{"id":21437,"date":"2018-03-18T14:42:06","date_gmt":"2018-03-18T14:42:06","guid":{"rendered":"https:\/\/digileaders.com\/?p=21437"},"modified":"2018-07-11T12:29:28","modified_gmt":"2018-07-11T11:29:28","slug":"blockchain-simplified","status":"publish","type":"post","link":"https:\/\/digileaders.com\/blockchain-simplified\/","title":{"rendered":"Blockchain Simplified"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Recently lots of people have been asking me about blockchain because they don\u2019t seem to understand the basics. So in this blog, I just want to try and explain it in as simple a form as I can.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Purists may hate this, Geeks should look away now!<\/span><\/p>\n<h2><b>Blockchain is:<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A database for the internet<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A database that anyone can write to, no one can delete from and everyone can read from<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Extremely resilient, it is spread across the entire internet with no single point of failure<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transparent, everything is publically recorded<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Permanent, once something is written to the blockchain, removing it is &#8220;nearly&#8221; impossible<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Not controlled by any one person, country or organisation, truly decentralised<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Able to store encrypted information<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You can think of it as a shared database for the entire world, in the same way that wikipedia is the default shared encyclopedia of the web. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So once you understand this basic concept, we can start to imagine what&#8217;s possible. Conceptually this graphic shows how you can think about it, with many companies sharing information and tying together applications.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-21438 size-full\" src=\"https:\/\/digileaders.com\/wp-content\/uploads\/2018\/01\/invotra_-_block_chain.png\" alt=\"Blockchain graphic depicting how it relates and connects to different applications\" width=\"575\" height=\"431\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This is where people are struggling to get to grips with the potential scale, most of this confusion comes from an inherent bias towards internal applications that are controlled and managed in a way that we all understand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now we have to expand our thinking away from the enclosed proprietary view of the world into something that ignores boundaries and where we have more certainty than we are used to having.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When we all share the same data we can do amazing things that can dramatically change the way society, organisations and people work. We can chain together information to create information networks that are all up-to-date and we can know with some certainty, that what we are seeing is real. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Blockchain is a database that is focused on things that require or can benefit from, a permanent record. Imagine if all decisions by politicians were recorded in this manner or a land registry that you didn&#8217;t have to pay a lawyer to verify for you. Imagine that you can track all purchases made with your charitable donation or that you can trace the provenance of all your assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Blockchain will bring a new level of transparency and openness to the world and help to create a truly global society, plus its really cool tech!<\/span><\/p>\n<hr \/>\n<p>This article was originally published <a href=\"https:\/\/www.invotra.com\/blogs\/blockchain-simplified\">here<\/a> and was reposted with permission.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently lots of people have been asking me about blockchain because they don\u2019t seem to understand the basics. So in this blog, I just want to try and explain it in as simple a form as I can. Purists may hate this, Geeks should look [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":21442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"class_list":["post-21437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","region-north-east","topic-fintech"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blockchain Simplified | Digital Leaders<\/title>\n<meta name=\"description\" content=\"Blockchain is a database that is focused on things that require or can benefit from, a permanent record. 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