What is Blockchain?

Ben and Bethany discuss what blockchain is and how it will change the future. While neither Ben nor Bethany have a background in technology, they provide listeners with a non-techy understanding of blockchain. Blockchain is a way of storing date in connected digital blocks.

While Bitcoin is a movement, blockchain is the method. Blockchain is more tangible than Bitcoin itself. Bethany suggests understanding blockchain technology is pivotal to understanding Bitcoin & cryptocurrency.

There are three aspects to blockchain called the three pillars. The three pillars underlying blockchain is decentralization, transparency, & immutability. Blockchain will allow for faster downloads because they are done peer to peer rather than in a centralized server. No one controls a decentralized blockchain which means that extending trust to third parties is not necessary. People have a false sense of security when it comes to their data. However, their data is stored in a centralized manner which is why people are constantly having their data stolen through hacks like Capital One.

Blockchain allows for high transparency in transactions. All 3 of the pillars of blockchain must work together in order for blockchain to be truly successful. Many industries will be drastically affected by blockchain technology.