Hi Jason King here from Kingsland University School of Blockchain. KingslandUniversity.com.
I’m running through the top 100 questions asked to us about blockchain technology. Now the next one is, how would you describe blockchain technology to someone without technical background? It’s a really good question. So, at its heart you want to think about blockchain as a distributed ledger. And when I say ledger I mean something similar to your checkbook. Now, when you’ve wanted to do this online in the past, you’ve had to rely on centralized third party systems. So things like Visa and Mastercard or PayPal or Venmo, things like that. It’s not that they’re bad, it’s just that you have to trust them. You have to trust that their ledger their record of deposits and withdrawals is all accurate. You don’t really have any control over that. So, if they wanted to roll back a transaction or send a chargeback they can do that because they have this, you know, central power over this ledger. In blockchain and specifically I’m going to use the use case of bitcoin here. In bitcoin there are basically an unlimited number of copies of that ledger that are distributed to what are called nodes all around the world to anybody that’s running the blockchain or bitcoin software. What this allows is that if I have a bitcoin and I send you a bitcoin everyone running a node now knows that happened. So I can’t then go back at a later date and say, “hey that’s not mine.”
So that’s the first thing that you need to keep in mind is this distributed ledger technology which is really revolutionary.