Blockchain technology has much of the same potential as the internet once did for massive change across many industries. Yet, even with its massive media exposure, 59% of consumers still have never heard of the technology, while 80% of those who have heard of blockchain still don’t understand what exactly it is (as of June 2017). Our goal here at Cryptosseur is to educate consumers on just what blockchain is and examine projects in the space to comment on what it may be able to provide for the world. Continue reading to dive into the world of blockchain.
Here is the definition of the blockchain: Blockchain is a distributed digital ledger that allows a network of computers to agree on the true state of the ledger at regular intervals.
The definition in plain English: The blockchain is a record of transactions kept on many computers at the same time. The computers then verify with every other computer that the record matches, and if it does, the network agrees that the record is valid.
So there we have it. At a high-level, the blockchain is nothing more than a big record book held on many computers. One of our favorite examples is the digital apple scenario, which illustrates the use of the blockchain as a currency (in the case of bitcoin). What’s most important to remember about a big record kept on a network is this:
No single source controls information or data: No central authority, like the government, Google, Facebook, etc. can control how information is stored.
Information is transparent: In addition to having no central authority, the information on the network is public (at least the transactions are).
Information is incorruptible and immutable: With the two above attributes, information cannot be altered or changed after it has been recorded. Essentially, only the truth will remain on the record.
This stuff may not seem like a big deal, but the different applications for the blockchain emerging today appear to be able to accelerate radical change in many industries. Many sources will explore the use-cases at a high level (from value transfer to data security), however, Cryptosseur will take a look at actual cryptocurrency projects in development to comment on their uses. Be sure to follow us on Facebook or Twitter as we continue to explore the world of Blockchain.