One of the key technological innovations of blockchain 2.0 has been the development of what are called smart contracts. Smart contracts are computer code that are stored inside of a blockchain which encodes contractual agreements. Smart contracts are self-executing contracts with the terms of the agreement or operation directly written into lines of code which are stored and executed on the blockchain computer.
A distributed ledger can be described as a ledger of any transactions or contracts supported by a decentralized network from across different locations and people, eliminating the need for a central authority. All the information on it is securely and accurately stored using cryptography and can be accessed using keys and cryptographic signatures. Any changes or additions made to the ledger are reflected and copied to all participants in a matter of seconds or minutes.
This video presents what led to the creation of Blockchain, what Blockchain is, how a Bitcoin transaction works, how Blockchain plays an integral role in it with features like hash encryption, proof of work and mining and how Blockchain technology is used in real life scenarios.
Block.one is a software company that is producing the EOSIO software as a free, open-source protocol. This software may, among other things, enable those who deploy it to launch a blockchain, or decentralized applications with various features.
The information revolution is in the process of taking us into a new world of distributed networks as the organizational paradigm of the information age. The combination of telecommunication networks and computerized coordination enables us to replace centralized management within closed hierarchies with open networks. As the underlying technology matures we are able to convert more and more systems that were previously closed and centralized and have them manage through automated networks.
We have talked in previous videos about blockchain technology and its evolution, but its true significance and potential can only really be understood in the context of broader technological change brought about in the ongoing evolution of the internet and information technology. Today powerful new technologies are coalescing to take us into a new technological paradigm, these include the rise of advanced analytics coupled with datafication and the Internet of Things, the blockchain will have to work synergistically with these if the true capacities are to be realized.
In this video, we are going to trace the past present and future of blockchain technology. Over the past years what we call the blockchain has been evolving fast, from the original Bitcoin protocol to the second generation Ethereum platform to today where we are in the process of building what some call blockchain 3.0 In this evolution we can see how the technology is evolving from its initial form as essentially just a database, to becoming a fully fledged globally distributed cloud computer.
In this video, we are going to talk about the basics of blockchain as a technology.
On its most basic level, the blockchain can be understood as a new kind of database, at least this is its original design. What is different about this database is that it is distributed.
Digital databases have been around for awhile now but until recently they have been designed to centralize information on one computer or within one organization. The blockchain though uses a distributed network of computers to maintain a shared database.
In this video, we are going to give a very high-level overview looking at the primary dimensions of this technology that we call the blockchain. We will firstly talk about the underlying technology, then the distributed ledgers that this technology supports, then the token economies those can be built on that ledger system. We will only touch upon these topics here to get an overview before going into them in more detail in future videos
The Blockchain is a term that has come to mean many things to many people. For developers, it is a set of protocols and encryption technologies for securely storing data on a distributed network.
For business and finance, it is a distributed ledger and the technology underlying the explosion of new digital currencies.
For technologists, it is the driving force behind the next generation of the internet.
For others, it is a tool for radically reshaping society and economy taking us into a more decentralized world.
Whichever way you look at it, blockchain has become a term that captures the imagination and fascinates many, as the implications of such technology are truly profound. For the first time in human history, people anywhere can trust each other and transact within large peer-to-peer networks without centralized management.
Trust is established, not by centralized institutions, but by protocols, cryptography and computer code. This greatly strengthens our capacity for collaboration and cooperation between organizations and individuals within peer networks, enabling us to potentially form global networks of collaboration without centralized formal institutions; unprecedented but hugely relevant in an age of globalization and a new set of 21st-century challenges that require mass collaboration.
The blockchain is a complex technological, economic and social phenomenon. It calls into question what might have seemed to be established parameters of the modern world like currency, economics, trust, value, and exchange.
To make sense of this one needs to understand it in a holistic context all the way from its technicalities to its aspirational potential.
This course is designed to do exactly that, by giving an 360 degree overview to the different dimensions of the technology, its potential application within various industries and its far-reaching implications for society and economy.
In the first section of the course, we give an overview to the blockchain both on a technical and nontechnical level. We also discuss the importance of the blockchain within the context of the emerging next generation internet.
In the second section we talk about the blockchain as a so call “trust machine” and how it enables transparency and collaboration.
We will look at distributed ledger technology, talking about smart contracts, Ethereum, and decentralized applications.
In the third section, we introduce you to the workings of token economies illustrating how the blockchain and distributed ledgers can work to build vibrant ecosystems through the use of tokens to incentivize behavior.
In the last section of the course, we will be looking at specific applications of the blockchain to economy, society, technology, and environment, looking at both existing practical applications and potential future applications.
The blockchain is a so-called emerging technology that is currently experiencing very rapid evolution. Within the space of just two or three years it has already gone through changes in its technical implementation and our understanding of what it is and can be, have already changed significantly in just this brief time. As such our aim is to future proof this course by not dwelling excessively on existing technical implementations but presenting more a conceptual understanding of the blockchain within the broader process of change of the emerging next generation internet.
The blockchain is much more than a technology, it is also a culture and community that is passionate about creating a more equitable world through decentralization. It is a movement to disrupt the disruptors, to redesign the internet and in so doing shake up existing centralized incumbents. Throughout the course, we will introduce you to this culture and its aspirations.
The course is non-technical in nature, it is an introductory course and thus all terms will be explained it should be accessible to anyone with a basic understanding of web technologies and economics.