Jimmy Cooper - Blockchain Blueprint: Guide to Everything You Need to Know About Blockchain Technology and How it is Creating a Revolution

Blockchain Blueprint

Everything You Need to Know About Blockchain

Technology, And How It Is Creating a Revolution

By Jimmy Cooper

Copyright 2017 By Jimmy Cooper All rights reserved.

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D eveloped less than a decade ago, blockchain has already had a revolutionary impact on society. However, the revolution has only just begun. Like smartphones and the internet, blockchain is more of a silent revolution, as you will learn about within this book. Understanding blockchain and how it works is a great way to shine light on the revolution and increase the likelihood of it being able to have its full impact on society.

Many people are completely unaware of what blockchain is. If you are one of them, fear not; this book has been written to assist you in learning everything you need to know. This unbiased approach to understanding blockchain will give you a rich opportunity to gain a full education on what blockchain is and why it is so revolutionary. You will understand the benefits and drawbacks, learn about myths around blockchain, and find ways that blockchain is going to completely change the face of society as we know it. And the best part? These changes are all for the better.

Blockchain is a concept that isnt often talked about, depending on what industry you are in or what crowd you hang out with. Many people believe it is a geek-only topic, and that the general public doesnt actually need to know anything about blockchain. That is far from the truth. Although the underlying operations of blockchain may be too much for some people to understand unless they are knowledgeable in computer sciences, the program itself is fairly easy to understand. Coding and other complexities aside, blockchain is not unlike the internet in the way that it will be accessible to society one day. Assuming, of course, that the integration process functions appropriately.

The more blockchain is talked about, the more people are becoming interested in what it actually is. Ultimately, it is something phenomenal that has the ability to bring our modern society into the futuristic visions that have only been dreamed about until now. Movies, stories, and fantasies that have been shared about a completely instant and efficient global community that runs from technology are now being considered a possibility as we further explore the operations associated with blockchain and all that the revolution is bringing with it.

If you are unsure about what blockchain is, or simply want to learn more about how powerful the revolution will be, then you have come to the right place. Each chapter has been carefully written with information to ensure that you are as educated as possible in the blockchain scene. Without going into detail about the complex coding and backend operations, you will learn exactly how blockchain works and what it means for society as a whole.

To put it simply, blockchain has the ability to make massive changes to virtually every industry. This decentralized platform takes the idea of Uber and AirBnB and turns it into a potential reality that could completely alter the way society functions. Financial institutions, healthcare industries, and even everyday business owners will feel the impact of blockchain when it eventually rolls out in full force. These impacts are expected to be extremely positive and open everyone up to the ability to gain access to the global community that will be created by blockchain. Boundaries and borders will slowly disintegrate as they no longer affect the way that people interact from one corner of the world to the next.

B lockchain is considered to be a silent revolution, much like the revolution of smartphones was. Just two decades ago, phones were fixed in place and you couldnt take them with you. Now, people are building entire business empires right from their mobile devices. It is believed that blockchain will likewise have a large impact on society, especially as time carries on.

Essentially, blockchain is a digital ledger that records transactions which are made in bitcoin or other cryptocurrencies. Bitcoin was the first major blockchain innovation, and was also considered to be a digital experiment. Despite its experimental origins, bitcoin is now worth between $10-$20 billion altogether and is used by millions. The market is large and continues to grow.

It was through bitcoin that blockchain was founded. The creators realized that you could separate the underlying technology from the bitcoin currency and it could be used for a variety of different organizational functions. After this discovery, virtually every major financial institution began researching blockchain and how it could benefit their businesses. It is expected that at least 15% of banks are going to start using blockchain by the end of 2017.

After the innovations of bitcoin and blockchain, there was a third innovation known as smart contracts. This smart contract embodies a second-generation variation of the blockchain system, which has been called Ethereum. This system has built small computer programs directly into blockchain. The programs that were built in enable blockchain to represent loans and bonds, in addition to currencies. Ethereum smart contract has expanded to now have a market cap of approximately a billion dollars, and it is said that there are hundreds of additional projects that are heading towards the market with it.

Proof of stake is an additional innovation that has been developed alongside blockchain, and it is essentially a replacement for the current proof of work. This means that the group that holds the largest computing power has the ability to make all of the decisions. They are groups that are called miners and they operate massive data centers which provide security in exchange for cryptocurrency payments. The new systems associated with proof of stake have been comprised to replace these data miners using complex financial instruments, which provide a potentially higher degree of security, but at the very least it will offer the same level of security.