I sit here on my couch on Christmas day with my 3 sons enjoying this beautiful time spent together. And so it should be we all deserve this. My wife @lyndsaybowes is always doing so much for us all and the chickens. I'm not even sure where she is right now lol and it's a small house. I just want to wish you all a Merry Christmas before I start my article.
What exactly is blockchain technology? (In Layman's Terms)
Let's start with the "ledger". The "ledger" is where all the data is stored depending on what software is being used this data can be stored on hundreds or even thousands of computers for anyone to see at anytime. This creates 100% transparency which is extremely important for the future success of our society.
Every "block" (piece of data) contains a time stamp and can be linked from one block to the next, to the next and so on... Literally creating a chain of blocks (hence, "Blockchain").
Both old existing blocks and every new block added can never be deleted or manipulated in anyway creating a truthful transaction history for the entire world to view.
Every block has it's own special encryption where everyone has access to view the information but only the owner of the private cryptographic key can add new records to that particular chain. Copies of the blockchain are then stored or different computers (Nodes) on the network.
Super simple explanation
A very simple quick explanation: A blockchain is basically a record of transactions for information which cannot be altered. The information is entered and receives a date and time stamp when created. This information is stored of many different computers with access to everyone to view the information at anytime.
Why will blockchain technology be so helpful to almost all companies in the future?
The blockchain is secure and transparent guaranteeing to it's clients the companies actions are truthful and trustworthy. The blockchain will help these companies with data security as well as cost and risk reduction.
The most important part of why I think the blockchain will change the world has yet to be fully implemented as of yet. I see several crypto companies working on things that will help and I guarantee there will be more in the future as well. Once decentralized banking fully emerges then we will no longer have the need for the traditional banking system. This will be a major stepping stone and a definite game changer. I do know of some ico's and companies that are working on this but this post is not about pushing coins, tokens or ico's on you it's about the importance of the blockchain as a whole for changing the future.
Our current structure is that we have trust people to record information for us. We trust administrators, auditors, supervisory boards etc to input truthful and correct data which definitely could be manipulated. Blockchain is already being used in Sweden to register properties. Transaction stored on the blockchain will actually make it easier to fight crime, stop fraud and counterfeiting creating a more stable and secure financial system.
Eliminating the middle man
Artists, musicians and writers to name a few can eliminate the middle man such as record labels and publishers. People can go directly to the artists, musicians and writers instead of through the publishers and labels. This will lower the cost of the items to the buyers while at the same time increasing the income to the artist etc... You mean artists, muscians and writers can actually be in charge of their own material and royalties again? Yes...... Isn't that wonderful.
So as you can see Blockchain is not only about money and Bitcoin. The blockchain technology is a definite game changer and this is why I thin we are "Changing The World One Block At A Time!"
Yes! A wonderful explanation!!! Thank you for this!
I love this! Thank you! So happy to learn more.
I'm glad I was able to you out! :)
Great article and great explanations, but could you please quantify or elaborate on how transaction blocks in a chain will help fight crime and stop fraud? I have seen some pretty good evidence that many fraudulent transactions have happened over the years to digital currencies, and because of the blockchain, they explicitly can't be stopped, reversed, or fought. That is mainly what had made me reluctant to get onboard with digital currency earlier.
Thanks
The blockchain can/will be used to track many different things and not just for currency. Take for example the amount of counterfeit electronics, designer clothes etc into the USA every year is insane. It's around 1.2 billon dollars worth of goods which they say are only a fraction of what actually gets in. I know that Blockverify a company from London is working on blockchain technology to track the goods and verify them. To make a long story short products will be able to be verified via mobile devices.
Blockverify also aims to put an end to counterfeit pharmaceuticals via the blockchain tracking, tracing and authenticating the original drugs.
Here is a link to a cool article explaining a bit more about how blockchain technology can be a useful tool in stopping criminal activity.
Very interesting article, thanks for linking it. I started writing some replies not just to your comment, but to others about blockchain, and it became a beast. It's now a blog article in the works and pushing about 2000 words already. So expect that over the next day or so. haha
I will say though, that the person being interviewed was very careful to use words like "detect," "analyze," and "predict" when talking about fraud and criminal activity. When asked about whether it could be stopped, he very explicitly said no and spoke about needing to combine the blockchain with other applications and analytic software. I think where it falls down (as far as out and out prevention) which he alludes to, but doesn't explicitly say, is the anonymity aspect.
If they can analyse data for known, identifiable entities, then absolutely, they may be able to actively prevent crime. But while things are anonymous, then there's still the opportunity for criminals to get away with things while analysts sit around a board room table nodding their heads, saying "see? uhuh. told ya so." :)
Still it's fascinating technology and I'm finding it interesting in the way it's being applied in different sectors.
Really? Cool! I'm excited to see your article. I think the technology will only just see more and more people with more and more ideas and it will keep upgrading and getting better and better.
Its coming, slowing, one blockchain at a time. I know so much more than yesterday, tons more than last week and a truckload more than last month. So who is to know what the future will bring. Nothing but good from what I see. Keep teaching and we will keep learning. So awesome.
