If blockchain education were like, say, a bachelor’s degree, I would be in grade school. Armed with my lack of understanding, I set out on a quest to see if I could gain some knowledge of blockchain for myself, and then share it with you. Don’t worry; I try as much as possible to “explain it like we were fifth-graders.”
Let’s make a Simple Outline :
Understanding blockchain is similar to when you learned how to drive a car, surf the internet, or use your smartphone. Knowing the details of how it works isn’t necessary to be able to use it. However, it is a good idea to have a basic understanding of this new technology to know why and how it is revolutionary.
What it is
First, picture one of those big green bookkeeping ledgers. You know, the one with all those columns on it. Now, visualize that spreadsheet as digital and shared thousands of times across a network of computers. So now, whenever a transaction, post, email (secured and validated truth) is processed, this spreadsheet is automatically updated by the network, not individuals. This process is what is called an incorruptible digital ledger. Poof, you now have a visualization of a blockchain. Additionally, to make this digital ledger an actual blockchain, it is decentralized. This decentralization means no one system, government, bank, or regulator is the “Central” authority governing the value.
So, in a nutshell, a blockchain is a decentralized system bringing all things internet to the highest degree of security. Resulting in:
- Transactions are no longer missed or corrupted.
- Human or machine errors become nonexistent.
- Corrupt or broken databases do not occur.
- Parties involved in transactions or exchanges have given consent. Transactions made in error are not valid.
- A blockchain guarantees a transaction is valid, not only at the initial point but on a connected distributed network of computers. These computers are all connected through a secure validation protocol.
How it works
Blockchains keep track of who sent how many coins/tokens/information sets to whom. As an example (see below), an individual initiates a purchase online. This transaction is the first block in the blockchain. Then the next step involves this block being verified as authentic by different parties’ computers within that network, each creating a partnership and attaching itself to the first one. Those computers will push the chain of blocks through if they determine the first one is valid. That approval becomes another block in the chain and becomes attached. The initial transaction is now a permanent, authentic, and transparent record of the initial block (operation).
How is it safe?
Just as the internet was to be just a “fad” that would go away, it didn’t. Instead, it grew into a massive industry that impacted commerce, jobs, and revolutionized the computer industry. So now comes blockchain. Because of blockchain, that revolutionization of the computer industry is taking off again. Evolving to the next level of technology based on decentralized solutions and “truth.”
In a similar way to the internet, Blockchain has a built-in robustness. By storing blocks of information that are identical across its network; the Blockchain cannot:
- Be single entity controlled.
- Have a single point of failure.
- Be corrupted or embezzled.
People, called miners, store and maintain blocks in “special” high-powered and uniquely configured computers.
- A blockchain occurs as a shared, and continually validated and reconciled database.
- The blockchain database resides in multiple locations. Being held in this way allows for the record to keep being genuinely public and easy to verify.
- No centralized version of this information makes it difficult for a hacker to corrupt.
- Millions of computers at once host the data, and it is accessible to anyone on the internet.
- Ultimate Security and Transparency. Truth.
Especially necessary for today’s needs; The blockchain lacks centralized points of vulnerability that computer hackers can exploit.
Blockchain Education conclusion
To conclude, the internet itself has proven to be durable for well over 40 years. As blockchain technology continues to develop, the internet’s durability tends to bode well for blockchain’s future. As a result, the solutions for our Global Community are endless and awe-inspiring.
This information on new technology can be a lot to take in. So, by all means, sign up to receive my newsletter on the right. I am like a lot of other folks and learning new things all the time. For example, I learned quite a bit about blockchain writing this article. And so, I hope you are more comfortable with the word blockchain, even without an in-depth, involved explanation.
In the meantime, remember you do not need to know details about blockchain for it to be useful in your life. After all, computers have been enhancing everything around us for many years. And most of us could not explain to someone exactly how they work, or the language they speak.
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