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What is BLOCKCHAIN? The best explanation of blockchain technology

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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.
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Text Comments (370)
Priyanshu (5 months ago)
The best explanation! This video should have got more views.
Brainbuster (13 days ago)
"I'll bet my money on tangible assets." Your money is not a tangible asset. It costs a nickel to print a $1 bill, and it costs a nickel to print a $100 dollar bill. *THAT is a scam, my friend.*
Bobslayable (3 months ago)
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"
tellyaddict3 (4 months ago)
Priyanshu Not the best in my opinion, I find this one a lot better: https://www.youtube.com/watch?v=SSo_EIwHSd4
Adam Sh (4 months ago)
Mark G 100% correct Mark.
daral zanachuck (7 hours ago)
Gaming on the cloud, does this replace the cloud?Those large data centers?
Danielle Raiza Seguis (8 hours ago)
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Bitcoin is trustless. That's the damn point of it all.
Robert Harris (1 day ago)
I wish they had BLOCKCHAIN in the 1600's 💁🏾‍♂️
Michael Gazeley (1 day ago)
Bitcoin wasn’t the ‘original purpose’ of Blockchain technology; it was originally created for the time stamping of documents, but it didn’t take off in a big way until the technology was repurposed.
Ali HK (2 days ago)
Ok that was simple but not enough still what is blockchain?
Brian Whelan (4 days ago)
There may be an issue with the ownnership of property or land, do the research you'll see nobody owns their car, house or property, the public are registered owners, regis meaning king
Igor Cavalcanti (5 days ago)
Please, no government on this. Government always ruins things. Laissez-faire, laissez-passer.
Daniel CIMA (6 days ago)
The CIGI is not independent, as they claim.
Shamlatech (7 days ago)
Nice Video about Blockchain!!! But i would recommend to read this link https://shamlatech.com/blockchain/ how blockchain technology is rule the digital world.
musoke robert (8 days ago)
The technology is good, but not in Africa where there is no confidentiality and integrity in data handling
Micheal obinna (9 days ago)
Nice explaination.i love the break down of the block chain. At least am more our what prove of work is.
kantha Subhiksa (9 days ago)
What does it means with no intermediaries?
Rohit Saxena (9 days ago)
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 ?
Henry Allan (10 days ago)
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
A Fit (11 days ago)
no thanks, i will use actual deeds and proof of sales. the future is full of hacking fraudsters.
Alai Na (11 days ago)
Seems like interemediaries are still required in the case where you don't have access to the blockchains, ie, private blockchains or hybrid where you don't have the access.
Muhammad TK (11 days ago)
Great explanation.... one question. .how can it affect Accountancy profession?
Mishel Fayad (12 days ago)
That's how you can tell a video is made by an artist! 😊
Avinash Gargi (12 days ago)
Very lucidly explained.
Thomas McGregor (12 days ago)
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.
Cool Vasu (13 days ago)
Awesome.....
bitcoins 4umy (13 days ago)
very good explanation of Blockchain. https://bitcoins4u.my
Alfa Alfu (14 days ago)
Really Best Explain.
priyanka priya (14 days ago)
Nice one... There are many ways to create a website but however with certain restrictions. Best way I would like to suggest is to know the basics of web designing with html and css and then start creating the website of you choice. #www.bynd.co.in
Vinay Vishwatma (15 days ago)
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....
Mr D (15 days ago)
https://wixlarcoin.com/?ru=fa89a
Glenn Roberts (15 days ago)
Interesting, but stupid. Like much of "new technology" it is neither.
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Ryan Arcel Galendez (18 days ago)
I love it. Nice video. Most comprehensive blockchain video by far.
Laura Thomas Boren (19 days ago)
Thank you - very helpful for us neophytes.
cq33xx (19 days ago)
too much dependence on digital information, there would be catastrophes if that happens
عبير الرشيد (19 days ago)
Best animation design
Zezo Duarte (20 days ago)
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.
Jimmy Ramos (21 days ago)
Block chain is very powerful.
Mr Silvuple (23 days ago)
Anybody knows how this video was made ?
CSE Practicals (23 days ago)
Can anyone tell me what is the software used to create such animations ?
Wolf Lone (23 days ago)
Yess finally the best answer that still i dont understand... Lol 😁
NITISH PATEL (24 days ago)
So yaa , I know it what blockchain is
adeel raja (25 days ago)
very good team and great project
Akash Girimath (25 days ago)
This is by far the best visual and audio explanation available on the internet. So elegantly explained using the ledger system. Should have added links to your social media so i could follow them.
