SIMPLIFYING TECH: Blockchain
This article is a transcribed version of my Anchor podcast on anchor.fm/vicky
We’ve been hearing a lot about Bitcoin and Ethereum in the news recently but not many people know about the underlying technology behind both of these cryptocurrencies —
Blockchain: A record-keeping mechanism that Bitcoin used to record transactions. It is a public ledger of all transactions that have ever been executed and contains information about every completed block.
HOW DOES IT WORK?
Let’s say that I purchase something using Bitcoin — my transaction would then be broadcasted to a peer-to-peer (P2P) network consisting of computers (AKA: nodes), then this network of nodes would validate my transaction. Once the transaction is complete, a new block would be added to the existing blockchain.
What makes the blockchain technology so special and relevant today is like Don and Alex Tapscott said in their book A Blockchain Revolution —
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
This means that the possibilities for blockchain are endless — and while we’re already seeing applications of it in things like Ethereum, this can be used for so much more — like voting records or healthcare or even the Internet of Things (IoT) with all our connected devices. This is why blockchain is something we need to pay attention to.
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