Chapter 3. WHAT IS A BLOCKCHAIN?
So basically, this is just a safe, secure way to exchange pretty much anything of value on the internet with someone you donât know.
Beth, my yoga instructor, after I explained blockchains
Beth Is Correct
Looking to understand the technology behind blockchains is a little like asking for an explanation of what makes the internet work. While I believe more technical knowledge is always better, this doesnât make your average executive better at using it to deliver business value. And blockchains are complex. In a recent New York Times article, journalist and author Nathaniel Popper wrote, âIf you ask even the people who work with blockchains to define the technology, you are likely to get a stuttering response.â20 In his book Radical Technologies, the urban designer Adam Greenfield calls blockchains the first technology thatâs âjust fundamentally difficult for otherwise intelligent and highly capable people to understand.â21
But with press coverage of cryptocurrencyâs sensational ascent, blockchains have received more curiosity and engagement than most early technologies. There is a craving to understandâand explain to othersâwhat this thing is. It serves, thus, to have some working knowledge. What follows on these next few pages is a basic explanation to ground you before we return to the main business at hand: to help you understand why blockchains matter.i
Before we dive in, a caveat: I must note that many components of ...
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