Blockchain Technology Explained

Khaqan Chaudhry
A free video tutorial from Khaqan Chaudhry
Full Time Investestor And Serial Entreprenuer
4.0 instructor rating • 13 courses • 25,373 students

Learn more from the full course

Understanding Blockchain Technology And Bitcoin

Learn About The Blockchain Technology And Bitcoin Fundamentals That Surround The New Era

01:51:05 of on-demand video • Updated

  • Identify Which Aspects Of Blockchain Technology Seem Most Important And Relevant To You
  • Walkaway With A Strong Foundation In Where Blockchain Is Going, What It Does, And How To Prepare For It
  • Understand What Bitcoin is And How It Works.
  • You’ll Be Able To Fully Understand Blockchain Technology And The Ecosystem As A Whole.
  • Be Able To Buy And Sell Bitcoin
English [Auto] OK on the lecture and when we're talking about blocking technology and this is a great way to introduce the course and really start to dive deep into the course which obviously of course revolves around block team technology. And if you don't understand what blocking is then it's going to be really difficult for you to actually proceed through with the course. So what is blocking technology. So if you go on Google search or blockin you'll get this definition a block chain originally block chain is continuously growing a list of records called blocks which are linked and secured using cryptography. Now if you're new to cryptocurrency and blotching Now you may have no idea what this means. Well Mike you're going to go ahead and break it down for you guys. We can break it down to six different things. So we're blocking is basically a ledger and if you guys don't know where Ledger it is it's basically a paper full of data that records all things and all transactions that are being done so what blogging does is he records every single transaction on this ledger which can then be used for verification purposes in the future. And the thing with that ledger it's always going so as transactions are being done and as people go ahead and buy and sell using crypto currencies this list is constantly growing and every transaction gets recorded on this lecture. So as they did in the next point. States are blocking pretty much tracks all transactions so everything that gets done using bitcoin or cryptocurrency in general gets recorded on this ledger as a transaction and can actually be reviewed anytime in the near future. And the reason it can be viewed anytime in the future is because it's completely permanent and there's no way you can actually raise any transaction done that has been written on the ledger so you really can't erase it and it's being verified constantly do multiple computers in order to verify the transaction and make it permanent on Ledger. So someone goes ahead and actually buy something losing Bitcoin. Let's say three to four days later and they actually want a refund for the product that they bought then the refund will be counted as one transaction and the person actually buying the item will be counted as a not the transaction and a refund won't pretty much erase the transaction to actually be recorded as both sent a transaction and a received transaction. So it's almost permanent and nothing can be erased on the block chain. And another thing to note down is these transactions are always recorded in chronological order. And if you go down the list there are pretty much listed by date. So the newest one comes first and then the oldest ones are in the pages behind and are really four down behind. So everything is recorded in order by date and you really can't change that around. So we're a lot of people think that maybe it's recorded by alphabetical order or any other order. But the truth of the matter is it's only recorded in chronological order by the date of the transaction and immutable goes along with permanence that there's no way you can ever erase any transaction that has been done on the block chain and has been recorded on the ledger. There's no way around it no matter what you do. There is no way around this and nothing can ever be a race on the block. Now that's one of the key things to note when it comes to blocking that nothing can be a race and it's always being verified to ensure that nothing ever does get erased. So that's pretty much it for this lecture I hope this gives you a brief introduction to blotching So you guys are understand it and the upcoming videos old pretty much dive deep into this technology. And I really hope you guys understand it.