The blockchain week started yesterday and its been an such an eye opener for me..
These are few things i have come to learn about the blockchain from the speakers!
*The blockchain is a revolutionary way to move value without depending on a third party.
*The blockchain is the application of new ways of storing, validating and structuring data.
I also learned that the block chain is disruptive because humans are waking up to the fact that they no longer need third parties to help them manage their information and funds etc...
The Blockchain is different because
- It creates value
- It is incorruptible
- It is programmable
- It is globally accessible
The second speaker started by telling us the basic foundation of the blockchain that it starts as a ledger (kept to track records)
Blockchain therefore decentralizes the central system of ledgers.
He also said that there are questions that arise from all these
- How to elect who gets to update the ledger?
- How to organize the entries
3.How to resolve conflicting entries
He also said that in the blockchain every entry is broadcasted to every participant.
And that the system tries to prevent fraud
One way the blockchain tries to solve these problems is through consensus (agreement)
Because it is a chain of blocks , it is very transparent
He also said two major types of consensus are
- Proof of Work
- Proof of Stake
Going back to the workstation for day 2 for more blockchain and cryptocurrency knowledge.
See you, when i get back!