From the course: AI in Fintech Essential Training

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Blockchain, AI, and smart contracts

Blockchain, AI, and smart contracts

From the course: AI in Fintech Essential Training

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Blockchain, AI, and smart contracts

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- [Narrator] We think about blockchain primarily in the context of cryptocurrencies. But the reality is that these days blockchain has moved beyond that. The basic blockchain starts with three key elements, a shared ledger to record transactions, a consensus piece to help us with auditing and avoiding counterfeiting, and cryptography to help with security. We can add in an optional fourth piece and we could call this a shared contract and essentially what this does is take the blockchain from simply being a ledger or record of transactions to being essentially a shared set of terms and conditions that we might use in contracting. Once you have additional information communicated over the blockchain, this becomes useful for many, many other activities. So we think about blockchain, increasingly it shifted from cryptocurrencies to smart contracts. And so we can imagine the blockchain being used for something like…

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