Blockchain Basics

In this post, I will note down my initial understanding of Blockchains .

Blockchain can store/document almost anything we can imagine.

  • Images/Visual
  • Contracts
  • Terms
  • Financial data/ Metadata
  • Texts

Recently, media outlets have been painting a bitcoin currency as something that is bad and unsafe. This impact were intensified after what happened to Mount Cox case. Truth is, money laundering activities will never happen on Bitcoin because of the e-ledgers(blockchains).

Bitcoin does not belong to anyone. They only way to kill it is to shut down the Internet.

Blockchain cannot be hacked or delete. However, you can hide it (privacy settings). The idea of decentralised is the unique characteristic of blockchain, because each server can store a copy of the same information. Unlike the existing private banks where they are the only organisation that can access and see your details.

Currently, we have 21 million bitcoins outside but ONLY 14 millions are circulating on the Internet.

In terms of Fintech industry, London is leading the crowd, followed by China.

One clap, two clap, three clap, forty?

By clapping more or less, you can signal to us which stories really stand out.