Heard of blockchain, but don’t know what it is? Blockchain technology is one of the hottest things going on in tech right now. Don’t get left behind! Watch Jeremy break down everything blockchain, including the problems the technology hopes to solves and how it will impact everyone’s daily lives!
In this video, Jeremy goes over how blockchain technology was created, its potential, and how it can be implemented in an effective manner. Use cases involving blockchain technology are also explored. Check back for more videos on blockchain technology!
Check out our in-depth explanation of blockchains with our “WTF is a blockchain?!” guide here, where you can find more information on what blockchain technology is! We also suggest checking out our “What is Decentralization?” guide and our “WTF is Cryptocurrency?” guide if you want to learn more about these technologies!
You can find the content of this video below, if you hate watching and prefer reading 😀
What is blockchain?
Keeping records has been an issue since the beginning of recorded history. Keeping track of inventory and who owes what has always been a struggle.
The solution that ancient civilizations came up with is a method called double-entry bookkeeping. This system calls for two separate ledgers, maintained by separate parties, that keep track of all debits and credits. To say this method has caught on is a massive understatement. This has been the underpinning of our financial systems ever since, we’re talking thousands of years. Our whole banking system is built upon this principle, with only the bank and you having access to your record of transactions.
In response to the 2008 financial crisis, a new technology was outlined and it would later be known as Blockchain. Blockchain is a decentralized ledger that records all transactions, yet it is viewable by the public. The transaction is permanently recorded to the blockchain, and cannot be changed by anybody. This essentially created an extra digital ledger, distributed to anyone who wants to view these transactions. This creates an extra level of accountability, as most ledgers would have to be changed in order for that to become truth on the blockchain.
The name blockchain largely refers to the structure of the technology. Blocks cointain the data that represents these transactions. When a block is mined, or minted, all of the data cointained in the block becomes cannon, and all ledgers are updated to recognize the consensus. Blocks are then linked together to form a chain, and can be back referenced at any time!
Potentials & use cases
Although it was the blockchains first purpose, the use cases for blockchain technology are not limited to currency. On top of currency, users have used blockchain technology to keep permanent immutable records, perfect for purposes such as voting.
There are several other industries that are heavily researching the impact of blockchain. Law firms are looking into programmable smart contracts. Governments are looking for more secure record keeping. Accounting firms are exploring the tech. And we haven’t even mentioned banking or finances. The potential uses for blockchain are numerous, which only makes the technology more exciting.
A better, safer Internet
Because of the potential impact to so many different industries, some people are talking about blockchain like it’s going to be the next evolution.
With the lack of privacy and control provided by the current internet, it’s only natural that users would be looking to reclaim those rights. The creation of blockchain tech marked the realization that we could, in fact, have a better internet.
Currently we place a lot of trust into centralized institutions, and some have exploited that trust. Hacks are routine, businesses trying to use your personal data for profit, so its very difficult to claim that there’s any level of real privacy in the internet. With blockchain technology trust does not have to be placed into a person, or centralized group of people. The technology is the only thing that has to be trusted, which mitigates the opportunity for fraud and generally unscrupulous actions.
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