How Blockchain Works - in 2 Minutes

What is the Blockchain? This 2 minute video explains it in a very easy way.

As usual, please leave you questions and ideas in the comments.

with love

your MinuteVideos Team

Video Script:

Scene 1

Blockchain is a Peer to Peer software technology that protects the integrity of a digital piece of information. It was invented to create the alternative currency Bitcoin but may be used for other cryptocurrencies, online signature services, voting systems and many other applications. In this video we explain how it works and what makes it special.

Scene 2

Everyone uses paper money. When you get a 10 dollar bill you trust that it's not fake. If instead someone sent you an email saying "here's 10 dollars" you probably wouldn’t trust it. But when we "transfer money", use an ATM or pay with a deposit card that's pretty much exactly what we do. We're sending money in a digital message.

Scene 3

To make sure no one's cheating or sending money they don't have, these “messages” go through a few trusted banks that keep a record of everything. They know how much money everyone has and deduct it properly for every transaction.

Scene 4

But this becomes expensive when there’s a million transactions around the world every minute. The Economist estimates that banks charged us more than 1.7 trillion dollars to process these payments in 2014. That’s about 2% of the entire world economy! With blockchain we can save a lot of this cost because it lets us send money just like sending an email.

Scene 5

Instead of sending a lot of payment information through a few servers, blockchain uses thousands of personal computers on the internet. All transactions are copied and cross checked between every computer in a system wide accounting book called the ledger, which becomes very safe at scale.

Scene 6

Blockchain doesn’t just allow us to create safe money online, it lets us protect any piece of digital information. This could be online Identity cards, voter ballots, contracts and many other “legal instruments”, bringing bureaucracy into the 21st century.

[franekk]

I still don't know what blockchain is and how it works.

[abzfarooq]

WOOW! best video on blockchain on youtube! cheers guys

[esportswomen]

Excellent. Best simple explanation available.

[nb-wpqz]

5 years later this still might be the best most explanation ive ever see n

[ЕвгенийЛуганский-си]

I think this project will be successful as transparency and safety is excatly what we need to strengthen in the crypto world. Your team is very strong and does everything wisely. Good luck team.

[issaaczala]

very well and precisely explained...much better than other presentation about block chain...thanks...

[JoanStewart]

Very concise and nice way of explaining to non-believers of the blockchain. Thanks.

[manuelpinate]

excellent video very interesting information

[demisanya]

Hello! Great video. May i use it on my channel
?

[gaggenapallyjayitareddy]

Thank you for this very useful information.

[CharitaMutchler]

Great analysis, thank you! I have a quick question: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). What's the best way to send them to Binance?

[TammaraRocke]

Thank you so much for this amazing video! Just a quick off-topic question: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). What's the best way to send them to Binance?

[sreepagolu]

Hi my block chain wallet address is changing and I want to know is there any problem if it changes.I registered in one of the mining program with this address and after 2 days I noticed that my address changed which starts from 1 & 3. Already I send money to old address if this money receives in my wallet pls let me know

[hamednori]

how can I create animation like this? Can someone tell me which Tools I need and maybe send me some Source to leran creating animations, Please?

[winniebrennan]

Hi MinuteVideo - can I use your video for an internal training presentation on what is blockchain to non-tech people? If so, can you please acknowledge and grant permission for it to be used? many thanks!

[Creamn]

Great tool for presentations.... I hope you don't mind I translate this in other languages... I will keep the credits and add mine for the translations... If I can't please let me know.

[viplogistics]

hi have you got a power point presentation on this, would be helpful thanks

[uiop]

I'm old enough to remember banks tying to get people tio use ATM's so they could eliminate teller job by charging teller fees. As soon as people were using ATM's they started trying to charge ATM fees.

[HELENGardner-ry]

Crypto is profitable if approached with caution and strategy. It's important to seek advice from experienced professionals to minimize risks of losing

[GA-jxdx]

I need to implement block chain in my project. I need consultation on the usage. Can you advise?