What is blockchain? Technology of criptocurrency and smart contracts!

Published by Cyber Flows on

Explanation for total beginners…

For those who have never heard what is blockchain or have heard but are not yet sure of their knowledge, they have now an opportunity to finally discover the technology of the future on the basis of which they are created and the functioning of cryptocurrency. The explanation will be simple without technical complications. That’s why those who know something about the blockchain, please leave a polemic about the details for later.

Before you step outside, you see the “Book of Impressions” in which guests leave their comments on the restaurant and offer. Good, bad, maybe better, thank you, for the next time… At the moment, you decide to leave your comment, because it was wonderful to you.

You take a pen just next to the “Book of Impressions” and writing “Thanks for the wonderful dinner and a pleasant atmosphere”. Get out, but kindly stop the person at the door and ask for a little wait. The restaurant practically takes every comment to be confirmed by at least three guests who are already in the restaurant, otherwise, others will think that the comments are fake and fictitious. The restaurant has been holding this principle for 100 years and this has become a tradition.

An employee restaurant kindly asks the three closest guests to come in “Book of impressions” and confirm with your fingerprint that you have written a comment. They do this and wipe the ink with a damp handkerchief, and you thank them and leave the restaurant with pleasure.

Every time the guests left the restaurant and left their comment, the three guests confirmed with their fingerprint that the comment was authentic. If there were no three guests, the comment could not be entered. The last three guests did not leave comments, because they had no one to confirm them.

Since the comments are typed with a pencil that can not be erased, and at the same time confirmed by three witnesses, they are indelible. They stay alive and no one can erase or change them. The three guests are legally three witnesses who guarantee that the comment was indeed recorded by someone who had dinner at this restaurant.

Since these are fingerprints, such witnesses are as valid as those who sign the testament. But in this case we do not have a court of either a notary or an attorney. Four people, in this case restaurant guests, have done a legally valid job without paying for third party services. Everything went quickly, efficiently and cheaply.

The book of impressions is from paper. Everything that is entered in it is impossible to delete, and the authenticity is confirmed by at least three people. There is not a single court in this world that can dispute this. You voluntarily left your comment, the witnesses voluntarily confirmed it, and all the other guests were given a guarantee that they were not coerced. There is no police, there is no court, no attorneys, nor even a notary.

What are the links between the Book of Impressions and Blockchain?

Imagine now that a journalist publishes in a portal that Europe is a promised land and that there is no alternative. The article is read, from those who agree and those who disagree. Everyone wants to comment on the article so they give their contribution to the debate. This comment must be typed somewhere. IT team on the portal developed for this occasion, not paper, but a “Digital Book of Impressions”. Anyone in that book can write a comment, but for a comment to be truly authentic and irreversibly entered in the book, three readers must confirm that it is a comment written by a reader rather than a editorial board to “praise” his colleague.

Everything works automatically over the net through our personal computers. With blockchain technology we have one very special specificity. Digital Impression Book is not located at Logical portal, but with all readers – on their personal computers. It’s like they copied a book in a restaurant and gave it to each guest. As soon as a new comment on the published article is inserted, and confirmed by several other readers, everything is automatically copied over the Internet and saved by everyone. Not only those who commented and confirmed, but also those who read the texts on the portal.

In this way, portal editing can not be manipulated by comments, nor is it possible to do so. The authenticity certificate is guaranteed by all readers, giving the portal a credibility, and its journalists a realistic assessment of their writing. Journalists, informatics and readers participate in the development of their information portal without the influence of politics, marketing and other manipulations. They all work together and create their own independent media.

This is just one example of using blockchain technology. If we think a little about it, it can abolish all of the mediators so far who have prevented efficient work, and make everything complicated and costly.

Blockchain offers unlimited possibilities because it establishes communication and legal affairs without intermediaries. Legal work is authentic and the court can not challenge it. Overnight we solved costly lawyer and other expenses, but at the same time we avoided misunderstandings.

Citizens become decision makers. Something like direct democracy. Let’s imagine a referendum at the level of the state and even the world. We could organize it 5 times a day. We’ll get up in the morning and see a list of referendum questions. We click on the button and in a few minutes we have authentic and legally valid referendum results. We will stop here, and we will leave the imagination to you.

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