BLOCKCHAIN SECRETS

BLOCKCHAIN SECRETS

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A History of Money, Cryptocurrency and Blockchain

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Blockchain was first discussed in 1991

Blockchain was implemented in 2008

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Decentralized ledger to record Bitcoin transactions

Blockchains are a continuously-growing list of records

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Blocks in the chain contain specific information

Blockchain Basics

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You engage in the business of blockchain technology everyday

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Purchases made online use blockchain technology

Blockchains are made up of two main components

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Decentralized network

Numerous contributors involved in blockchain

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It is difficult to alter the ledger in any way

Blockchain can be used in smart contracts

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Can automatically verify and execute agreements

The Business of Blockchain

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Different industries can use blockchain technology

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Crowdlending, Bookkeeping, Healthcare, Supply chain management, Financial, Tech

Blockchain adds value to your business

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Lowers the time for transactions to be completed

Growing money

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Keep money safe and secure while gaining value

The Cloud and Blockchain

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The cloud runs on blockchain technology

Proof of Work vs. Proof of Stake

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Proof of work

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Miners receive bitcoins to compensate them for verifying transactions

Proof of Stake

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Same process as proof of work but requires buy-in from miners

Benefits of Proof of Stake

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Drop the amount of money spent on electricity each day

Proof of Stake Challenges

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It isn’t guaranteed to work

Benefits of Blockchain Technology

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Eliminates the need for third parties during transactions

Better control over data

Better integrity of data processing and transfers

Higher transparency and auditability

Risks and Challenges of Blockchain Technology

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Little regulations regarding what’s allowed

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Hackers have stolen millions because of loopholes

Major hurdles of blockchain

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Where spending information will come from

What are the right tax structures for blockchain markets

Risks of blockchain technology

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Challenges with transaction speed

Deciding if Blockchain is Right for You

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You know who will be looking at your data

Limits and precautions on writable data

Unable to alter data

Easy verification process

Blockchain Implementation Mistakes to Avoid

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Having unrealistic expectations

Underestimating the time commitment

Being impatient

Not limiting access to the blockchain