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.
This is a terrible explanation of Blockchain. It's the usual dumbed down nonsense of "a computer solves a puzzle and everyone else verifies it". How on earth can anyone actually understand blockchain from this? This is why so many people are piling blindly into cryptos (and the usual "my friend made a million so it must be great"). It's also why we have other comments saying "I don't trust it" and "it's all a scam", if all I knew was what was in this video I'd be sure it was a scam. The reality is fairly straightforward and you do need to understand hashing, there are plenty of great sites and videos out there I am not going to recommend any particular one but please, do your reseacrh before watching stuff like this and then thinking "Great, I've got it, let's put my money into Bitcoin"
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Very effective presentation !! one of the best I have seen yet.. content placement, graphics, flow and approach.. everything so nicely done in 6 minutes !! Thanks for sharing ! Do you have more presentations on Blockchain, something deeper into the technology ?
Summarising the blockchain principles and structure is a great starting point. Particularly when supported by everyday comparisons to current 'trust / intermediary' roles and info verification flows. Thanks
The blockchain described in the video is just a very slow distributed database, without the strong economic drivers and competition among writers of the blocks (miners) there is no little ability to be tamper resistant. Bitcoin works because the economic driver is the intrinsic bitcoin asset which is being paid as a reward for work. This drives competition and decentralisation. This video gives the impression that just because a cryptographic puzzle is solved, then somehow the recorded data is accurate .. “the truth”, that is absolute garbage. To store “the truth” on this blockchain as described you will still need an intermediate arbiter to confirm and write what the truth is to this blockchain.
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As always the white elites ruling class wanted it ...a complete control of information over the world in one place so they can manipulate the data...and control every fucking outcome....anyways there's a higher risk of security here none....
One mistake in this video, if there is Government or Company in control of a blockchain, it is not more a blockchain anymore, but a data -base, as it will not have a relabel Proof of Work to be trusted, and we would have to trust a third part again ex: The Government or the Company. The only way to have a blockchain where it is full decentralised without a third party it is to NOT have anybody in control and have a proof or work that it is safe, where would be too expensive to have a 51% attack.
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Please be aware of coinhashlimited uk. . I invested in them after 3days they told me my account was making more profit that the account can't handle it so I mst pay $800 for an upgrade n for withdrawal. All this things they Dnt tell u from the beginning. N be aware of the lady called olivia Hayden she's working for them, she's on Facebook scamming people, she says she's an account manager
1.What about data duplecacy..? ie. everyone in the network have same set of data. Isn't this an inefficient way that everyone have to own it's own server to be the part of the system.
2.Who is going to beer the cost of hosting these bulky databases..?
This technology is amazingly exiting and scary as well. It would make life much easier and safe for some, but it would bring uncertainty to others especially those professions and trades that would be disrupted and render them obsolete and irrelevant. Lawyers, accountants and brokers are just a few. Change is imminent, be prepared for it in order to survive...
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.
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Nice video, All the points are explained ingeniously. I appreciate you for the same.
I want ask you few questions kind request pls ans.. Professionally I am network engineer. Can I make career in Block-chain technology? What is the future of block-chain in India? Awaiting for ur reply.
I will be so grateful to you.
Big thanks for share grate video on block-chain technology. Best luck for youtube channel.
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!!
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