Simplest Explaination Blockchain

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The world is going completely digital as we enter the fourth industrial revolution. With the internet of things, artificial intelligence, and blockchain technology, the future is already here. Many people find it difficult to understand the concept of the blockchain, hence there is a need to provide the simplest explaination of blockchain. About few days ago, one of my friends told me she has heard about blockchain everywhere, she read about it, but everything is all technical jargons. In a nutshell, she wanted me to explain blockchain to her.

At that point, I was caught between two things; first, giving an explanation that may add to her confusion or explaining the concept in the simplest possible way I can. The latter won! I now have a strong belief that the explanation can be useful to you too and I decided to put pen on paper. Relax and enjoy the simplest explanation of blockchain.

Remove Intermediaries, Embrace Decentralization

Blockchain can be simply defined as a technology that brings decentralization to decision making. To illustrate this, let’s use your bank. We will need three characters here; you, your bank and me. Assuming I am the cashier at a shopping mall and you have visited the mall to buy some stuff. You have your debit card with you and intend to make use of the POS. After you have gotten all the products you needed, you put the card in the POS to pay me $200 which is the total amount of the products. At this point, I need to validate your payment by asking your bank if you have up to $200 in your account.

Whatever answer the bank gives to my request is the final because it is the central authority here. If your bank says you don’t have up to $200, then, your purchase will no longer scale through.

This has happened despite your own belief that you have enough to make the purchase. But something could have happened. What if your bank account has been tampered with? What if someone has hacked into your bank’s database and your money is no longer accessible? Apart from all these, your bank itself can make a mistake when inputting values. With all these issues, you can’t put all your trust in your bank. Now, think of it, can’t we remove the bank from this transaction? Yes, we can, and blockchain is the answer.

You May Not Trust One Person But You Can Trust Everybody

Instead of your bank doing the verification, it becomes the responsibility of everybody when you use blockchain. This happens with blockchain’s introduction of a distributed ledger. Many people will have copies of the distributed ledger and each owner (known as a node) of each copy records every transaction. Now, to buy stuff from the shopping mall, you can use cryptocurrency which is a digital currency that operates on the blockchain technology. All you need do is give me (the cashier) your details, then, I ask the nodes (those keeping the records) if you have enough money to pay for your product. The nodes check their records to see if you have enough money. If you do, they tell me, and I give you the product while the nodes update their records.

Once the transaction is complete, it will be bundled up with other transactions to form a block. Therefore, a block is like a page of a bank’s ledger. It is the chain of blocks that make up a blockchain network. Once a block has enough transactions that make it full, it is sealed off with the hash ID. With this, if any node tampers with the details of any transaction, others will know very easily.

Miners and Proof of Work

In Bitcoin, the nodes that keep the records of all transactions are known as miners. Their primary role is to validate the transaction. However, they don’t do that for free. Bitcoin is giving incentives to them through the concept of proof-of-work. When making a transaction using Bitcoin, a mathematical puzzle that is related to the transaction is created to process the transaction. Miners can solve this puzzle. The miner that finally provides a solution that is generally accepted gets a reward in the form of bitcoins. This is the way you mine bitcoin. The puzzle the miners are jostling to solve is known as a proof-of-work mathematical problem. It is good to note at this juncture that the nodes (miners) are not human beings, they are computers.

Blockchain is Beyond Cryptocurrency

When you talk about blockchain, people quickly think about cryptocurrency. Yes, cryptocurrencies like Ethereum, Bitcoin, Ripple, Litecoin, etc. are based on the blockchain technology, but that’s not all. Blockchain can also be used in upgrading traditional contracts to become smart contracts, introducing transparency into philanthropy, charity and crowdfunding and promoting rentals and ride-sharing. Other applications of blockchain technology are in healthcare, land rights, real estate, and elections. In the United States, West Virginia has already utilized blockchain technology for its elections.

Recap: How Blockchain Works

This article already gives you a basic knowledge of how blockchain works, and this is summarized below:

  • Hillary requests to transfer $200 to Donald
  • A block that represents the transaction is created
  • Every node/miner in the network is notified about the block
  • The nodes approve and validate the transaction
  • Nodes receive a reward for proof-of-work
  • The block is added to the chain which offers a transparent and permanent record of the transaction.
  • Donald receives the $200 from Hillary.

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  3. Edmonton makes the list of top eligible millionaires

    princess Tsuguko, 25Country: JapanNot much is known about the cousin of Japan reigning emperor due to the chrysanthemum taboo a ban on reporting on the royal family outside of information released from the kingdom. What we do know is that the princess comes from a family of well educated royals. The princess is now a dating a latina student at Japan Waseda University.(Wikipedia)

    There are plenty of successful both males and females in Edmonton looking for love, Says an online dating service that caters to the millionaire crowd.

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    “They sign up as a triumphant man or successful woman, Making over six numbers, Otherwise you an aspiring person. Then to look for your match from there,

    A member poll shows Toronto is home to the most single millionaires, at 2,327 single men who have a net worth that is at least $1 million.

    Calgary status second with 1,210 single millionaires, with Ottawa and Montreal, following Edmonton.

