Blockchain explained in plain English
Understanding how blockchain works and identifying myths about its powers are the first steps to developing blockchain technologies.
Blockchain is an algorithm and distributed data structure for managing electronic cash without a central administrator among people who know nothing about one another. Originally designed for the crypto-currency Bitcoin, the blockchain architecture was driven by a radical rejection of at (government-guaranteed) money and bank-controlled payments.
Blockchain is a special instance of Distributed Ledger Technologies (DLTs), almost all of which have emerged in Bitcoin’s wake.
HOW DOES BLOCKCHAIN WORK?
Blockchain is a Distributed Ledger Technology (DLT) that was invented to support the Bitcoin cryptocurrency. Bitcoin was motivated by an extreme rejection of government-guaranteed money and bank-controlled payments. The developer of Bitcoin, Satoshi Nakamoto envisioned people spending money without friction, intermediaries, regulation or the need to know or trust other parties.
Technically, the original blockchain is separable from Bitcoin, but this report will show that the blockchain design is so specific to Bitcoin that it’s not a good fit for much else.
The central problem in electronic cash is Double Spend. Because pure electronic money is just data, nothing stops a currency holder from trying to spend it twice. Blockchain solves the Double Spend problem without a digital reserve fund or similar form of umpire.
Blockchain monitors and verifies Bitcoin transactions by calling upon a decentralized network of volunteer-run nodes to, in effect, vote on the order in which transactions occur. The network’s algorithm ensures that each transaction is unique.
Video created by the Centre of International Governance Innovation.
What will be the engine of the next financial revolution? Mauro Casellini speaks in his TEDx talk about the potential that he sees in blockchain technology. He explains how complicated today’s financial infrastructure is based on the use case of payments and talks about the opportunity which this newer technology will deliver. In his talk he simplifies the functionality of the blockchain technology which clearly highlight its benefits compared to the traditional, heavily centralized financial infrastructure. Thanks to the distributed ledger technology, peer-to-peer transactions without any single intermediary will be possible. Today we just share information through the internet, but thanks to blockchain, we have finally the opportunity to share money and other asset with each other in a fully decentralized and digital way.
Mauro is working in the financial sector since 2006 and in the blockchain space since 2016. Thanks to his background in financial services and his technical affinity, he clearly understands the potential which the blockchain technology delivers for the financial industry nowadays. He has successfully implemented a corporate strategy in the field of blockchain banking for his former employer in Liechtenstein and works now as Head of Europe for a major blockchain financial service provider.
This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx Mauro Casellini is experienced in the field of Blockchain here in Liechtenstein. He is a Board Member of the Crypto Country Association and the CEO of Bitcoin Suisse Liechtenstein. Born and raised in Chur (Switzerland), he has been working in Liechtenstein since 2013. His first job in Liechtenstein was at Bank Frick where he developed a big knowhow in the areas of Banking, Fintech and Payment. This combination inevitably led to the topic of blockchain, where he recognized early that this technology will be the future technology for the financial industry. In his final role, he was Head of Blockchain and PSP, where he implemented the bank’s corporate strategy in the field of blockchain banking and payment services. In 2019 he joined Bitcoin Suisse, the leading blockchain financial services provider from Switzerland, where he is now responsible for the European business and driving the company towards obtaining a banking license in Liechtenstein. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx
I share this video to everyone that asks me what it is. It's one of the best video explanations I've come across in the past 2 years.
I’m new to forex trading and I have been making huge losses,Recently I saw a lot of people earning from it can someone please tell me what I’m doing wrong 😑
Cryptocurrency /forex trading is a big chance to make money nowadays, if you can't see that at this point is time you learn more about it.
🌏😇Every family have that one person who break the family’s financial struggle, I hope you become the one
To my understanding this just proves how much we need an edged as an investors because playing the market like everyone else just isn’t good enough. I’ve been quite ensured about investing in this current market and at the same time I feel it’s the best time to get started on the market,what are your thoughts?!
🌏😇Every family have that one person who break the family’s financial struggle, I hope you become the One,Thanks Mrs Ava for helping me chose a productive decision about my finances that has changed my life forever
Damn, I am really frustrated with the way things are going with my portfolio. I just hope this bullish move will hold for sometime so I could take a little percentage off the market, I have lost a lot. 😞😞😞
Great content, I will forever be indebted to Mrs Looper 😇she changed my whole life and I’ll continue to preach about her name for the world to hear how she saved me from a huge financial debt with just little investment thanks so much Mrs Marsha Looper
I’m glad I made productive decisions about my finances that has changed my life forever.I’m 49 years living in Alberta Canada bought my first house last month and hoping to retire at 52 if things keep going smoothly for me😴😏
CONTACT ☝️☝️ FOR☝️☝️☝️SUCCESSFUL BITCOIN
CONTACT ☝️☝️ FOR☝️☝️☝️SUCCESSFUL BITCOIN
We are already in the big crash , inflation is a catastrophe. This CPI report is a colossal failure. To bring the housing market to a halt,the FED will have to pull all the stops . The unfortunate issues is that the other market are being decimated. If you want to stay green ,you have to rely on a lot of diversification.
