Cryptocurrencies: looking beyond the hype, Hyun Song Shin, Bank for International Settlements, 2:48[88] | |
Blockchains and Cryptocurrencies: Burn It With Fire, Nicholas Weaver, Berkeley School of Information, 49:47, lecture begins at 3:05[89] |
The technology behind bitcoin lets people who do not know or trust each other build a dependable ledger. This has implications far beyond the crypto currency.
This is a historical repository of Satoshi Nakamoto's original bit coin sourcecode
The technology at the heart of bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
The network's 'nodes' — users running the bitcoin software on their computers — collectively check the integrity of other nodes to ensure that no one spends the same coins twice. All transactions are published on a shared public ledger, called the 'block chain.'
mainstream misgivings about working with a system that's open for anyone to use. Many banks are partnering with companies building so-called private blockchains that mimic some aspects of Bitcoin's architecture except they're designed to be closed off and accessible only to chosen parties. .. [but some believe] that open and permission-less blockchains will ultimately prevail even in the banking sector simply because they're more efficient.
Blockchain networks can be either public or private. Public blockchains have many users and there are no controls over who can read, upload or delete the data and there are an unknown number of pseudonymous participants. In comparison, private blockchains also have multiple data sets, but there are controls in place over who can edit data and there are a known number of participants.
Banks preferably have a notable interest in utilizing Blockchain Technology because it is a great source to avoid fraudulent transactions. Blockchain is considered hassle free, because of the extra level of security it offers.
Put in the simplest terms, the quest for decentralised trust has quickly become an environmental disaster.
Wikiversity has learning resources about Blockchain |