What is The Blockchain?
It is the technology behind cryptocurrencies like Bitcoin, but there is a lot more to it than money. It is a public ledger that nobody owns, a decentralized database that is maintained by the network.
In a regular database, information is stored on a centralized server. In a blockchain, information is stored on a public ledger that is duplicated across all the nodes that run the software. In a traditional system, transactions are verified by a trusted middleman – like the bank, for example. On a public ledger, transactions are verified by multiple nodes, so it’s very difficult to falsify or remove transactions once they have been made. In that way, the blockchain is a technology-based trust system that removes the need for middlemen.
The blockchain is decentralized, trustless (does not require a trusted third party), and secured by cryptography. It can make the companies and institutions that run on it more transparent, democratic, and secure. It has the potential to transform the 4 pillars of society: finance, communication, law, and production.
We talk about the current and potential use cases, and the industries that this technology is likely to disrupt in the next 5-10 years.
In This Episode of Future Thinkers Podcast:
- What the blockchain is
- Are we in a hype bubble?
- The use cases for this technology
- Industries ripe for disruption
- How decentralization can change companies and institutions
Mentions and Resources:
- Vitalik Buterin on Ethereum and decentralization (FTP016)
- Vinay Gupta on techno-social systems (FTP018)
- Vince Meens on the blockchain as a collective brain (FTP033)
- The four pillars of a decentralized society by Johann Gevers
- Blockchain vs. Bullshit by Andreas Antonopoulos
- Understand the blockchain in 2 minutes
- Thoughts on the “crypto bubble”
- Blockchain to be used by Dubai, Ukraine, and Singapore governments
- Brightlands, a tech and blockchain incubator in the Netherlands
- Zeitgeist movement Australia
- d10e, decentralization conference
More From Future Thinkers:
- The death of DAO and codifying ethics on the blockchain (FTP029)
- Bitcoin and blockchain and basic income (FTP011)
- Scott Santens on basic income (FTP031)
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