What is it?
- Blockchain is, simplified, a database of a growing list of records.1
These records are knows as Blocks.
- In cryptocurrencies these blocks represent the transfer of currency.
- A whitepaper that was published in 2008 detailed a method of creating a cryptocurrency using a distributed database architecture.2
- Blockchain tech comprised of 3 technologies used together:3
- Public key cryptography
- Method of encrypting communications where the sender uses a public “key” to send a message, and the only way to decrypt the message is with the recipients private key. Also known as asymmetric keys.
- P2P Network
- “Peer-to Peer” is when two computers share information without passing through a third party computer.5
- This is like me handing you cash vs. depositing it into the bank, then writing you a check which you later cash.
- And Protocol
Basically rules or the program that runs the blockchain.
- As of December 2017 Bitcoin is valued at TEN times the value it had at the start of the year.
- Trading cryptocurrencies has become the new investment frontier.
- While cryptocurrencies can be used to purchase good, they are also considered property in and of themselves.
- Many people trade the currencies much like you would with stocks or the Forex Market.
- These currencies work using blockchain, or a ledger of every transaction ever that are registered and maintained my miners who get rewarded in bitcoin for doing the work.
Contracts and Business
- There is a newer concept of “Smart Contracts” which use blockchain to execute contracts, in that payment is dependent on the completion of deliverables or objectives.
- These contracts execute on their own, which is far more efficient than a team of lawyers faxing documents.6
- Data Security7
- Decentralizing health records and ability to prove identity.
- Verified users could ADD data, but not remove or edit.
- See Smart contracts.
- Health Records
- Researcher could gain access to literally every patients records without any identifying information, and patients could be selected for trails, again, without ever having their identity disclosed.
- Data Security7