Currently up 15% and being carful. Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest.
🌏😇Every family have that one person who break the family’s financial struggle, I hope you become the one, best decision to take now is invest more in digital assets than saving in banks,anyone you can manage don’t live a life with no investment.
#proofofwork Great video, Lucas. Thank you.
Now I get it , Bitcoin is actually worth less, but blockchain technology is very useful. its like an algorithm.
this video sucks
The average person has never been so poor.
Millions of families are struggling financially as living expenses hit highest levels in more than four decades.over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working their lives,more than a quarter of old people have no savings and many believe they will never be retired in dignity, while around 55% of elderly people to survive on an income less than $25,000 a year .
My primary concern is how to grow my reserve of $500k which has been sitting duck since forever with zero to no gains.
Thanks for video
Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy. The fin-Market;s have underperformed the U.S. economy as fear of inflation hammers the prices of stock;s and bonds. My portfoliio of $250k is down to $192k any recommendation;s to scale up my return;s during this crash will be highly appreciated.
I’m 48years old living in California.I’m hoping to retire at 50 if things keep going well for me. Bought my first house last month and I can’t be more proud that I’m a now. I’m glad made a great decision about my finances that change me forever
i think they are making existing systems more complicated…
Today we can send money 24/7 also.
Making more authorities leads to extra burden on each other.
This technology combines the concept of linked list and mesh topology, nothing more than this.
And now again start research on security, easy access, cryptography in blockchain, authorization of partners, blah blah….
This drama is also fine for unnecessary b*****!
Blockchain.. From a programmer's perspective, there's nothing conceptually about blockchain that can't be done already.
Also blockchain won't replace "banks". All. Implementations will still require the same amount of trust in the party you're dealing with it. You really cannot make a case that systems on a blockchain will be more trustworthy or reliable.
Why can't anyone see what's coming? Governments all over the world will be digital in a year from now,That's The end of Bitcoin and all crypto, Banks won't allow anyone to buy it ,Simple, And they will starve out existing holders, Nobody seems to understand this.
When the banks get in that’s when the big mainstream rush will hit ! That’ll be a crazy ride.
Concordium $CCD uses a low transaction fees, stable in fiat terms paid in $CCD.
Awesome! Cryptocurrencies are here to stay! Lets gooo
But how do I even Learn more about blockchain
This is exactly why I bought shiba inu and dogecoin. We are going to the moon people
I am afraid you did not clarify some crucial issues 1. in the blockchain model where does Maria receive the $100? Not in her bank account; is it in her blockchain valet? 2. If so and she wants to take the $100 in cash, how will she get it? 3. Every one in the blockchain gets every single record of the transaction. What do they do with it-they are not supposed to check or validate it. In this case, how does this help if, for example Peter did not have sufficient funds to transfer $100 to Maria?
These are some of the questions I was hoping this Talk would clarify. Thank you.
Ffs I can’t listen to this voice
Do you trust your bank? Maybe everyone did when this video came out in Dec 2021…but how many stopped trusting their bank in Canada after truck honking non-violent protestors had their bank accounts frozen and their crypto accounts frozen. Methinks there will be a stock market surge in not just Bored Monkey Yacht NFTs but also pillow cases to hide ones diminishing assets from prying eyes and sticky authoritarian fingers.
What happens if a mining company doesn’t want to process your transaction? Interesting he said thousands of users with potential of millions but don’t we have billions of people? He started off saying this was for everyone but ends making it sound like it will be for a small percent of the world’s population. Perhaps this will only be used for the elite and everyone else will be phased out of this NMT.
$BFYC !
Well done, it was great!
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Can I buy bitcoin without fiat currency like US Dollar or any currency????
Also I want to send money from one wallet to another wallet address, I need money, so how that works???
His voice is lovely, wow. Thanks for the information.
XRP is going to revolutionize the global financial system. Some may remember it as Ripple
Mind Blowing… amazing talk! Really good explanation
Thank you Mauro, simple and great explained ! 🙂