Overview of blockchain and cryptocurrency
What blockchaing and cryptocurrency are, their important features, the problem(s) they solve, and how they work
Potential business applications for blockchain and cryptocurrency
Risks, challenges, and potential unintended consequences associated with blo...
The practical consequence [. . . is . . .] for the first time, a way for one
Internet user to transfer a unique piece of digital property to another
Internet user, such that the transfer is guaranteed to be safe and
secure, everyone knows that the transfer has taken place, and nobody
can challenge the legitimacy of the transfer. The consequences of this
breakthrough are hard to overstate.
- Marc Andreessen, Inventor of the internet browser
It is important to remove what is reality and replace it with what is
possible.
Bitcoin Made the Blockchain Famous
(First Transaction 1/12/2009)
“Whereas most technologies tend to automate workers on the periphery
doing menial tasks, blockchains automate away the center. Instead of
putting the taxi driver out of a job, blockchain puts Uber out of a job and lets
the taxi drivers work with the customer directly.”
- Vitalik Buterin, Co-Founder of Ethereum
Blockchain is a digital distributed tamper proof ledger that records
transactions across a peer-to-peer network that is governed by a
consensus protocol.
,Ledger
● Contains a record of all business transactions
● Chronological order
● Date, Transaction, Details, Debit, Credit, and Balance
● Originally stored in physical form
Digital Ledger
Centralized Ledger
, Issues with Centralized Ledger
● Slow
● Security risk
● Data manipulation
● Human error
● Destroyed
● Censored
● Opaque
Distributed Ledger Technology (DLT)
A digital system to record transactions of assets, anything of value, without a centralized
authority.
Distributed Ledger
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