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Intro to Blockchain
HBR: The Truth About Blockchain
- Blockchain ledgers can create a permenant record of veriable transactions
- Because the ledger is distributed, no one can tamper with or delete the information
- Blockchain is not a disruptive technology, it is a foundational technology. It cannot simply replace the current financial and contract systems
- Bitcoin was the first implementation of blockchain
5 Principles from HBR: The Truth About Blockchain
- A Distributed Database
- The data is viewable by anyone
- No one person can make a change
- Peer-to-Peer Transmition
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There is no central node, or computer
1.Transparency with Pseudonymity
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Every user has an address (30 alphanumeric characters)
- Irreversibility of Records
- Every record is linked to the record before it, so the transactions cannot be changed
- Can be Programmed
- It is 'easy' to create code for automated transactions
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x axis is degree of novelty
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y axix is the amount of complexity and coordination
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The more novel, more effort is needed to educate customers about what problem the technology solves
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Blockchain is a type of distributed ledger
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"A distributed ledger is a type of database that is shared, replicated, and synchronized among the members of a network." - IBM
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A distributed ledger
- There is consensus that a transaction has a occured
- There is no central data store
- There is no administrator (like a bank)
- Requires a peer-to-peer network connection
- Governed by consensus
- Every transaction has a timestamp and cryptographic signature
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A ledger is...
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Blockchain is a shared digital-ledger that records transactions in a peer-to-peer network
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Blocks: The history of asset exchanges that take place among peers in the network
- Blocks are recorded in sequential order
- Blocks are linked when the transaction is confirmed and validated