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Blockchain Explained: What is Blockchain and How does Blockchain Technology Work? This is a Simple Explanation of Blockchain Technology!
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This video provides simple examples about how blockchain works, why the technology was created, how blockchain is being used now with bitcoin, and how blockchain could be used in the future.
Please share any other important information about blockchain technology in the comments below!
The word “block” is meant to represent a list of records. While the word “chain” is meant to describe the linked relationship between these lists of records.
So imagine a list of records linked to another list of records. That is basically what the term “blockchain” describes: linked sets of records.
The first known use of blockchain-type technology was in 1991 by Stuart Haber and Scott Stornetta.
At the time, use of third party time-stamping services was the only option available that attempted to accurately store digital records.
However, relying on time-stamping services that could be susceptible to bribes or security breaches was not ideal.
Haber and Stornetta worked on developing a technology that automatically ensured the accuracy, security, and modifiability of digital records using computers and mathematics.
They decided to employ the use of cryptology to achieve the desired level of privacy and security for digital record keeping.
In 1992, Haber, Stornetta, and a Mr.Bayer enhanced their cryptographically-based blockchain technology by adding the use of hash trees, which are also known as Merkle trees.
It wasn’t until 2008, that the first “distributed” blockchain was created for use as the underlying technology of bitcoin, a digital currency. It was made by an anonymous person or group that goes by the pseudonym Satoshi Nakamoto
A common misconception is that bitcoin is synonymous with blockchain. That, however, is not the case.
The blockchain facilitates the secure and private transfer of the digital currency called bitcoin, as well as posts the transactions to a public ledger to maintain data integrity.
Right now, most financial transactions are facilitated and recorded through the use of third parties such as banks, visa, mastercard, and other financial institutions.
The blockchain foundation allows bitcoin currency transactions to occur securely and privately, while maintaining the accuracy of the transactions by posting a time-stamped, unmodifiable record of the transaction to a public ledger without the use of a third party.
Instead, it uses computers, mathematical algorithms, and cryptology to perform these functions which allows a direct connection between bitcoin users by removing the need for a third-party.
Blockchain technology creates transparency, validates and secures records, manages smart contracts, and eliminates middleman or third parties.
Some examples of how blockchain could be used includes recording land record transactions or mortgages, maintaining digital smart contracts like wills or promissory notes, managing digital identities like passports or birth certificates, housing distributed cloud networks to store information like documents or media, and a myriad of other exciting things.
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