You should now have a basic understanding of how blockchain technology does work in the wild and why they are such a revolutionary idea. Blockchains are a radical new way of producing trust in the digital age without the need for a central authority.
To understand the impact blockchains could one day have, it may be useful to look back at the technology’s creation.
Remember the term genesis block from earlier? This is the name given to the first block on a blockchain. The genesis block on the first blockchain, Bitcoin, contained the following message:
"The Times 03/Jan/2009 Chancellor on brink of second
bailout for banks." A reference to the newspaper headline of that date reporting another bailout of the financial institutions that had caused the infamous financial crisis of 07/08.
Whatever your thoughts on the hype of blockchain technology, there’s no doubt that it was developed with an ambition to change how the world works – for the better – by focusing on what makes it go round – money.
Now that you know a bit more about what it does and how it does it, I hope you can see that blockchain might be the catalyst for change in so many other ways where trust, and its abuse, have blighted civilisation.
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