How does the Blockchain Work? (Part 1)
Collin Thompson

Good article, but I’m confused by the concept of a “Miner”. Are we not exchanging one intermediary (Banks, as an example) for another?

“Miners (members in the network with high levels of computing power) then compete to validate the transactions by solving complex coded problems.[11] The first miner to solve the problems and validate the block receives a reward. (In the Bitcoin Blockchain network, for example, a miner would receive Bitcoins).”

In the Bitcoin example, these miners are paid in bitcoins for their work in decoding and adding a block to the chain. As we move forward into other non-financial services, what is the payment? Who pays that fee?

Who are the miners and aren’t they just stand-ins for the “old economy” trusted intermediaries?

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