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.
i didnt understand one thing........suppose i buy a piece of land and want it to be updated in the blockchain......who does that?...........and when updated......who are those network of people who verify it and confirm?............plz clear this out....if anyone understood
Anne is very close to the same age as Steve "her Brother" therefore Steve was not alive to purchase the land from "her" Anne's father. And if this was true, "Anne" would owe Steve rent for Anne's father all the way back to 1930. Another ill-formed feminist twist that would not survive the light of day if anyone looked at it in a court of law. We already won't marry you ladies, way to go feminism! Build your own infrastructure this time around ladies. Men built everything you presently occupy.Oh yeah, and we do the maintenance. You will all find yourselves in a decade of time living in ghettos of disrepair junk homes and cities. Men find your new spouses in 3rd world countries when you retire.
Hi Lucas, I really like this video and would like to share with my friends and colleagues as part of a package I am building with various other videos on blockchain. So I want to share a video instead of the youtube link, but I will include the initial reference of Center of IGI, and I will also mention it in the package where this video came from. Does that work for you?
People no longer have control of their online data. Banks have brought a form of arthritis to the internet. I remember the internet back in the early 90's. Open and free. Then commercialization moved in, first with indirect procurement and then the building out of the rest of the value chain. No longer open and free. For the "crazy ones" we are on the road to mass digitalization of data leading to mass communitization of its uses leading to enhanced machine learning handing off to artificial intelligence and then the big one, artificial discernment and finally the period of domination where machines challenge and perhaps enforce ethical behavior long forgotten by Human Beings. Of course my time on earth will have come well before then. This will happen if we as a civilization are allowed to exist that length of time.
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Hey guys!! I am a blockchain consultant, while my specialty is in the mining supply chain/conflict metals sector I am well versed in blockchain and teach it for beginners. I am a naturally skeptical person, so I have researched this into exhaustion. You have to remember anything new is going to be met with natural cynicism, which is healthy. When the internet first came out most ppl shrugged their shoulders and didnt think it would become much. Now here we are. If anybody has any questions I would be happy to answer them, time depending of course. Cheers!!
There still will be problems, we are never going to be able to know how person to person deals will be made, as Precise as it looks the most important date comes from the creation of a profile (root input or the beginning of the array). How do we known if the creator of that array or list is really the user who is creating the new block?
Great explanation! Cant wait till real world use cases of blockchains integrate into industries with examples from logistics with fr8network, Muirfield IP and Deedcoin for real estate, airstayz for travel and DAOstack for decentralized governance.
A few questions,
1."hash algorithm is solved and solution shared with others to verify", this means all other computers in the network also need to solve the hash to verify it, or the solution of the hash is blindly taken as correct.
2. Who are these people on the network and how do you participate in it, like torrents? does it mean everyone has to store the data locally on their system also like torrents?
3. What happens in a private block chain, if just more than half are bribed to modify their data to become rich?
Doubt : If the land which stays disputed between Anne and her brother dates back to 1900s and if it has entries dating back to 100+ years, Is there not a possibility that the data entered to the BC in the first place itself could be tampered. For instance, if the data was tampered in say 1970s , then while converting the series of information into blocks, the data that is entered could be tampered one , isnt it ?
I have this doubt whenever I read about BC, can someone please guide ?
What if Anne dies? The blockchain does not contain Anne's will. I don't understand this foolishness. Yes, blockchain might be great for some simple data, but then again aren't bitcoins being stolen on a regular basis? How is that possible?
So Steve goes to the bank where his buddy Dave or a gal he can bribe is there who will place an entry that Anne sold to Steve AFTER she bought the land. Anne has a paper bill of sale and Deed but Steve has the latest Blockchain entry. Who wins?
Doestn the hybrid method defeats completely the blockchain purpose? if only some selected few can change the data without the authorization of the net the inherit trust is completely undermined... yes, sure "their" system would not permit it, but since they have access to everyone who creates the blocks they can change the information at will, am I misunderstanding something?
The bigger the front the bigger the back.
Like so many ideas, everything sounds great until you inject the human elements of greed, power, and corruption. That which is created cannot protect against the vices of the creator.
Continued digitalization of everything also results in decreasing security of everything.
Think how unsafe online voting is....no paper trail = manipulation. Now multiply that by a very large number. So many ways and levels to infiltrate and subvert this. Once you strip away all the mumbo jumbo it becomes clear where this is all going....centralized control. The wet dream of the globalists.....
"BitConnect EXPOSED! New companies forming to cover up old ones? WE NEED THE TRUTH!"
Marian Murphy also shilled for BitConnect SCAM in addition to Onecoin ponzi!
Marian Murphy is OBVIOUSLY A FULL TIME THIEF AND SCAM ARTIST! HEARTLESS AND FULL OF CORRUPTION!!!!
She will go down with the ship!
ANYONE IN MARIAN MURPHY'S DOWNLINE SHOULD REPORT HER IMMEDIATELY FOR PONZI/ PYRAMID FRAUD THEFT, AS WELL AS SELLING UNLICENSED SECURITIES!
(I thought she was a "victim" of Onecoin scam, but we have uncovered the truth, FINALLY! She is part of the problem, and a conspirator to economic fraud crimes of her down-line!)
Center for “INTERNATIONAL GOVERNANCE” OR “New World Order” Or “One World Government”…. … it sound more like a centralized control system……and invasion of privacy…..people would rather pay their lawyer …. And keep their privacy......than to let SATAN handle it……Old system is good….Say…..NO Thanks!.... to block chain.
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Not sure about that blender though, it confuses (and scares!) more than it explains. It's supposed to symbolize the mixing of a particular set of technologies to make a (trusted!) blockchain possible, but when you visualize that as a bloody mary then it's not a particularly trust-inspiring metaphor is it? :-) To be clear though, I am a fan!
Most overhyped technology.
If i own a bitcoin and lose my private key or somebody steals my private key its gone forever. With my $$/bank account/credit card i dont care about these things. Blockchain tech where you are the only party controlling private keys actually makes things much worse,all it takes to lose private keys and its all gone forever. It happened to a lot of people who lost tons of BTC, bc of this it will never go mainstream
Same goes for land titles, car proof of ownership etc centralised gov agency is needed in case you lose access and need to ID yourself.
Regulated 3rd party is the best way
that is why they will replace bitcoin with RFID chip. they will use media to incite fear in people that hackers can and will take over their identity unless they get the RFID.
bitcoin is only laying the foundations, digitally and mentally, for the Banking Elite.
if you have assumed that the Elite have your best intentions at heart, you need to study up on some actual (non gov. propagandised history)
Paypal let me send money to different users in different countries with minimum fee. For land ownership I have a certificate from the country its shows that I'm the owner of the land. If I lost the block chain address thats mean i loss my land and money.
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