What is Blockchain | A simple explanation video
Welcome to this blockchain and crypto educational video by Simplilearn!
This Blockchain educational video was made to help people understand what led to the need for the creation of Blockchain, what Blockchain is and what is is becoming, how a Bitcoin transaction flows, how Blockchains such as Bitcoin use features like hash encryption, proof of work/mining and how Blockchain technology is used as a use case in various real life scenarios.
Blockchains can be both private and public. Bitcoin specifically is a public distributed ledger for permissionless transactions worldwide. As of writing Ethereum It is the world’s leading platform for dapps and smart contracts. XRP is a blockchain that makes cross border payments faster and cheaper.
Blockchains are considered to be a disruptive technology. The technology is comparative to the internet. The future of this technology is uncertain and governments around the world are still trying to figure out how it can be regulated. Bitcoin was created out of the 2008 financial crisis and is a peer to peer digital asset transfer protocol. The Bitcoin blockchain works without a central bank or single administrator.