Have you heard about the blockchain before? You know, that awesome new technology everyone is making a big deal about? Although you may still ignore what makes it so special technically, you simply know that it is another cutting-edge technology which could end up changing your life. Maybe you’re one of those who decided they wouldn’t spend time trying to figure out how it actually works. After all, very few people would decompose their newly bought I-Phone to find out how it was made. Same for the blockchain; it won’t really matter until it is actually helpful or fun to use. Or would it?
The blockchain (especially the public blockchain) was invented to be economically and socially disruptive. The very reason for its existence is to transform the way we transact and exchange value by suppressing the need for a costly and intrusive mediator (or middleman). If it succeeds in its purpose and is widely adopted, it may have profound consequences on our society. Experts realize this (see my previous article) and praise the benefits of a new decentralized economy. But skeptics also see the issues which could result from its use (see this article).
Knowing a little bit about the blockchain may be helpful for the future. The interest around the blockchain technology keeps on rising and we may one day have to decide whether we should use it in our daily activities. Understanding the blockchain can be challenging but resources are available to get you introduced to the topic.
I encourage all to do their own research on this topic and get an idea of what this technology looks like. In this article, I’ll focus on the technical aspects of the blockchain.
Every blockchain in the world will be dealing with following elements:There are parties — individuals, you, me, people, organizations. There are assets — stuff t...