An Introduction to Blockchain

Submitted by Zoltan on December 26, 2017 - 2:17pm

What is a ‘blockchain’?

A blockchain is a ledger storing a record of transactions. Unlike a centralized store of data, the blockchain will guarantee a true record of events. All parties involved in transactions have access to the same ledger, which is spread out amongst many ‘nodes’, or computers containing this data. Moreover, once the transaction takes place, it is immediately stored on the decentralized network and added to the ledger. This cannot be tampered with, censored, or reversed, as each “block” in the chain is securely tied to the block that came before it. Hence, the name of this system. And of course, since this is a digital ledger, rules can be put in place that update the record using an automated algorithm. In other words, human error or criminal intent can be bypassed entirely. The result is a ledger more efficient and complete than any used before.

What’s this got to do with Bitcoin and other digital currencies?

Bitcoin was essentially the proving ground for this type of ledger. Bitcoin works without regulation because every transaction is publicly recorded into blocks and added to the Bitcoin blockchain.

How will this change our world?

In a phrase: “Exchange of value without intermediaries”

Due to the reliability and efficiency of blockchain technology, business can be conducted faster and more intelligently than ever. Not only will intermediaries such as lawyers and banks be unnecessary for many transactions, but computers can entirely automate business processes with one another, allowing ten employees to conduct business at a scale that once required a hundred. Businesses won’t need to wait on manual validation to proceed any more.

 

To purchase tickets to our January event on Blockchain hosted by industry experts, click here:

https://www.mitefnorthwest.org/event/building-blockchain-ecosystem

 

For more in-depth explanation and discussion, here are a few links:

https://www.investopedia.com/terms/b/blockchain.asp

https://en.wikipedia.org/wiki/Blockchain

https://hbr.org/2017/01/the-truth-about-blockchain

https://www.youtube.com/watch?v=u8SaL2mM6cE

Comments

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Submitted by mibluefox on December 29, 2017 - 10:56pm

Thank you for sharing the introduction. Can't wait to try Blockchain.

Submitted by itsalina on January 1, 2018 - 3:47am

Unwind, calmly inhale. Everybody learns at an alternate pace. Presently while this was uncommon for me, it was additionally a lowering background. What's more, in spite of the fact that I won't not have stayed aware of whatever is left of the class, . I am as yet content with the information that I left away with.

Submitted by emilyjack on January 2, 2018 - 5:05am

since this is a computerized record, principles can be set up that refresh the record utilizing a mechanized calculation. At the end of the day, human mistake or criminal goal can be skirted totally. The outcome is a record more effective and finish than any utilized some time recently For .

Submitted by jakefuller on January 8, 2018 - 3:14am

I have been doing a lot of hard work and finally this is paying dividends in a great manner. Guys, always work hard until you achieve the desired results.

Submitted by PaulStephen on January 10, 2018 - 10:35pm

Blockchain technology has a brighter future than most advanced monetary standards all in all and Bitcoin specifically, in light of reactions to the current month's section. It's likewise certain that a talk of this subject can reach a long ways past the limits of the first inquiry, including us in a level headed banking systems.

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Everyone learns at a substitute pace. By and by while this was extraordinary for me, it was moreover a bringing down foundation. Likewise, regardless of the way that I won't have remained mindful of whatever is left of the class.

Submitted by jenniferjudy225 on January 12, 2018 - 9:00pm

I will try to offer a wellknown overview of the generation and its capability, from each practical and technical views, that you ought to be able to apprehend without any preceding knowledge at the blockchain.

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