In this futuristic video talk, Don Tapscott explains prospects of Blockchain to create internet of value. The Bitcoin technology has vast promise over conventional internet of information i.e. emails being sent are mere copies and so on. This is the reason that intermediaries dealing in money, intellectual property, music, carbon credits etc. establish a high degree of trust with customers by way of clearing, settling, record keeping and authenticating every client or deal
While these are centralised, intermediaries tend to exclude (not so rich) people from economy, slow things down to quite an extent, such as double-verify a client and/or beneficiary before remittances, and take a big piece of the pie, through such transactions. Don further elaborates how a Blockchain system could be a vast ledger that is able to monetise, better manage lives, transactions and information securely without duplication, all done through a vast ledger where all assets are stored doing away with powerful intermediaries
Bitcoin cryptocurrency was designed and developed by Satoshi Nakamoto as a protocol for digital cash, he called it the trust protocol, wherein thousands of digital assets that store tremendous amount of information are P2P connected globally. These have the computing power 100 times larger than the whole of Google.
Furthermore, these collaborators create a block every ten minutes that stores all the information across the interconnected network viz. any transaction taking place anywhere across the network. These distributed digital assets are controlled by powerful miners that are all given challenges to solve complex mathematical problems. The first miner that is able to solve it, gets rewarded by a digital currency >> block. Every transaction is time stamped, so if a hacker is planning to hack one block they shall have to erase the history of not only that particular block but all the blocks that have some very smart encryption and complex interconnections
The framework for blockchain, as applicable to Bitcoin and many more, was designed by a Canadian Vatalic Buterin originally, who also designed the smart contract, one that is able to execute itself automatically
Do you agree that blockchain will be popularised and percolate down to everyday digital user in future?
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