Blockchain: What the Fork is it?
We found them! For years, it felt like intelligent people had been locked away in a bunker. A little over a decade ago, Steve Jobs blew us away with the iPhone. A decade before that, the internet was breaking out. While us common folk have been on standby, waiting for that next revolutionary idea, I’ve managed to figure out where all of the smart people have been hiding. I am happy to report that they are bringing life-changing, world-altering, mind-blowing technology with them.
Don’t let new technology scare you off. It is here to help. It is going to save you money, time, effort, and give you peace of mind. Sounds nice, right? One of my goals is to keep the buzzwords at a minimum. I don’t want to grab your attention with flashy words. Instead, I want to really engage you in an explanation as to why dramatic change is looming. Once it clicks, it will open your eyes to endless possibilities. Not only that, you will begin to recognize just how inefficient our lives currently are.
First, it is important to clarify that “cryptocurrency” is not a buzzword. Neither is “blockchain”. These are real things that already have major implications on daily life. If you are reading this, you are using blockchain technology! Congratulations on joining the revolution!
As a newbie to the world of cryptocurrency, I have sought out many podcasts and articles that are built for beginners. Something that would really break down the basics in a way that I could understand...considering I knew nothing. While there were plenty advertised as such, I still found myself with that glazed over feeling. The conversation was going in one ear and out the other.
In order to bring you along for the ride, this portion of my blog aims to explain what I have learned; breaking down the knowledge I am attempting to soak up. However, the goal is to explain in the way I would have like to have heard, when I first started out. Here is a quick dive in to #myforkingeducation...
So, what the hell is blockchain? Place Bitcoin or any other cryptocurrency out of your mind for a moment. These cryptocurrencies are simply result of the technology. This isn’t about sending someone money. It is about storing sensitive information in the most secure way possible.
The concept of blockchain is actually very simple. For starters, think of a blockchain as the History textbook from one of your high school classes.
That book holds information that dates back hundreds and thousands of years and we accept it as fact. Here are two separate scenarios built around this “history book”.
- In this first scenario, imagine this history book is the only one of it’s kind. The only record of everything to ever happen, throughout history...it is in that book. We put our faith in this lone book, believing that it holds the true details of the past.
Wouldn’t this create a very delicate situation? While reading to the class, couldn’t the teacher slip up and incorrectly explain an event? What if the teacher actually had a conflicting agenda? If they want to alter history, all they’d have to do is change this single book and boom...new history. Further, what if I wanted to straight up erase history? It’s as simple as burning one book.
- Now, consider this second scenario. What if EVERYONE had a copy of the history book? The dynamic changes. Now, instead of relying on one single book to be the definitive answer, we all have access to the same information. We can check to see that all of the events match up. Everyone is in agreement of how history occurred, thanks to a wide distribution of the facts.
The class now reads along with the teacher and catches any errors. Even with ill intent, no single person (or even a large group) can alter the accepted history. There is an agreement between the majority of books that an event happened *like this*, therefore any change made to a single book (or multiple) is meaningless.
This method also provides another layer of security. To keep up with history, new editions of text books are published frequently. These new editions include all of the new events that have transpired since the previous edition’s release. However, in order for those new events to be accepted, they must agree with all of the events in the history books before it. If ALL of history does not make sense, the new events are not accepted.
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As crazy as it sounds, we have been living our lives behind door number one - the first scenario. The term “Central Bank” says it all. All of your money and “secure” information is held in that one central location. We don’t have to live like that anymore!
Our second scenario is built around the concept of how a blockchain works. All information on a blockchain becomes part of this widely distributed history book, or as they say in crypto-talk, a “distributed ledger”. Put simply, a “distributed ledger” is a record book of every transaction that happens on a blockchain.
The goal of a blockchain is to (here comes an important word) “decentralize” any and everything. That means eliminating the “trusted third party” because that third party is typically the weakest link for “securing” sensitive data. If you need a real life instance, the Equifax Hack (a trusted third party) is a painfully perfect example of how our current systems are flawed. That data can’t be hacked if it is stored on a secure blockchain.
Today, banks are a required part of life in order to validate and track transactions. The basic function of a blockchain is to do just that. We cut out the middle man in every way possible. No more bank fees. Voter fraud becomes impossible. Take control of your medical records. Own your own data. Protect your identity. There are endless ways that you will benefit from the coming revolution...and we are just getting started.
Thank you so much for taking the time to read! Indoctrinate your friends, make them read this to get a stronger understanding of blockchain! I would love to get your feedback, as well.
Don't forget to check out the rest of my blog posts that cover:
- My Forking Education:
- Showcasing the things I’ve learned that are inspiring me to stay on my path
- Quick Breakdowns/Easy Reads
- Written so those with no prior knowledge of a given topic can comprehend and learn
- Forking Updates:
- Describing the roadblocks, obstacles, and breakthroughs I’ve encountered
- Forking Inspirations:
- Profiling examples of others that provide great learning experiences
- Other Steemians
- Celebrities
- Obscure entities, great examples
- Profiling examples of others that provide great learning experiences
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