Blockchain 101 Episode 87 – Can Blockchain change the world like the internet

The internet is where the transmission of information is decentralized. Blockchain is a system where the transfer of value is decentralized. Both have been held as technological breakthroughs that ushered in a new era.

The internet rapidly disseminates and receives information. Transmission of a word document through the internet is effectively duplication of information, giving all parties a copy of it.

Blockchain is used to transfer value. The transfer of Bitcoin through blockchain is essentially the transferring of ownership. Your Bitcoin now belongs to someone else.

The data on the blockchain is highly resistant to tampering. All points in the network have to verify the data and the records cannot be easily tampered with. All transactions on the blockchain are clearly recorded and traceable. Blockchain can be used to establish trust between institutions and change the world like the internet did.