004 You May Be Wondering What The Blockchain Exactly Is So Let Me Explain
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00:00So what is the blockchain? You've heard the term thrown around but you're still
00:07struggling to truly grasp the concept of this technology. Well fortunately for you
00:14I'll be breaking down the blockchain in this very lecture so let's jump into it.
00:21Now let's just start with the broad meaning of the blockchain before we
00:27break it down. By the way I'm going to focus down on a specific blockchain just
00:33for this moment in time, that being the Bitcoin blockchain. Because once you
00:38understand how the Bitcoin blockchain actually works it's fairly universal so
00:45you'll be able to understand other blockchains and in how they operate. So
00:50of course each blockchain is different in its approach. That's kind of the basic
00:56kind of rule of thumb that we need to follow. Every blockchain is kind of
01:00similar but they are different in their approach. Now the blockchain is a public
01:05ledger of all the Bitcoin transactions that have ever taken place. Remember
01:11we're referring to the Bitcoin blockchain at this moment in time. As a
01:15result the blockchain is an ever-evolving technology and new blocks
01:20are added onto the chain as new transactions are processed. These
01:26transactions are processed by computers that are connected to the network, often
01:32referred to as nodes. Now it's important to know that each block is added onto
01:39the chain in chronological order and these computers are based all over the
01:45world, hence being a decentralized technology secured by the power of
01:51cryptography. Now let's break down the blockchain a little further. So the best
01:59way to help you visualize the blockchain is to refer to it in the banking world.
02:05So just imagine all of the transactions of your bank in the blockchain. Just
02:12imagine that the blockchain is effectively all the transactions of your
02:18bank stored securely through the power of cryptography. So as mentioned the
02:26blockchain would be all the transactions of your bank since its inception. Then
02:32each individual block will be a specific statement. Now as I mentioned earlier the
02:40blockchain is decentralized so anything that happens on the network happens as a
02:46whole, hence stopping any fraudulent let's say transactions because there are
02:52many nodes i.e. computers managing the network. So just imagine the blockchain
03:00technology incorporated into the stock market as an example. The buying and
03:05selling of stocks could be almost instant simply because there are a
03:11global network of computers managing that network. It works as a peer-to-peer
03:17technology. So that's what the blockchain actually is and more specifically as I
03:23mentioned we discussed Bitcoin's blockchain. However we do have other
03:28blockchains such as the Ethereum one which I'm sure you're more interested in
03:32since you're enrolled on this course. Now let's just touch on that. So rather
03:38than trying to replace traditional currencies which Bitcoin tries to do,
03:43Ethereum aims to decentralize the application market. Of course Ethereum is
03:50a decentralized and distributed cloud platform that will exist with 100% uptime.
03:58It's the Ethereum blockchain that allows us to run cold without interference from
04:04middle organizations. Hence the Ethereum blockchain opens up huge possibilities
04:11in all industries that you could think of whether it's personal finance,
04:16self-executing contracts, gambling sites and so on. Remember that Ethereum can
04:25achieve anything that Bitcoin can. Even have a version of Bitcoin on Ethereum.
04:32To add to that you can create new cryptocurrencies using Ethereum. Now just
04:39to end on this lecture, remember that Ether is the cryptocurrency that powers
04:46the Ethereum network and you have to pay Ether to run your code on the Ethereum
04:53blockchain which of course then creates an economic use for Ether with paying
04:58gas when your script runs.