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You are here: Home / Podcasts / Podcast: Blockchain – It’s Bigger Than Bitcoin

Podcast: Blockchain – It’s Bigger Than Bitcoin

Last Update 2017-05-10 By Dennis Restauro

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Show Notes

What is Blockchain – Essentially, block chain is a database that is distributed and manages a continuously growing list of records.

Those records are organized into blocks and each block has a link to the previous block. This is done through a complex system of rules that take the previous block and all the transaction records in the current block and create what is called a hash.

This discussion is a great primer on how Bitcoin is implemented using blockchain: http://bitcoin.stackexchange.com/questions/12427/can-someone-explain-how-the-bitcoin-blockchain-works

Why is this important – Trust! Don Tapscott calls blockchain the trust protocol. With an open ledger of transactions that show there was a transaction but not necessarily the details, the need for third party firms diminishes. The possible applications include currency, smart contracts, identity information, titles, deeds, and much more.

Why is this safe – Since it’s distributed, and each block is linked to the previous block you would have to hack each block in the chain. Not only that, but you would have to hack 51% of all the computers or nodes using the that blockchain at the same time.

About The Author

Dennis Restauro

Dennis started Grounded Reason in 2014 to share his expertise in streaming devices, streaming services, local networking, and cutting the cord on cable TV. His expertise has been leveraged by The Washington Post, Forbes, Kiplinger, The Fiscal Times, podcasts, and other media. Dennis has spent over 25 years working in technology for the U.S. government and the private sector as a systems administrator and enterprise systems architect. Dennis is a graduate of Towson University with a degree in Computer Science. See Dennis on LinkedIn.

View all posts by Dennis Restauro

*Disclosure: Grounded Reason is supported by a small commission for purchases made through product links on this website. We do not accept compensation from companies attempting to sway our review of products.

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