A friend of mine asked “Tell me about in 2 mins” blockchain Let me give it a go! What is it? Blockchain technology enables peer-to-peer transactions without an intermediary while keeping all transactions data transparent in a decentralised storage and tamper-proof manner. It is a . foundational technology It provides (WWW provides Internet of Information). Internet of Value It enables t in place of traditional trusted functions. distribution of trus Data or records stored in blockchain are (cannot be altered). immutable Its records are from origin to end. traceable/audit-able features enable the automatic triggering and execution of events when certain predefined conditions are met. Smart contract When applied and working with other technologies, like Internet of Things, it will enable . automatic governance Phases of blockchain Initially, blockchain was developed to disrupt the financial sector and serve as the basis for the virtual currency such as . This phase of blockchain development is commonly known as “ ”. Bitcoin Blockchain 1.0 With the introduction of Smart Contracts in the next development phase, known as “ ”, a number of industries are experimenting with the technology. Blockchain 2.0 Smart Contracts “A smart contract is a computer protocol intended to facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow to perform credible transactions without third parties. These transactions are trackable and irreversible.” Goals of blockchain Censorship resistance (ie third party interference, eg internet companies ) Fraud resistance Transparency Robustness Interoperability Digital Assets Listed goals are not fully achieved yet, research & development is in progress. What it is not It is typically not a technology to implement within organisations, but across nations, organisations or between sectors or within a community. It cannot be implemented over a short period of time. Careful system and communal architectural planning is required. It is not a one size fits all solution.
