In this video, learn what a blockchain is and discover what kind of problems it helps to solve. Additionally, get introduced to popular ledgers.
- [Instructor] Before beginning, it's important we understand the need for blockchain, and how it came to be. If we go back to 2008, you might remember of the global financial crisis. It started by US financial institutions not doing their due diligence. During this time, the highly elusive Satoshi Nakamoto released a white paper on Bitcoin, a peer-to-peer electronic cash system, which would be free of financial institutions. Satoshi was quoted as saying, "the root problem with conventional currency "is all the trust that's required to make it work. "The central bank must be trusted "not to debase the currency, "but the history of fiat currencies "is full of breaches of that trust. "Banks must be trusted to hold our money "and transfer it electronically, "but they lend it out in waves of credit bubbles "with barely a fraction in reserve." In essence, this technology proposed to replace traditional banking, where information was centralized and control remained with few organizations. As we can see from this quote, the trust in financial institutions was shaken. The underlying technology that allowed transactions was called blockchain. This is one of the reasons why you'll often hear Bitcoin in the same sentence as blockchain. Since then, there have been a slew of other platforms introduced with this technology that have addressed problems in other areas, the most popular being Ethereum, which, consequently, introduced smart contracts into this space. Today, blockchain is a lot more than cryptocurrency. It is a distributed system that contains verified and immutable records. We get the benefit of transparency, traceability, and peace of mind with greater security than traditional systems. The next thing we are going to touch is answering the question, how can enterprises benefit from this technology?
- Public vs. private ledgers
- Managing identity in Hyperledger Fabric
- Smart contracts
- How consensus mechanisms are achieved in the network
- Leveraging Hyperledger tools
- Deploying Hyperledger Fabric on Azure
- Querying the network for transactions