The Bitcoin Property explains the potential of Blockchain technology:
Watch this short video from the Bitcoin Property on the technology and potential of Blockchain.
Do not forget to read the awesome transcript and case study after the video!
What is Blockchain
“Blockchain” is a decentralized and transparent ledger system which allows us to achive decentralized consesus amoung an unlimited number of parties.
These parties may even remain anonymous, thus Blockchain allows us to build “trust-free” system – system that allow us to deal confidently with other regardless of trust.
Blockchain is a network of distributed ledger system. The ledgers are open to all parties to audit its data, and data is synchronized accross all ledgers on the network so at all time all ledgers on the network have the same records.
Ledgers on the network verify the validity of every new data that is to be added to their database using a protocol agreed upon by all the nodes. When a node verify the integrity of a new data, it will be reward with new “Bitcoin”, and the data will be added to the database of all the networks.
Data in these decentralized databases are stored in batches known as”block”. A “block” has a limited number of transactions it can contain. As more transactions are verified, they will be zipped into new “blocks”. The continues creation of blocks in a sequence is known as the Blockchain.
What is the potential of Blockchain technology
While Bitcoin is spearing-heading the revolutions in the Financial Technology sector(FinTech), Blockchain has the potential to transform human civilization.
The next phrases in human civilization is after democracy is smartness. After democratic civilizations, smart civilizations are next. Smart civilizations are a civilizations where the environment is “smart” enough to responde to stimuli and ajust accordingly.
Smart civilization is the vision of the $16 trillion Internet of Things. IBM, Intel, Samsung and Google are leading the way for the Internet of Thnigs smart world.
Smart digital voice assistants on smart phones, smart driverless cars, smart houses where alomst everything could be controlled by a mobile app, 4d printers, smart dones, smart beacons and virtual reality are just the beginning of the future smart world.
In the future smart city, almost all system powering the city will be controlled digitally by smart computer apps. A majority of services will be automated to smart apps which will have the ability to analyse feedback collected by their sensors, process it into meaning information and act autonomously on it.
Such system will include public transport systems, shopping and self-services systems, energy systems, security systems, sewage collection systems and other critical systems supporting life.
Such system are delicate and should not be vunerable to takeovers from terrosits or bugs in the apps running them – none of which can be guarnateed for a centralized system.
Blockchain would be the idea system to power a smart city as it is decentralized, economical, censorship-free and transperent. Due this the decentralized nature of Blockchain technology, it would be impossible for anyone to hijack the system, all activities on the system would be open to all and the cost of running such a system would be grealty reduced.
Blockchain would alsounsure that citizens live a more bold, free, open and uninhibited life as it would deny governments the power to dis-respect eh privacy of its civitens bb spying on them. Governments will also not be able to censor the right to access goods or services, online activities, funds or assets of any citizens without public knowledge or consent.
IBM, Filament, Linux and Cisco are among several organizations who are already working to implement Blockchain technology into the Internet of Things.
Bitcoin and its Blockchain technology may be the greatest technological distructers of our generations.