, while making the people who hear it not challenge the explanation for fear others will think them not smart enough, suspect hype.
You reference for instance gov and land records. Where gov alone can update data. Doesn't this undermine trust. It's not propagated through any network other than its own internally. So any system that uses block internally can mess with history data. Changing things as they please. Seemingly (to me at least) if block chain isn't publically distributed across at least a city or countries network to some degree. There is no security of data.
Feeling google drive is already going this direction. This thing would be like the hardware for socialist anarchism. And it basically says in the video that they’re gonna regulate it down before too late
fantastic
👍👍👍
In Chainlink we trust.
Thanks
Who is the author of this
I have lost almost half of my portfolio all because of this bear market that has been on for over a year now, I wish for a temporary solution for this dip😥
Great explanation with great animation.
Je me considère comme un succès dans le trading avec l'aide de mon courtier qui gère mon compte de trading et me rapporte des bénéfices impressionnants. Ses stratégies sont de premier ordre, associées à la petite commission qu'elle facture sur son échange. Je peux dire sans équivoque que le trading de crypto ou de forex est l'une des activités les plus rentables et les plus lucratives pour tout investisseur disposant du bon expert.
Thankyou very much. 😍
IF YOU INVEST.WITH SAM LEE RYAN XUI THEY ARE WORLD SCAMMERS YOU ARE ALLERT THEY SU PPOSE TO BE IN JAIL
Why would anyone who doesn't understand how blockchain works (and I think that's a majority) trust either the technology or blockchain "experts" with anything valuable? Can you see a parallel with the "follow the science" crap the COVID "experts" foisted on us? There was some science, for sure, but mixed with a heavy dose of "do what I tell you to do." Blockchain technology will need to be taught first as a high school level economics, business, finance, or computer science course, including case studies in how it has been abused in the past.
Investing is a way to set aside money while you are busy with life and have that money work for you so that you can fully reap the rewards of your labor in the future. Invest wisely.
Damn, I am really frustrated with the way things are going with my portfolio. I just hope this bullish move will hold for sometime so I could take a little percentage off the market, I have lost a lot. 😞😞😞
Great content, I will forever be indebted to Mrs Looper 😇she changed my whole life and I’ll continue to preach about her name for the world to hear how she saved me from a huge financial debt with just little investment thanks so much Mrs Marsha Looper
#proofofwork Great video, Lucas. Thank you.
Now I get it , Bitcoin is actually worth less, but blockchain technology is very useful. its like an algorithm.
this video sucks