What Exactly Is Blockchain?

Blockchain was built to revolutionize how we share data...but can it live up to the promises it has built?

While bitcoin and blockchain are often part of the same discussion, the two technologies are not synonymous and blockchain actually has potential issues far beyond bitcoin and other cryptocurrencies.

Blockchain, a recording software that makes it near impossible to change, hack, or cheat the system, can be a way to get multiple parties that might not trust each other to share and agree on data. It’s this peer-to-peer system that’s made blockchain appealing for financial applications like Bitcoin and other cryptocurrencies. But ironically, it is those same features that make it secure, that also make it impractical for many applications.

So what exactly is blockchain, what exactly is it used for, and what is ultimately holding it back?

Find out more in this Elements.

#cryptocurrency #blockchain #bitcoin #technology #seeker #science #elements

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What is blockchain? The complete guide
"Based on a peer-to-peer (P2P) topology, blockchain is a distributed ledger technology (DLT) that allows data to be stored globally on thousands of servers – while letting anyone on the network see everyone else's entries in near real-time."

Making sense of bitcoin, cryptocurrency and blockchain
"Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented."

What's Blockchain Actually Good for, Anyway? For Now, Not Much
"For a while, blockchain was seen as a panacea, says Andrew Stevens, a Gartner analyst who coauthored the “blockchain fatigue” study. ...They predicted 90 percent of those projects would eventually stall."

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[TianZhaoHeavenlyFortune]

Being someone who works in the blockchain space ever since 2015 when I first met Vitalik Buterin, I have to say you fail to explain how blockchain is a fundamental technology not a "tool" like a hammer or screwdriver. It along with AI and IoT are the 3 core technologies of the 4th Industrial Revolution that we're currently living in. I call these 3 the Computing Trinity - Cognitive (AI) + Connected (IoT) + Distributed (Blockchain) Computing.

[mrdavinci]

Blockchain technology plus smartphone with smart contracts can be used as a voting system 100% fast and secure very cheap.

[QuestionEverythingButWHY]

'Only when the tide goes out do you discover who is swimming naked'
― Warren Buffett

[QuestionEverythingButWHY]

“Nowadays people know the price of everything and the value of nothing.”
― Oscar Wilde

[timng]

time for a monthly video on materials :( any videos on emerging memory techs? 3d xpoint, quantx, accelerators.

[sierrannomad]

You can't say old enough to remember 2017. It's not that long ago.

[paulb]

You should check out the Nano cryptocurrency. It has no fees and instant transactions while being more decentralized than Bitcoin. It utilises a block lattice structure and every account has it's own block chain. Pretty revolutionary stuff if you ask me

[d_range]

The first time I heard of Blockchain, it has always been explained in relationship with currency, this relationship has to stop!

[rolfyone]

there's interesting applications like use for identification, and sharing partial details, so someone can know you've got a drivers licence, without getting information like your home address, because the licensing authority can verify your license etc.... lots of interesting concepts which i hope come true!

[NewMateo]

This info is old. PoS is newer consensus algorithm and Cardano has over 1000 tps on the base ledger along with being the only provably secure ledger that has the same or exceed the security properties of bitcoin. It was made by scientists and is big in the cryptographic field of science.

[alanwolfe]

He didn't even mention the lightning network or other blockchains that are way faster than Bitcoin. Also the huge importance of "Decentralization" is a big part of the uses of blockchain technologies like Defi, Smart Contracts, etc.

[nightie]

so you're telling me blockchain and bitcoin are not the same thing? 😳

[krishnendubhattacharya]

Proudly on seeker. Love it!!!Moreover Julian's way of speaking is literally awesome.

[clandroid]

Elrond can achieve over 10 000 transactions per second. Far above VISA. Bitcoin is already an old blockchain system. In the future, I think the number of transactions per second won't be a problem. For those who want to know more, Elrond has its token named : EGLD

[hillaryclinton]

Lost 7500 $ on a live trade what should I do?

[dzod]

What are the top 5 best blockchain companies to invest in?

[patricepavard]

Fantastic video ❤ I still see Cryptocurrency as one of the best digital investment and I totally love the technology when it comes to the largest Crypto asset Bitcoin.

[TheFuturistTom]

I love Seeker! They inspired my futurist/sci-fi channel!!

[thomaskirkpatrick]

Bitcoin is the dial up internet of crypto, why did you only go into transaction speeds of bitcoin and not better blockchain platforms?

[pewpew]

well he got most of it right. btc and blockchain cannot exist without each other. btc is the token on top of a blockchain. this is to serve a purpose of transferring value and to prevent network spam since a transaction has a financial cost. the dude talks about finance and doesnt even mention DeFi, it has 10B $ in valued locked and are already serving most functions of a bank without a single employee . this just goes to show how disconnected regular people are from the world of crypto. feels good to see how early i am :D