In this video, Jonathan Reichental offers an overview of blockchain, its genesis in bitcoin, its structure, and how the technology might be leveraged to distribute value.
- There's a new technology to store and manage data…across the internet and other computing networks,…it's called blockchain or distributed ledger technology,…DLT, and it was created as a result…of the introduction of the Bitcoin cryptocurrency.…Today, the application of blockchain…and its potential far exceed its genesis in Bitcoin.…It supports not just digital money…and trusted data movement and storage,…but the exchange of value, an internet of value.…
At a fundamental level, it's not complex technology…but it can enable complex solutions.…It can help solve some difficult computing challenges…around security and it introduces capabilities…that are disruptive to the status quo.…For example, Bitcoin effectively eliminates the need…for banks and a whole host of financial middle men,…that's disruptive.…Taken further, blockchain technology can be used…as a foundation for a new generation of software…that distributes code and enables transactions…between individuals and machines…without the need for complex server infrastructure.…
- Explain how the relationship between blockchain and Bitcoin is similar to the relationship of the internet and FTP.
- List specific qualities of a blockchain database.
- Describe how transactions are updated in a distributed ledger.
- Explain how the price of Bitcoin is derived.
- Assess the core benefits of altcoins.
- Recall how blockchain relates to the energy sector.