FTP041: Possibilities of The Blockchain

FTP041 - The Possibilities of the Blockchain

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 the blockchain will 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:

Recommended Books:

More From Future Thinkers:

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