The Basics of Blockchain Explained

Download or read book The Basics of Blockchain Explained written by Thomas Kain and published by Oakridge Press. This book was released on with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are you confused by the blockchain? Do you know what it is and how it works? Do you want to know how it can change the world? Then, you’ve chosen the right book. Blockchain technology is not new. In fact, it was introduced in 2009 with the Bitcoin cryptocurrency, but since then, things have moved on at a significant pace. These days, many industries are developing their own blockchain-based solutions, looking to replace their existing database and record-keeping systems with one that works faster and is far more secure. In this book, you will learn: • What blockchain is • How blockchain works – a brief overview and a more technical look • The history of blockchain technology and Bitcoin • The advantages and disadvantages of blockchain technology • How blockchain works with the financial industry • How it works with other industries • What Ethereum is • How decentralized apps and smart contracts work • What the proof-of-work concept is and how it works • The current and future use cases for the blockchain • What Ripple and the R3 consortium are • And much more The blockchain has already changed the world in so many ways, and most of us aren’t even aware that the systems we’ve used every day have changed. Not every blockchain is decentralized; some still have a centralized intermediary. Not every blockchain is open-source. Banks, governments, and financial institutions are all maintaining control but in a more open, secure way that is far less open to fraud than previous financial transaction systems.