I'm glad that you are so aware that this is good for us all. This is good for the future of mankind. You definitely have come a long way. I'm proud of you! :)
aww thank you...and ditto here. I am super excited. I love talking to all these like minded people. I love that I can write and blog about so many subjects. I can not wait till I really get started. My mind is full of ideas. I also love learning about new things other people write about. Bonus that there is a payout at the end.
You just summed up Steemit for all the reasons I love it. We all look forward to seeing your amazing contributions through your blogs. Can't wait to start seeing your ideas. The payout at the end is the icing on the cake.
very true..its like my english literature classes but instead of a mark like A you get a $
Hahaahh yes exaclty :)
Good explanation about blockchain.
I think next year is going to be even better than this one was for crypto
I feel the same way. Crypto's are going to be great in 2018 :)
Thanks for all of these tutorial type posts, I think some stuff is confusing. I like the "super simple explaination" it clicked, then I reread the whole article. Starting to understand it!
Think about how far you've come since you first started out! You're doing amazing and soon you will be helping others around you. :)
@hendrix22 Enjoy your time with your family man! You deserve every bit of this holiday for your work here. Thank you for your attempt to explain the blockchain to beginners.
Merry Christmas to you and your loved ones!
Highest Regards
@lordneroo
Thank you my friend! Merry Christmas to you and your family!! :)
have a nice christmas in this christmas
Thank you! Merry Christmas to you and your family!
Surely you celebrate Merry Christmas with your family and with your three sons and your wife
Thank you and Merry Christmas to you and your family!
actually i think Cryptocurrencies are the future and thank goodness that we are part of it.
I'm so glad gad we are too. We are still early adopters as well.
I still don't really get it but with many more of your informative posts perhaps it'll come... I did use your guide to cash my first sbd into cad earlier though! That was very clear :) I know you said who wants cad but i gotta buy gas to go see my fam for xmas tomorrow, so me! Haha. Any who, Merry Xmas, keep up the great posts about whats what and I'll keep learning!
You will get it soon. :) I'm super happy you were able to use my tutorial to get some gas money :)
Merry Christmas to you and your family Amy
i sure that you are one of the most happy couple
@hendrix22 and @lyndsaybowes.have a nice life.
merry christmas
Thank you so much. Merry Christmas!
Thanks buddy for delving into this topic.... and keep the posts coming please!!!!!! I trust your information, and prefer learning from a person I care about. It is kind of intimidating trying to learn about cypto, and I havent had the best of luck!
Block chain technology really has the promise to release us all from the shackles of a worn out and tired system, so I remain hopeful.
Merry Christmas!
We must remain hopeful and obtaining new knowledge will always be one of the keys. It's obvious we need to rid the old system and I will keep doing all I can to help make these changes whether it's through blockchain or some other means.
That's a great explanation for us non nerds... thanks.. maybe sometime you explain mining coins in English... I just invested some SBD in shares of a STEEM mining rig..
Glad it could help. Mining coins isn't something that newbies or non nerds should even think about. It's not so simple anymore and cannot be done on regular computers with any real success anymore. Good luck in the Steem mining rig :)
I'm definitely not doing anything other than sending money.. I know less than squat about mining... unless you're talking about with a gold pan.. then I might know squat
hahah I hope that it's profitable for you Dave!
It looks like it's a 200 day process to break even.. unless the price of SBD drops drastically.. but I got 200 days.. I'm not going anywhere
So if SBD goes back to $1 which is where it should be are you saying you're fucked lol
Quite the opposite.. if it goes back to $1 my investment becomes profitable that much quicker... it's thru @cfminer if you haven't seen it and are interested... worst case scenario.. I wasted 25 SBD.. shit happens
Thank you for being able to explain very complicated things. Merry Christmas. Good luck to you and good.
You're welcome buddy. Merry Christmas to you and your family.
Good post, don't forget it's also useful (and needed) to eliminate the corrupt use of public founds. This is a BIG problem for many countrys, i know beacause i'm from Argentina. People is tired of corrupt public funcionaries stealing the money they should protect, our money.
You are so right! It happens everywhere. Politicians using money for vacations, meals, booze, limousine rides etc just to name a few. This would all be very visible and accessible for us all on the block chain.
Hi mate, Merry Christmas to you, Lindsay and yours beautiful sons!
You have described the future (the blockchain) with a startling simplicity. Thank you.
Thank you buddy! I hope you, your family and little miss 2 year old daughter had a wonderful Christmas!
Yes.. Eva (my little miss :D ) was trying to destroy Christmas tree... but otherwise, lovely holidays!
Of course she did lol So cute. Glad you had wonderful holidays
Good job @hendrix22
Thank you! :)
i sure that you are one of the most happy couple.I think next year is going to be even better than this one was for crypto
Thanks!
Merry Christmas to you too. This is a very beneficial information and you have delivered it in a very simple language. Thank you for sharing
Merry Christmas! :)
this sounds amazing..thanks for the great explanation!
Glad I could help you out! :)
I am not even done reading the article yet and I'm already upvoating it, because it's so radically awesome already. When I finish the full context I will comment again, in theory.
Well I am glad that somebody is talking about blockchain technology with something other than just Coins & Currency in mind but what can actually be done with this technology Beyond the scope of currency.
Can you Upvote my last post on my blog please , i need some support thank you :)