13 Apr Blockchain

How does blockchain work?

The first steps with Crypto-Currency can be daunting, and to be honest, I was once like many people reciting the same statements and fears when someone would talk about crypto a few years ago. I would say Crypto has no asset behind it, It is too volatile, it could all end in a moment… but now it is starting to be undeniable that it has taken a large stance in the financial arena. In the beginning the first thing you need to understand is how blockchain works.

Blockchain Simply Explained

If you want a brief introduction on what blockchain, the below video is a simple explanation of how it works in 6 minutes. The video was created in 2017 and remains a good introduction.

Points of Reference

• Origin of Blockchain (0:16 min)
• Blockchain is a Distributed ledger (0:43 min)
• Elements of a Block (0:58 min)
• Hash Security (1:19 min)
• Proof of Work (3:09 min)
• Peer-to-Peer Network (3:42 min)
• Smart Contracts (4:55 min)
• Application of Blockchain (5:19 min)

The Blockchain Revolution

The below video goes into similar explanations but also cover some implementation of Blockchain.

Points of Reference

• Trust in transactions 01:47 min
• Satoshi Nakamoto 03:01 min
• What is a Block? (03:59 min)
• Decentralized Network (04:52 min)
• Cutting out the middle-man (08:17 min min)
• Blockchain in Food Production (09:30 min)
• Transportation and Autonomous Vehicles (12:38 min)
• Renewable Energies (14:30 min)
• Personal Identity (16:01 min)
• Blockchains Flaws – Castle Walls Problem (17:44 min)

So you can see how Blockchain can shape the future.