Matthew Kerner, GM Blockchain
Blockchain is not BitCoin. BitCoin is a Blockchain. Block is a group of transactions. Blockchain is a group connected blocks. A blockchain is trusted if many many computers sees the same blockchain as untampered. The more computers sees the same, the more trusted the blockchain is. The transaction completed and the owner of computer gets paid for the service. Done, no middleman.
Blockchain is a distributed ledger where no single entity exclusively perform settlement or clearance of economic transactions. This is made possible by cryptography and distributed computers performing calculation and verification of transactions. If these massively distributed machines reached a consensus on the integrity of the transaction, the transaction is cleared and settlement is completed. Very promising.
IMO, the principles of any financial instrument (gold, cash, equities, etc) has not changed ever since. It’s based on TRUST. A trust that a bucket of fruits has the same value as piece of gold, amber, paper, bit coin or smart contract. This trust is fundamental for financial transaction based on blockchain to make it mainstream. It’s exciting where it would take us.
- Dissect a blockchain algorithm