Blockchain technology is a way of managing a ledger of records in a decentralized manner. It means that everyone participates in maintaining and updating the ledger, which makes it practically impossible to falsify.
While Blockchain technology is a good solution to the issue of centralization, it’s also very inefficient and slow, therefore it should only be used if the problem at hand is indeed centralization.
That’s Blockchain technology in a nutshell. If you want a more detailed explanation about the Blockchain and how Blockchain technology watch the complete video , here’s what I’ll cover:
0:54 – What blockchain aims to solve 2:48 – Bitcoin: the decentralization of money 3:10 – Decentralization opportunities 4:04 – Blockchain explained in a nutshell 5:16 – How does blockchain technology work 10:05 – Ethereum in a nutshell 10:26 – Private blockchains 11:40 – Public blockchains 11:58 – Is blockchain the next big thing? 13:12 – Conclusion