Bitcoin and blockchain in laymans terms

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When we create a document and share it with a group of people, the document is distributed instead of copied or transferred. This creates a decentralized distribution chain that gives everyone access to the document at the same time. No one is locked out awaiting changes from another party, while all modifications to the doc are being recorded in real-time, making changes completely transparent.

Of course, blockchain is more complicated than a Google Doc, but the analogy is apt because it illustrates three critical ideas of the technology:. Blockchain is an especially promising and revolutionary technology because it helps reduce risk, stamps out fraud and brings transparency in a scalable way for myriad uses.

The whole point of using a blockchain is to let people — in particular, people who don't trust one another — share valuable data in a secure, tamperproof way. When the first block of a chain is created, a nonce generates the cryptographic hash. The data in the block is considered signed and forever tied to the nonce and hash unless it is mined. In a blockchain every block has its own unique nonce and hash, but also references the hash of the previous block in the chain, so mining a block isn't easy, especially on large chains.

Miners use special software to solve the incredibly complex math problem of finding a nonce that generates an accepted hash. Because the nonce is only 32 bits and the hash is , there are roughly four billion possible nonce-hash combinations that must be mined before the right one is found. When that happens miners are said to have found the "golden nonce" and their block is added to the chain. Making a change to any block earlier in the chain requires re-mining not just the block with the change, but all of the blocks that come after.

This is why it's extremely difficult to manipulate blockchain technology. Think of it as "safety in math" since finding golden nonces requires an enormous amount of time and computing power. When a block is successfully mined, the change is accepted by all of the nodes on the network and the miner is rewarded financially.

One of the most important concepts in blockchain technology is decentralization. No one computer or organization can own the chain. Instead, it is a distributed ledger via the nodes connected to the chain. Nodes can be any kind of electronic device that maintains copies of the blockchain and keeps the network functioning.

Every node has its own copy of the blockchain and the network must algorithmically approve any newly mined block for the chain to be updated, trusted and verified. Since blockchains are transparent, every action in the ledger can be easily checked and viewed. Each participant is given a unique alphanumeric identification number that shows their transactions. Combining public information with a system of checks-and-balances helps the blockchain maintain integrity and creates trust among users.

Essentially, blockchains can be thought of as the scalability of trust via technology. Cryptocurrencies are digital currencies or tokens , like Bitcoin, Ethereum or Litecoin, that can be used to buy goods and services. Just like a digital form of cash, crypto can be used to buy everything from your lunch to your next home.

Unlike cash, crypto uses blockchain to act as both a public ledger and an enhanced cryptographic security system, so online transactions are always recorded and secured. Here are some of the main reasons why everyone is suddenly taking notice of cryptocurrencies:. Of course, there are many legitimate arguments against blockchain-based digital currencies. Many governments were quick to jump into crypto, but few have a staunch set of codified laws regarding it.

Additionally, crypto is incredibly volatile due to those aforementioned speculators. Lack of stability has caused some people to get very rich, while a majority have still lost thousands. Whether or not digital currencies are the future remains to be seen. Originally created as the ultra-transparent ledger system for Bitcoin to operate on , blockchain has long been associated with cryptocurrency, but the technology's transparency and security has seen growing adoption in a number of areas, much of which can be traced back to the development of the Ethereum blockchain.

In late , Russian-Canadian developer Vitalik Buterin published a white paper that proposed a platform combining traditional blockchain functionality with one key difference: the execution of computer code. Thus, the Ethereum Project was born. Ethereum blockchain lets developers create sophisticated programs that can communicate with one another on the blockchain. Ethereum programmers can create tokens to represent any kind of digital asset, track its ownership and execute its functionality according to a set of programming instructions.

Tokens can be music files, contracts, concert tickets or even a patient's medical records. NFTs are unique blockchain-based tokens that store digital media like a video, music or art. Each NFT has the ability to verify authenticity, past history and sole ownership of the piece of digital media.

