Use Case: Blockchain
Bitcoin and blockchain opened up a whole new way of storing and securing ownership without using a trusted centralized authority. So, what does that look like?
For example, the 2010 earthquake in Haiti destroyed major municipal buildings. These buildings contained important physical records.
Documents like land deeds were only recorded on paper and stored in one location.
With the blockchain, records are computerized and thousands of copies are stored around the world. It uses cryptography (difficult math) to make it impossible to change the data once it’s put on the blockchain.
This makes it extremely difficult to hack or destroy the data. Yet due to its transparent nature - visible to everyone - it’s easy to reference when need be.
The Bitcoin blockchain is only the beginning for this revolutionary technology. In our next lesson “Bitcoin Blockchain” I'll discuss how Bitcoins are generated.
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