    Of the over 35 million people who live in Canada, 422,000 are listed as millionaires, And the location notes that “Only a small part” Of those are looking to find long term commitment or marriage.

  4. Cyberstalk unwilling recipient says she feared tormentor would kill her

    FILE This undated file photo which is available from the Warren County Sheriff Department in Warrenton, Mo, illustrates Juan Thompson. Thompson, A former journalist who admitted cyberstalking ex girl Francesca Rossi and terrorizing Jewish groups with bomb threats, became sentenced Dec. 20, 2017, To five years in imprisonment. Rossi says that she made note of Thompson online threats for nearly a year and feared he would kill her. Experts say the case demonstrates that criminal court has a long way to go. (Warren County Sheriff unit via AP, history)

    new york city Nearly two dozen times, Francesca Rossi called law enforcement officials to complain that an ex boyfriend was harassing her online, Posting nude image samples of her, Sending notes to her bosses that she had a std and making it appear she was running guns and trafficking in child pornography.

    But they couldn make it stop and couldn even make an arrest for almost a year, Until the man set off a national panic by posing as Rossi to make bomb threats against Jewish centres across the nation. That turned it into a major federal case that ended together with her tormentor, Juan Thompson, Arrested within days and consequently sentenced to five years in prison.

    Rossi spoke to The Associated Press in her first interview since the criminal case ended in december.

    took for months. I moldova beauty thought I would definitely die and no one could help me, Rossi asserted. the finish, in order that my abuse was legitimized is because he went after such a large community of people, and also since there was so much hysteria over it. In 10 online surfers are harassed online and women disproportionately suffer, according to a Pew Research Center report. But no more than 5 per cent report it.

    Is a strong resourced woman, And she barely made it out of this, Said her good friend,coworker Sarah Mikhail, 33. If she were a professional less strong, If she had required. Imagine some of the women who experience this who don have the emotional means, family members, The system. what happens to them? Of the complexness in the Thompson case, for example, Was that Thompson used 25 another devices that allowed him to mask his identity. That made meeting evidence difficult, authorities said. you don’t see any fingerprints, No genetic make-up, No security footage.

    The non profit Police Executive Research Forum recently issued a report about them that recommended, amongst other things, That the police agencies hire more people with more technological expertise.

    Internet is like the Wild West of applied sciences, Said chuck Wexler, The group administrating director. Has no speed maximum and no cops. nuisance

    Rossi told the AP that she met Thompson through an online dating service in late 2014. He worked as a correspondent with The Intercept; She as a social employee. They bonded over their persistence for reform. And long, Their affectionate was great.

    But by the planting season of 2016, He moved into her Brooklyn apartment and trouble included him. She started getting harassing texts from ex men. The wife of another ex-boyfriend sued, Saying she given him a sexually transmitted disease, A lawsuit that turned into a hoax. Another posted a naked envision of her online.

    Rossi panicked. She emailed Carrie Goldberg, A lawyer dedicated online harassment and she quickly figured out that only one man was behind the harassment: Thompson. He been pretending to be her exes for months. Rossi believes he was working to make her feel bad so he could intimidate and control her.

    Was going through all of my stuff and i really didn’t know, Said the 33 yr old Rossi. for some reason gained access. I never gave him access to any of my security passwords. But he had every aspect on me. He had been reading my texts and my emails of at least a year. separated with him, then again, however,even so things got worse.

    Thompson telephoned, Emailed and texted her non-stop, She thought. sometimes, He posed as the rest, Terrorizing Rossi and her group, Including her 92 year old nanny. He called and wrote her working. He used every major social media working to trash her. He even posted her information on a website where men promote violence against women.

    Gave him utter to access me, She told me. Time my telephone call buzzed, I felt out of sorts. setting up, I thought he was going to kill me. I felt like my entire life was over. to turn

    But since she didn know his home address, She couldn get a permanent restraining order. Police at her local precinct closed Rossi pestering case in October 2016. The FBI was still slowly checking out the case.

    endure, Other NYPD divisions kept looking into Rossi after someone phoned in a tip that she was going to shoot up a police station. A investigation company notified her they gotten a threat against her life. law enforcement showed up again after an anonymous report she was running guns.

    Police officials noted it was imperative to probe any threats made against police stations or public organizations. online.

    Will thoroughly investigate that claim until we determine there isn’t threat, rumoured Lt. diane Grimpel, A police spokesman.

    Rossi said she told anyone who does listen that Thompson was behind it.

    Said they couldn help me until it got worse. public

    Eventually, It did decline. Over 150 bomb threats were reported against Jewish on the web centres and day schools in 37 states and two Canadian provinces. It was state news. But federal officers said Thompson made a dozen of the threats.

    Thompson was busted in his native St. Louis timely last March. made by June, He pleaded guilty to creating hoax threats and cyberstalking. His lawyers didn reply to calls for comment.

    At sentencing keep away from, The 33 years old Thompson apologized, Conceding, Are wounds that probably will never heal. penned Rossi wearing a T shirt that read: Women enthralled the courtroom. Know there are Juans out there, this process to other women, She defined.

    Police diminished my abuse because my deadly attacks came from phones and computers. precisely what domestic violence looks like now. Press reporter Larry Neumeister fork out to this report.


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