Introduction to Blockchain

Emerging technologies bring new opportunities and change our lives by changing the way that we think and operate.

Two of the revolutionary technologies that we witnessed in the 20th century were personal computers and the Internet. The next significant transformative technology of the 21st century is blockchain.

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Blockchain is a technology that is poised to usher in a new way of conducting business that will change everyday life for the better.

Blockchain is a more detailed shared, immutable ledger for recording transactions, tracking assets and building trust. *2

IBM 2 https://www.ibm.com/topics/what-is-blockchain

If you do not understand truely, what is it, how it is useful for , below videos will help you to the understand strategy behind of blockchain technology.

What is blockchain ? Recommended explanation video 1 ;

Video link:https://www.youtube.com/watch?v=hYip_Vuv8J0

What is blockchain ? Recommended video 2 ;

Video link:https://www.youtube.com/watch?v=EH6vE97qIP4&t=938s

What is blockchain for ?

Blockchain technology, in particular, has emerged as a potential solution to the erosion of trust in traditional institutions and online intermediaries more generally, as it allegedly eliminates the need for trust between parties.

For in general ;

An asset can be tangible (a house, a car, cash, land etc.) or intangible (intellectual property, patents, copy-rights, branding).*2

*2 Blockchain for dummies IBM edition by Manav Gupta.

Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.*3

3* Blockchain for dummies IBM edition by Manav Gupta.

The shared ledger, commonly referred to as “distributed ledger” or blockchain.

Source: PWC, Look at blockchain technology
Source: Euromoney Learning 2020

Why is matter ?

Businesses of the past were vertically integrated, meaning that they did everything from soup to nuts, and there’s a reason for that.

The costs of transacting in an open market were prohibitively high.

So we brought all this capability inside the boundaries of a firm where transaction costs were lower.

These big companies dominated because it was costly and complex among other things to start a business, to find customers, to raise funds from investors.

In that case, the list of potential candidates for funding being limited to a few local venture capitalists or banks.

The enterprise of the future may not look like the enterprise of the past at all, but rather more like a group of networks.

Networks have become critical infrastructures for industries that depend on high availability, low latency and instant recovery from failures.

Key dimensions of blockchain value propositions

listed below;

Source:Weforum, Building value with Blockchain

In the next article we are discuss , research about in general types of blockchain, blockchain 1.0 , blockchain 2.0 evolutions, crypto currencies then deep dive on blockchain applications in the industries.

References;

https://www.pwc.com/gx/en/industries/technology/blockchain.html

https://ocw.mit.edu/search/ocwsearch.htm?q=what%20is%20blockchain

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