“A lack of transparency results in distrust and a deep sense of insecurity”
Everything has been said by the Dalai Lama, the world is getting more complex, more interconnected, dense but also frightening, distant & bureaucratic. The blockchain technology is giving answers to all of those pain points, unleashing individualities within systems. A bit abstract but, let’s get started.
A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically & publicly.
“We can actually have a look at the blockchain and see evidence of what’s going on”
Then, What is it?
It’s a huge digital book, stocked in all the network, where all the exchanges are registered.
As simple as that. There is no more to know to understand the concept, complexity will come later with all the possibilities that this principle is offering. But first, let’s have a look at the technical definition.
It’s a digital (non physical) ledger (historic/repertory), which is recording all the transactions ever made in Bitcoins (or other currencies). This ledger has the particularity to be dematerialised and mainly decentralised. It does mean that the ledger is everywhere, at anytime. No possibility to hack, cheat or corrupt the ledger, there will be always the true version somewhere else.
It’s the process of sending information or data to a specific place. We are here talking about Bitcoin, so it’s sending a certain amount of coins to a specific user/organism. The transaction will first verify that both parties are existing, aligned, and he will send validation request through the blockchain to write on the ledger (from different sources on the network) several confirmations. THEN, when the transaction is validated enough, the process of transferring the founds could be done.
A digital currency in which encryption techniques (to make it as much difficult as possible to read through without the right key) are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Recorded chronologically & publicly
That is the beauty of the system, the truth is everywhere, the transactions are ALWAYS recorded in the peer-to-peer network which is making impossible to be compromised. That will be the future, no need of a third party to validate or make a mistake on our transaction, the system is autonomous.
Let’s checked it out this little video to have a visual understanding
What can I do with the blockchain?
Mmh… just use it! Because personally, you can’t do anything. It is an automated technology which is independent from users. In another hand we recommend you to start to be aware about this principle. It starts to shape the world of tomorrow and we deeply think that it will probably affect one day or another your daily life in a personal and professional way.
Start today to manipulate & understand it.
See you there
We also recommend you to read those articles in order to go a bit deeper into the topic:
Bitcoin Wiki https://en.bitcoin.it/wiki/Block_chain
TED Talk How the blockchain will radically transform the economy?