Explaining Blockchain



Blockchain may revolutionize electronic transactions in the same way that the Internet transformed human communication. In this video I explain blockchain, its roots in the cryptocurrency bitcoin,…

45 Comments

  1. Yes, and just the other day the US Federal Government passed a bill sending $2 Trillion into the economy. Within the bill was a provision to create a digital dollar and get everyone set up with digital wallets so that the direct distribution of money aid in this time of COVID-19 could be easily facilitated. This bit was taken out of the bill. However, and related, the IRS has added language to the tax reporting forms regarding crypto-currency activity. And after the COVID-19 issue calms down we will probably see the rollout of a US Federal Government bid in the crypto-currency space. This does not mean that people will want to use it but as a way of paying taxes and interacting with the government we may have too, at least in part, or the government will have to accept payment in something other than its own controlled money… we'll see what happens.

    Regarding blockchain technology, an immutable ledger held within the networked computing machines of the world sounds like a good and a bad idea, but than many things are. It is exciting to think about the possibilities of this kind of technology and hopefully it will make communication of events and facts easier to access and trust. Banks will want to sell wallet management services, as they do now, but I'm not so sure that they deserve the job in this cryptographic revolution, they have quite mucked up the current system, and to give them much responsibility with any new system just doesn't seem like a good idea at this time.

  2. If we have a bitcoin wallet on our devices can our devices be hacked and copy transactions ? I understand each transaction is verified and not able to be changed. Etc. However the device is still the key ? I know it's late response.

  3. If blockchain had revolutionised transactions, this thing would already happen. You were talking about creating a new trust platform. Have you ever tried to register on bitcoin service providers websites? They required you to provide more personal data than most banks would. How will you make sure that these companies will not disappear with you data and money? There is no guarantee with banks as well, but at least they are checked by government organisations. Democratisation of transactions seems like a great idea and technically it is possible, however, there is a lack of trust and proper "logistics" in this area. We would use blockchain everywhere by now and forget about banks if it was that simple and great. Please make another video on positives and negatives of blockchain.

  4. The bitcoin blockchain is the only blockchain in the world you can trust most and this blockchain is the only real decentralized chain with consensus mechanism (only if 51% of the nodes say yes to an update, the update will happen).

  5. That the best explanation I have ever seen for how blockchain works. Thank you, I subbed about a year ago because of gems like this.

  6. The first sentence of the explanation: "To explain the key principle behind blockchin, imagine there are two people called molly and stan, and stan decides to give molly his space hopper" <3

  7. Wow, even I understood. THANKS. You do great work. I worked with large scale computer systems for many years and have until now failed to understand blockchain – could not see the trees through the forest. 😉

  8. Thank you. An easy to understand explanation which is much appreciated.
    Does its future success depend upon who controls the internet?
    Forgive my lack of knowledge as maybe my question is not relevant.

  9. First, thanks for the great lesson. Very informative, yet easy to grasp.

    I've got a question though. A blockchain grows with every transaction, right? And the whole chain gets checked, sync'ed, copied and verified all the time. Won't there be a point when the whole friggin' Internet creaks to a halt because all the connections are taken up by more and more blockchain calls and copies?

  10. Hi Chris, is there any risk on tis system? Because right now many rich n powerful people actually create super miners (power computer with many GPUs) to mine crytocurrencies. This means that those who r rich n wealth can own more powerful and many more computers that constitute a huge portion in the block chain network. Will tis in the end defeat the purpose of block chain technology which tries to redistrubte wealth more equally?

  11. Just now looking into cryptocurrecy and saw this uploaded. No idea what blockchain was or even heard of. So it's a P2P banking where the transaction is immediately verified with other blockchain users rather than going to the banks/government for verification? I'm still skeptical that there's no way to fake/alter sales like you say there is (still ignorant on the deepest details of this system) because if there's anything that computing, internet, and history has taught me is that if there's a will, there's a way.

  12. always keep gold as backup. I still dont get it what happens if suddenly there is no electricity or internet. my assumption seems bit crazy but is there a backup plan for what if? I cant imagine us with nothing when no digital devices on hand are connected.

  13. currently saw on guy that wants to implement the blockchain into the quality control of airplanes. When there are reperations on an airplain or a part gets changed they all need to protocoll/ verify it. Also they want to 3d-print titan parts on american aircraft carriers so the mechanics can change parts on their carrier when needed. all these parts need to be vertified, and they will do it on the blockchain.

  14. Ditto to what Spike K posted earlier. My one concern is who takes ownership and responsibility of a block chain system? Things do go wrong with computer systems. Who or what company bears that responsibility that the block chain path or process is tested and valid?

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