This video features a short discussion on where we might be headed with blockchain technology.
- The blockchain is a work in progress.…Being open sourced, it is continually being updated.…In addition, how the blockchain is being applied continues…to evolve in surprising and compelling ways.…Here are just a few of the innovations…that the blockchain is enabling.…Up until now we've been talking about discrete data being…stored in blocks in this distributed database…or distributed ledger as we prefer to call it.…But what happens if instead of simply data,…a block contains some instructions…that under certain circumstances are executed?…In this way when a certain blockchain transaction…takes place, some set of actions are triggered.…
This is one of the most exciting areas of the blockchain…and we call it Smart contracts.…While a Smart contract actually is software code executed…on the blockchain, the terminology use…of the word contract indicates that the code enforces…some form of governance or rule.…We should think of this as the general concept…since many argue that the use of the term Smart contract is…
Jonathan begins by describing some of the current challenges with the Internet, including existing risks and security problems such as identity management. Next, he describes how traditional online databases function, so that you have a basis for how the blockchain redesigns this function. He then describes how the blockchain becomes a potential solution for many of the existing limitations of online databases. Since the blockchain has its genesis in Bitcoin—the digital currency—he provides some background on that too. He also discusses how blockchain technology actually offers new capabilities beyond simply solving old problems. To wrap up the course, Jonathan shares steps you can take in your organization to understand the implications of the blockchain.
- Explain what Captcha does.
- List the core benefits of a traditional database.
- Assess whether Bitcoin requires any intermediaries in a transaction or not.
- Explain why blockchain technology is useful beyond cryptocurrency.
- Identify some ways to reduce the risk of blockchain innovation.