Dohvahkiin OMG (28 days ago)
everything will be in a data, these will require supercomputers ,
Dohvahkiin OMG (28 days ago)
Who will be in charge then? most countries dont even trust their government
raymond kong (28 days ago)
Technical jargon which is not only confusing but boring too. At the end, we learn nothing
Bitdeal (28 days ago)
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Rosalind Eyes (29 days ago)
I think projects like this are the right way for mass adoption
MOEKETSI TYRONE (1 month ago)
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
Wan Cheng Lim (1 month ago)
Animation is sublime!!! I am super amazed by it!
present Ms (1 month ago)
The whole information a great project
md.mozammel Hoque (1 month ago)
infact awesome video as its explained in details about the block chain world.
Adrian James (1 month ago)
from Toronto...
Baki Pest (1 month ago)
Would have been good to show an actual example using a laptop on intetnet
PlataxJazz (1 month ago)
This is the best beginner's guide explanation of blockchain technology that I have seen so far.
Utkarsh Guleri (1 month ago)
Very well explained 👍👍
Alok Patel (1 month ago)
Clarification needed..?? 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..?
The Kien Lam (1 month ago)
Resource intensive methods
prakash visu (1 month ago)
So nice thanks a lot...
Rajiv Krishna (1 month ago)
If one agency / group controls the right to update and hold data in blackchain, like the government, then how can you say that it's decentralised? Genuine question.
randy david (1 month ago)
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.
Baba Ji Ki Lab ! (1 month ago)
only problem is we would run out of silicone if use this technology
Amazing project with an interesting theme
Nikk Mercy (1 month ago)
If you guys don’t understand what Blockchain is ,that’s ok! Because it’s hard to understand how to make money from bullshit if you are not a scam bag
Anthony Noronha (1 month ago)
Vow!!!, what nice way of explaining BLOCK CHAIN through this video. I liked it. This is Anthony from Mumbai, India.
The Potato (1 month ago)
nobody cares who are you or where you comes from, really.
mctrjalloh (1 month ago)
If a blockchain can be private, how can be sure that those who put it in place are putting in place a real blockchain?
nuclear chen (1 month ago)
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Vociferous Rich (1 month ago)
Very interesting indeed. I am trying to work out how this method is applied by the owners of Minds.com the first truely free Social Network.
Hue Lu (1 month ago)
What... why is blockchain related to families and land and stuffs?
beziko (1 month ago)
This is so well explained. Great video!
Lofi Radio (2 months ago)
So basically the middle man can still get access to block chains that others can't
Kishor Patil (2 months ago)
Hi Lucas, 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.
sai shashank (2 months ago)
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
gayathri muralidharan (2 days ago)
It s not a network but a technology!! It can be programmed to a particular application so people who can Authorize can only form a node and can verify it......... PS : correct if am wrong!
M Tahir (10 days ago)
you would update the blockchain and network of people are nodes also known as miners who verify and confirm
Dirt Bike Prophet (2 months ago)
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.
Deepak KR (2 months ago)
Fraud activities End in futhure
JAI SINGH Yadav (2 months ago)
nice
Robert Sigalingging (2 months ago)
the biggest airdrop https://goo.gl/7xS6y1
Prerna Khurana (2 months ago)
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?
Bob Daniell (2 months ago)
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.
Sijin K (2 months ago)
simple and best you explained well thanks
Too good explanation and animation...
Kerron Manwaring (2 months ago)
Good video
佘美华 (2 months ago)
thank you
Joe Lee (2 months ago)
Hi, would you mind if I add Chinese subtitles to your video for audience in Taiwan?
Vision Raval (2 months ago)
The concept is good but implementing in governance need lots of infrastructure awareness, process and user acceptance.
Solo Rider (2 months ago)
Nice explanation
Ganesh AC (2 months ago)
Can voting system be changed using blockchain technology?
Prasun Saurav (2 months ago)
#Love_for_such_explanation
good video, a lot of things learned, thank you very much, no questions left everything is easy and accessible for everyone!
good video, a lot of things learned, thank you very much, no questions left everything is easy and accessible for everyone!
Siyabonga Masuku (2 months ago)
After watching this video, we all can give a TED Talk on Blockchain 😅😅😅
Ngoc Thuyet Luong (2 months ago)
good
Yonnata Habbo (2 months ago)
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Stos Ostos (2 months ago)
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Annisa Kharunia (2 months ago)
Who owns the computer that holds all these data?
Helen Kashpruk (2 months ago)
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Jason Greensword (3 months ago)
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!!
Mani Garg (3 months ago)
Very well explained..thank u
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very interesting video, I liked it. it is interesting for both companies and ordinary people. thanks a lot

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