Blockchain 101

Hashing it all Together

By now, you should understand that blockchains are a combination of existing technologies like cryptography and peer-to-peer networking, combined with an incentive layer to power a globally uncensorable network. By overlaying these technologies onto our existing processes, we can build new ways of working digitally.

Encryption & decryption are representations of keys and lockboxes, allowing the passing of secure messages and have been in use since at least the time of Caesar. These technologies are integrated into many experiences on the internet and become more prevalent with the introduction of e-commerce.

Cryptographic signing and verifying is a digital representation of signatures and can replace processes where handwritten signatures take place now. For example, the country of Estonia has transitioned much of their governance to Smart Chip ID cards and now allow foreigners to establish businesses remotely with their E-Residency program. Without ever visiting Europe, one can register a business, establish a bank account, and pay taxes from the comfort of any computer in the world!

 

Congrats, you now have the foundational knowledge for furthering your blockchain education! Just as Satoshi solved the Byzantine General’s problem with Bitcoin, you are now equipped to join the next generation of blockchain enthusiasts aiming to solve some of the worlds biggest problems!

The rest of the Blockchain 101 course is coming soon! Where can you go from here? Maybe you’re interested in learning more about Blockchain Security, Bitcoin for Developers, or Decentralized Storage.