What Is Blockchain Technology?

Amol Gharte
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Investor of Internet Money
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English [Auto] Sort of want to talk about what black chain technology is because that's essentially what you were investing in when you invest in a lot of these crypto currencies were projects or whatever you might prefer to call them blotching technology is really revolutionary it's what is at the core of Bitcoin it's what it's what really people are interested in when they're investing in these currencies. This is why you see the major banks and major corporations partnering with these projects. They are very interested in what blotching technology can do and they can do a lot. So what changes to put it simply store information across a network of personal computers. And what exactly does that mean. So what who cares. Well what essentially that does de-centralized is the way things get stored such as Bitcoin currency at de-centralized as currency. So no one person body or government is in control. It's sort of a system that is maintained by a whole ecosystem of people. And because of that it's distributed across this network of personal computers and essentially everyone helps to run the Bitcoin ecosystem. Everyone can help prove and verified transactions and that's how the supply chain is basically secured and verified and blotching technology uses a special form of math called cryptography. Now I'm not an expert on what cryptography it is. I've looked it up online and you know I encourage you to if you want to know more about the technology to look up what cryptographer excuse me and what cryptography is and how it works. And basically it doesn't allow records to be changed in the block chain. It makes sure that when a currency such as Bitcoin is spent it can only be spent once and that it can't be counterfeited it can't be fake. All transactions are verified through the network and distribution of personal computers. So it's extremely secure. Now What is Bitcoin. Bitcoin is probably the crypto currency that you have heard of already. If you're an Now What is Bitcoin Bitcoin is probably the cryptocurrency you have heard of. If you have heard of anything and it's essentially a digital cache that you can use to send to anyone in the world even a complete stranger all you need is their address and bam you can send money instantly online. And I mean the possibilities. The move the possibilities to what you can do with that are essentially endless. The inventor of Bitcoin or the programmer is actually unknown. He is often referred to as someone named Toshio Nakamoto. Now excuse me if I'm pronouncing that wrong. But some people actually believe Satoshi to be a group of individuals because some people claim that the code behind bitcoin was way too complex for just one person. Some people believe that he's a Japanese mathematician. Some people have speculated that it's actually been a number of different people but nobody knows for sure. Additionally Satoshi is used to define or describe the smallest unit of Bitcoin to the smallest unit of bitcoin you can have is basically eight decimals out you can have points 0 0 0 0 0 0 0 1 Bitcoin. That's the smallest 8 decimals out. And that is considered one Santoshi. You can have tens of Hoshi's if you have six euros and a 1. So point 0 0 0 0 0 0 0 1. Now the 10 Santoshi is a hundred and a thousand Santoshi and so on. It's just a unit we use to describe very very small amount of the coin and the queen has been around since 2008. So it's been around for a while. Has had some it's got some legs it's been developed and improved upon and it's here to stay in my opinion. And bitcoin is only the beginning. There are there is a long list of other crypto currencies other projects in the making and I think there will be eventually products that are much better or more successful and larger than that coin. I think it's just a matter of time next. What can the technology but take technology do what's so special about it. While you do a number of things. It can verify online data in a new way that hasn't been presented before. I can make things such as self-driving cars better safer. It can improve while it can create automation so it can eliminate middlemen jobs that aren't necessary. It can help protect online identities through new secure and improved technology. It changes the way we store data and it can improve things such as voting you can more secure decent systems for voting you get de-centralized almost anything you can decentralize the way we store files the way we store currency the way we vote. Almost anything. It's really just revolutionary. You can. The possibilities are essentially endless. Now that doesn't mean we want to decentralize everything. There are certain use cases for decentralizing certain things but let's not get too carried away with decentralizing everything. Thank you for watching.