BBC News has published a very readable/viewable explanation of biockchains. (Something you should know about.)
Enthusiasts say blockchain could become as disruptive as the internet, comparing the technology to the World Wide Web in the 1990s. At that time, many people were clear it would become important – but few really understood it, or foresaw its potential and limitations.
Blockchain technology is sometimes presented as a cure-all – a technology that can improve everything from finance to health, and anything in between. While it may not be able to solve all the world’s ills, there is no doubt that it is a hugely powerful technology that can be used for a large amount of good. One field where the blockchain could have a profound effect is in artificial intelligence, as Yessi Bello Perez outlined on The Next Web.
Unlike cloud-based solutions, the data on a blockchain is broken up into small sections and distributed across the entire computer network. There’s no central authority or control point, and each computer, or node, holds a complete copy of the ledger – meaning that if one or two nodes are compromised, data will not be lost. All that takes place on the blockchain is encrypted and the data cannot be tampered with. Essentially, this means blockchains are the perfect storage facility for sensitive or personal data which, if processed with care with the use of AI, can help unlock valuable bespoke experiences for consumers.
We’ll explain what Bitcoin is, how Bitcoin works, how Bitcoin wallets work, and throw a mention in for getting free Bitcoins through faucets.
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