Acquaint Yourself With BlockChain In 10 Minutes
We see, hear and read about bitcoin all the time. Today, it’s time to talk about Blockchain Technology.
The text you’ll find here can probably be read in 10 minutes or less. The TEDx video below however is just under 25 Minutes but does a great job of explaining Blockchain Technology in simple terms that anyone can understand.
Blockchain technology has been around since 2009. Its aim is to decentralize the way in which business is conducted. Making it faster and easier, but more secure to do business across the globe.
Slow to be accepted just like any technology, it’s being used rather cautiously, but not publicly displayed for everyone to see.
The major BlockChain Players are:
- R3 Corda
- Hyperledger Fabric
Let’s begin with what Blockchain is.
I will simplify as best as possible.
- The BlockChain is a Computer Program
- Records entered into the program are stored in encrypted blocks
- You as the person entering information can specify the size and any number of blocks
- You can specify a value for each block that is matched to a crypto key
- Any transactions loaded onto The BlockChain are heavily encrypted
Contracts and Encrypted Data Blocks
- What’s known as a “smart contract” can be loaded into the System
- The contract is public and users (known as miners) on other networks bid on the contracts
- The bidder will have to provide a matching key to get access to any block you specify
- You can request financial or other fees before supplying a crypto key for access
- When a bidder has been accepted, the contract is sealed
You’re probably wondering what the so-called “contracts” are, or can include. Contracts can include fixed or movable assets, digital assets or fluid assets.
Smart Contracts allow for automated transactions based upon predetermined conditions or triggered events. Which allows for faster more streamlined processes to take place and a quicker turnaround for both parties.
Typically they include:
- Commodities – coal, gold, diamonds, minerals, etc
- Tangible goods – clothes, electronics, etc
- Finances – cash, bonds, loans, etc
- Labour – tools, staff, etc
Is The BlockChain Technology Safe?
The BlockChain Technology is a tamper-proof Ledger. Here is how it works:
- Someone uploads a contract to be fulfilled using a key
- Bidders bid on the contract and have to supply a matching key
- An accepted bid is verified
- The contract is closed to the public
- Financial, shipping and legal documents are added
- The contract is sealed and complete
- It cannot be altered
- Delivery must take place
How are contracts funded?
It all depends on the bearer of the contract and what they want. They can demand cash, cryptocurrency or anything else they desire.
- Bitcoin Cash
- Thousands more with more created daily
That’s BlockChain in a nutshell. If I’ve overcomplicated it, please do let me know. I intended for it to be as simple to understand as possible.
If you have anything to add, please, do let us know in the comments section.