Blockchain

00:06 What was the beginning of blockchain? Most people first hear about blockchain in the media, but to fully comprehend this topic, we must go back a little further - specifically, to the early 1990s, at the dawn of the Internet. Tim Berners-Lee, the Internet's creator at the time, described it as an information protocol in a network that allows users to store and share data.

00:30 The issue is that it is far too complicated for the average user to set up and manage their own server. As a result, corporations have played a larger role in the last 30 years. They provide the service of daily use and storage of the data we generate.

00:49 YouTube, Google, Facebook, Amazon, and Netflix are all examples of this.

00:55 All of these services save data for us, and when we use them, we leave our own gadgets behind and enter their world, with their devices.

01:04 But what exactly is blockchain? We now understand how the Internet allows us to share data.

01:10 What the Internet cannot currently do is transport value.

01:14 We still rely on banks for this, which can certainly fail on a systemic basis, as they did during the 2008 financial crisis.

01:23 It was at this time that Bitcoin, a value transfer protocol, was presented to the world, tackling the problem on a software level.

01:34 But how exactly does Bitcoin work? Blockchain isn't just valuable in the financial business; it's also a natural extension of database technology, which is why it's being used in every field where data is processed daily.

01:50 The legal system, logistics, communication - the list goes on and on.

01:55 As an example, consider the legal system.

01:58 Companies are frequently placed in a position where they must develop a legally effective data track to avoid difficulties.

02:06 This data might be stored and easily traced in the future via a blockchain-based system.

02:13 Another case in point is the healthcare system.

02:16 Patients' sensitive data must be safeguarded.

02:20 With blockchain-based solutions, it is feasible to securely keep patient data and choose to transfer it to corporations, doctors, or even insurance companies.

02:31 Blockchain has been around since 2009, and a lot has happened since then.

02:36 New technologies have arisen and are in various phases of development.

02:41 They can be summed up under the new term, DLTs, or digital ledger technologies.

02:48 The blockchain has several flaws: It's slow, expensive, and difficult to scale.

02:54 This means that when more data is entered, the blockchain will become slower and more expensive. However, the major issue with blockchain is that once it is integrated into a system, it is extremely difficult to adjust to changing business realities.

03:09 The most crucial features of any new crypto technology, whether it is Bittlattice, Hashgraph, Holochain, or another, are that it is quick, inexpensive, and simple to use.

03:20 Microservices are becoming increasingly popular around the world.

03:23 Applications are no longer designed once and then utilized for ten years, but are divided into the smallest functions feasible.

03:31 This has the advantage of allowing individual tasks to be readily swapped out and the overall structure to be quickly adaptable to new scenarios.

03:40 You now have a certain grasp of blockchain as a technology.

03:43 Keep the following points in mind for a smooth transition into the applications.

03:48 First and foremost, don't be misguided by the hype.

03:51 Buzzwords open doors, but they do not guarantee success.

03:55 Number two, define a specific problem; this is the only method to make application-specific decisions.

04:02 Third, engage in a discussion with credible specialists.

04:07 The best place to start is with independent institutions, such as topic-specific associations or universities.

04:14 Number four, start humbly to avoid risks and to go right into the application.

04:20 Transformation can only be successful if decision-makers and staff are well-educated and engaged. Best wishes.