NFTs have become wildly popular because they offer a new wave of digital creators the ability to buy and sell their creations, while getting proper credit and a fair share of profits. Newfound uses for blockchain have broadened the potential of the ledger technology to permeate other sectors like media, government and identity security. Thousands of companies are currently researching and developing products and ecosystems that run entirely on the burgeoning technology.

Blockchain is challenging the current status quo of innovation by letting companies experiment with groundbreaking technology like peer-to-peer energy distribution or decentralized forms for news media. Much like the definition of blockchain, the uses for the ledger system will only evolve as technology evolves. Although blockchain is a new technology, it already boasts a rich and interesting history.

The following is a brief timeline of some of the most important and notable events in the development of blockchain. What Is Blockchain Technology? How Does It Work? Blockchain Technology Defined. Blockchain is most simply defined as a decentralized, distributed ledger technology that records the provenance of a digital asset.

What is Blockchain? Of course, blockchain is more complicated than a Google Doc, but the analogy is apt because it illustrates three critical ideas of the technology: Blockchain Explained: A Quick Overview A blockchain is a database that stores encrypted blocks of data then chains them together to form a chronological single-source-of-truth for the data Digital assets are distributed instead of copied or transferred, creating an immutable record of an asset The asset is decentralized, allowing full real-time access and transparency to the public A transparent ledger of changes preserves integrity of the document, which creates trust in the asset.

How Does Cryptocurrency Work? Cryptocurrencies are digital currencies that use blockchain technology to record and secure every transaction. A cryptocurrency for example, Bitcoin can be used as a digital form of cash to pay for everything from everyday items to larger purchases like cars and homes. It can be bought using one of several digital wallets or trading platforms, then digitally transferred upon purchase of an item, with the blockchain recording the transaction and the new owner.

The appeal of cryptocurrencies is that everything is recorded in a public ledger and secured using cryptography, making an irrefutable, timestamped and secure record of every payment. Blockchain Applications Blockchain has a nearly endless amount of applications across almost every industry.

The ledger technology can be applied to track fraud in finance, securely share patient medical records between healthcare professionals and even acts as a better way to track intellectual property in business and music rights for artists. History of Blockchain Although blockchain is a new technology, it already boasts a rich and interesting history.

Electronic Frontier Foundation, Wikileaks and other organizations start accepting Bitcoin as donations. Bitcoin Magazine launched by early Bitcoin developer Vitalik Buterin. R3, a group of over blockchain firms, is formed to discover new ways blockchain can be implemented in technology.

PayPal announces Bitcoin integration. The government of Japan recognizes the legitimacy of blockchain and cryptocurrencies. Dubai announces its government will be blockchain-powered by IBM develops a blockchain-based banking platform with large banks like Citi and Barclays signing on. More Stories. Cryptocurrency for Change: How Token Economies Are Upending Markets These 4 industry case studies show how cryptocurrency is shifting our global economy — and fast. Continue Reading.

One Solution? Two of the ways this can happen include:. The commercialization of blockchain technology is still early. In the future expect more and more blockchain-based services to be offered to small businesses as alternatives to current record-keeping and transaction processes. Blockchain was originally developed as the platform that bitcoin was built on.

This technology can drive innovation for new ways of doing business and may be especially useful for companies where transparency and security are important. In particular, small businesses can leverage platforms built on blockchain to streamline processes and payments. There are a few companies already offering this type of technology now, so expect to see many more in the future.

Haber, Stuart, Stornetta, Scott W. BNSF Railway. New York Business Journal. Wells Fargo. Toyota Research Institute. Table of Contents Expand. Table of Contents. The Basics of Blockchain. What Makes Up a Blockchain? When Was It Developed? Steps in a Blockchain Transaction. What Industries Use Blockchain? Blockchain and Small Business Owners. The Bottom Line. By Brian Edmondson. Brian T. Edmondson was the online business expert for The Balance Small Business.

He also covered topics on bitcoin and cryptocurrency for The Balance. Learn about our editorial policies.

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