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Blockchain explanation with Blake Baxter and Curtis Roberts.

What Is Blockchain

A blockchain carries no transaction cost. (An infrastructure cost yes, but no transaction cost.) The blockchain is a simple yet ingenious way of passing information from A to B in a fully automated and safe manner.

One party to a transaction initiates the process by creating a block. This block is verified by thousands, perhaps millions of computers distributed around the net. The verified block is added to a chain, which is stored across the net, creating not just a unique record, but a unique record with a unique history.

Falsifying a single record would mean falsifying the entire chain in millions of instances. That is virtually impossible. Bitcoin uses this model for monetary transactions, but it can be deployed in many others ways.

OTHER VIDEOS YOU MIGHT LIKE: ○ Blockchain 101 - http://bit.ly/BlckChain101

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---~~~--- Check out: "Blockchain 101" http://bit.ly/BlckChain101 ---~~~--- ... https://www.youtube.com/watch?v=ayIe-Y7VAi4

2020-06-15
0.0 LBC
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