What is Blockchain and how it will change the way we live
What is Blockchain and how it will change the way we live
Blockchain the technology of future has arrived.
Hi guys my name is Arpit I am back with a video. I know It has been a long time since I posted my last video. I have been working on few videos which are keeping me really busy but I am sure once these videos are out they will be of massive value for my subscribers. Also It was really heart-warming to receive messages from you guys telling me to post videos. So here I am with a video on Blockchain.
Now Blockchain is really hot right now and that’s the reason I am going to come up with a series of videos explaining you guys how you can be at advantage in this cryptocurriency and blockchain world.
The potential of cryptocurriencies and blockchain technology is really fascinating. These technologies have the potential to change our lives for ever. The world these technologies are trying to build will be a transparent, democratic, decentralized, efficient and secure world. I strongly recommend you watch this video till the end so you can realize the potential of this technology.
In 1977 internet was just a couple of computers loosely connected by some lines that could barely carry some bits in them. Today you are watching this video on YouTube probably with a wireless connection. Now in order for us to go from a couple of dots to where we are today a lot had to happen. People like Tim Berner lee, Bill Gates had to dream about what could the world be like, how can we change the world, and here we are 40 years after. Now a thing about great inventions and great paradigms such as the internet is you actually don’t know what it is, the day it was made. 40 years after we realise oh it did the following things.
The question or the discussion that we are going to have is, what if there was a paradigm sitting in front of us today, what can we do today, to figure out what that paradigm will become 40 years from now so we can take advantage of it, so we can be a part of it, like what Bill gates and the others did to the internet. In order to do this, in order to get ahead you need to ask the big question and the big question about any paradigm is what is the one thing, what is the one gap that, that paradigm fills for everyone.
If we think about some of the large inventions in our life such as the printing press in 1400’s it filled the Knowledge gap. It helped people express, communicate and hence everybody become more aware. If we take a look at something like the engine that invention filled the power gap, at that time we wanted to manufacture it propelled the Industrial revolution. Now let’s look at our favourite invention, the Internet, 40 years ago nobody was sure what it will be. Today you can say it is filling the Distance gap. The world has truly become a Global village now you can transact with just about anyone, at just about any distance. We are here today to talk about the next gap that exists. There is a gap that is building in our society and there is an invention that fills that gap, that invention is called blockchain. Blockchain fulfils something that is very fundamental to us, it is at core of who we are, it changes the way we trust. Not just how we trust each other, but more specifically how we trust in business. Ever since our evolution we have come to a conclusion as a species that I have to trust you in order to transact with you. Yes guys trust is the fundamental currency of commerce.
Blockchain will change the way we trust Businesses right now. We try our best to transact with people and companies we trust. If we don’t trust a person we will not give our hard earned money to them.
Businesses know this very well and that’s why they manufacture trust. They get legit approvals from authorities and various intermediaries, adhere to quality standards, get various certifications from research laboratories, and then they advertise these big claims that we are not really sure about. We are not sure whether we trust this business.
BlockChain will change all this
Let’s understand Blockchain in the most simple and relatable manner. Blockchain is a distributed database, otherwise known as a distributed ledger. You can think of ledger as record book. Furthermore, let’s talk in terms of it being shared instead of distributed. For even greater context, think about a ‘block’ as a line item in that shared record book.
To be clear, this isn’t just one record book stored in a central location that is shared by many. There are thousands of copies of this record book, stored on computers all around the world, hence it propels decentralisation.
This record book can be used to record many kinds of things, in my next video I will talk about industries that blockchain will revolutionize.
However I’ll use sending and receiving money as the primary example, as it’s the most common one right now. You must have heard about Bitcoins, well the underlying technology that powers Bitcoins is Blockchain.
So let’s say Person A wants to send money to Person B, a new line item is created detailing that transaction. This line item then gets sent off to thousands of other computers who have a copy of the record. Those computers confirm that this transaction is authorised, and ultimately they agree (or disagree) that everything about the transaction is legitimate before giving that Block item a tick of approval. It has to match up perfectly on every copy of the record.
And then this is the key part guys, that block is linked to the previous block to create a chain of blocks and each block is time stamped kind of like digital wax seal.
So if I wanted to go in and hack a block. I will have to hack all the blocks on that block chain. Not just on one computer but across millions of computers simultaneously all using the highest levels of encryption, in the light of the most powerful computing resource in the world that is watching me. Tough to do. So simply said that’s how block chain works.
Blockchain is certainly a technology that will have the biggest impact in the next couple of decades. I do foresee that blockchain based technologies dismantling big businesses as they exist today.
Blockchain will create prosperity, once again the technology gene has escaped from the bottle and it was someone by a unknown person or persons because of which we are getting this another opportunity to rewrite the economic power grid and the old order of things and to solve some of the world’s biggest problems if we will it.
If you liked this video make sure you hit the like button. Also subscribe to my channel for more amazing stuff. I will see you guys soon. Thanks for watching.