Very good, clearly articulated Blockchain 101. As the Barclays man says - the internet first gave us instant communication now it's giving instant transaction and asset transfers. Digital ID is an obvious use case that could be added to the ones mentioned in the video.
Very concise info! The Blockchain looks to be one of the most if not the most interesting technological advancements yet. So much so that the very concept is hard to grasp for most people at the moment!👌😄
Correcting an data error input in a block chain sounds tricky. For example, if a mistake was made in a blockchain input recording a person's credit history, then in practice it sounds like this error may not be correctable. Where would be the motivation to correct this error throughout the distributed ledger? The person could be tarnished forever?
you can't correct if it is already there. you can't manipulate the transaction once it is written in blockchain. what you can do is revise it by adding transaction in blockchain. so all of it, is written in blockchain as a historical data ledger. the main idea is this, it is transparent, you can't change what is written and once you revise it everyone can see. if you can change, it means it can be falsify and manipulate it then it becomes not transparent.
3.02 : “But the idea behind a distributed ledger is that we get rid of the middle man” “Get rid of” ? or replace it with an unidentified impersonal force
Blockchains without Proof of Work are ultimately vulnerable to stake grinding attacks(or more inefficient and unpredictable work that is more insecure) . Bitcoin derives its practical immutability from the fact that one must replicate this provable work which becomes insurmountable with each passing moment.
no one will know your public hash key unless you give it to them. so even though your transactions are made public, no one can trace it specifically back to you.
This lady is wrong saying you'd have to hack everybody's computer at the same time. Bitcoin can be destroyed by a simple majority attack. Meaning you just need to hack/take over 51% of the mining computers. But if that happens they will roll back the date to an agreed upon time.
It's so uncomfortable to admit that a secure ledger / blockchain is available only on Bitcoin network. I wonder how they will supplant 1 exahash of proof of work in their grandma versions of a titcoin.
Actually very simplified, partly incorrect, like phrase 'unathorised change' - there is no such thing in blockchain as authorisation (IMHO). Those interested much better read bitcoin and etherium whitepapers at least.
I think the block chain is great for somethings and terrible for others. I don’t think bitcoin or any other crypto currency should be used as a median of exchange because of inflationary issues. Right now, their are more crypto currencies in the market place than their are fiat currencies in the world. If the whole world started using crypto currencies as a median of exchange, inflation would be a problem because not only do you have the cryptos out today but their are a lot of people who can create a crypto currency in less than a day which can kill the monetary value of it. Money should be scarce. Not easy to replicate. From a monetary stand point, crypto currencies are a terrible median of exchange.
blockhain in bitcoin#? uk goverment can you please replay to us and when are we going to se it regulated. 2020 a new future electric cars a new way of taxing paying employees robots.. new way of teaching tablets instead of papers pens .. look at japan
