What is BLOCKCHAIN? The best explanation of blockchain technology
Blockchain explained in plain English
Understanding how blockchain works and identifying myths about its powers are the first steps to developing blockchain technologies.
Blockchain is an algorithm and distributed data structure for managing electronic cash without a central administrator among people who know nothing about one another. Originally designed for the crypto-currency Bitcoin, the blockchain architecture was driven by a radical rejection of at (government-guaranteed) money and bank-controlled payments.
Blockchain is a special instance of Distributed Ledger Technologies (DLTs), almost all of which have emerged in Bitcoin’s wake.
HOW DOES BLOCKCHAIN WORK?
Blockchain is a Distributed Ledger Technology (DLT) that was invented to support the Bitcoin cryptocurrency. Bitcoin was motivated by an extreme rejection of government-guaranteed money and bank-controlled payments. The developer of Bitcoin, Satoshi Nakamoto envisioned people spending money without friction, intermediaries, regulation or the need to know or trust other parties.
Technically, the original blockchain is separable from Bitcoin, but this report will show that the blockchain design is so specific to Bitcoin that it’s not a good fit for much else.
The central problem in electronic cash is Double Spend. Because pure electronic money is just data, nothing stops a currency holder from trying to spend it twice. Blockchain solves the Double Spend problem without a digital reserve fund or similar form of umpire.
Blockchain monitors and verifies Bitcoin transactions by calling upon a decentralized network of volunteer-run nodes to, in effect, vote on the order in which transactions occur. The network’s algorithm ensures that each transaction is unique.
Video created by the Centre of International Governance Innovation.
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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.
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IIRC Blockchain was originally used for time stamping
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Isn’t there a risk of the blockchain eventually being overloaded? Considering even old data has to be stored for the new data to exist
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Ok so I understand the Blockchain and nfts , by why the fuq keep game companies pushing this into games?
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I thought Blockchain was created & used before bit coin
Tq for this video
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1:15 I thought blockchains are immutable? Of course I know about hard forks but I've never heard of this method of editing transactions in the blockchain
So, you're telling me that block chain can't be tampered with but yet, Ann created her own block?? Who's to say that she didn't fraudulently gain the land before creating her block? This stuff is 100 percent useless. Crypto currency is nothing more than fake money.
Blockchain technology allows patients to take control of their health records, but it also has many risks. Blockchain technology can reduce errors, but it is also at risk for security breaches. Healthcare professionals will be able to access patient data from anywhere in the world with blockchain technology
I don't understand how blockchain can verify the credibility of the document. If I have a the real deed to the land and my brother has a falsified deed how does blockchain verify which is the real document.
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