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Amwelladmin (talk | contribs) (Created page with "You’ll see a lot of hyperbolic nonsense about {{t|blockchain}}, and [https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100 this M...") |
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===What is it === | |||
A blockchain is a distributed record of information — transactions, contracts, whatever — stored across an interconnected network. Each transaction is approved by the whole a network: Each batch of transactions—a “block”—gets a cryptographic code which is posted to ''every'' computer in the network. You can’t futz with any transaction unless you can futz with the whole network. Once written, the blocks are, therefore, permanent. Blocks are linked into a public “chain” of approved transactions that cannot be edited. | |||
Blockchain therefore allows parties who don’t trust each other to transact in confidence. What’s done is done — what’s on the blockchain cannot be reversed. There’s a permanent record. No one controls the market. It’s truly anarchic, like, man: no government. No mendacious banks. just pure, untrammeled laissez-faire. Thus, bitcoin — a currency without the backing of the full faith and credit of a sovereign state. | |||
This makes loads of sense to a tech guy. It makes almost none to a banker. | |||
===Is it — you know ...?=== | |||
In a nutshell, yes. | |||
You’ll see a lot of hyperbolic nonsense about {{t|blockchain}}, and [https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100 this Medium article by Kai Stinchcombe is a pretty good antidote]. | You’ll see a lot of hyperbolic nonsense about {{t|blockchain}}, and [https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100 this Medium article by Kai Stinchcombe is a pretty good antidote]. | ||
In short – the benefits of blockchain are mainly predicated on idealistic values and dystopian paranoias: | In short – the benefits of blockchain are mainly predicated on idealistic values and dystopian paranoias: | ||