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This video goes someway in explaining what the Blockchain technology is and the many uses it could have in numerous industries and technologies to such a degree that the blockchain could be a game changer.
The question remains by many.. what is the blockchain? Blockchain is an ingenious invention and the brainchild of someone or a group of people mysteriously known by the name, Satoshi Nakamoto. Since it’s creation in 2009, it has evolved into something far bigger than many expected, with the potential to alter our many current systems, the blockchain could be a game changer.
The practical consequence […is…] for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.
Bitcoin and all other digital cryptocurrencies are dependent on “the blockchain”, which underlies and structures the Bitcoin system. Think of the blockchain as the backbone, the vertebrae of the entire protocol that holds the network together. It keeps track of every single transaction ever made in the network, and all transactions are timestamped and verified by network miners.
Blockchain has placed us at a crossroad, where the possibilities are endless in it abilities and potential to impact our world. This is a phenomenal window of opportunity where this new innovation could be the greatest advancement in humankind.
We are entering exciting times as the blockchain could be used to create technology that could help the entire human race. The question remains, will we do it!