BLOCKCHAIN IS ONE OF THE BIGGEST BUZZWORDS IN TECH RIGHT NOW, EXCEPT THAT NOT MANY KNOW WHAT IT REALLY IS. SO WHY IS EVERYONE TALKING ABOUT IT, AND WHAT IS IT EXACTLY? WHAT IMPACT WILL IT HAVE ON YOUR LIFE? XIN HUI HELDER-ENG SPEAKS TO AN EXPERT* FOR THE 101.
Blockchain is…
“... a trustworthy transaction ledger that’s stored in a public distributed network. The technology was first outlined in 1991 by two researchers, Stuart Haber and W. Scott Stornetta.”
Uh, please explain it as if we were 12-year-olds.
“Simply put, blockchain is the framework for a new type of Internet. On this new platform, you can create giant ledgers of information (like a massive Excel spreadsheet) that are decentralised and visible to everyone. In those ledgers, one can record information – for example, your latest purchase from a fashion blog shop, music albums, a bunch of utility tokens you’ve been awarded (you have to go through a blockchain company). These ledgers are protected and ‘immutable’ because no one can change the blocks once created, and they’re supported on computers all over the world.”
All over the world?
“Yes. There’s a sitcom called Silicon Valley, which was even referenced by Bill Gates, about a small team of developers at an Internet start-up called Pied Piper. In one particular episode, their founder proclaims that he would like to build a ‘new Internet’ utilising the unused processing power of our everyday electronic objects – our phones, digital watches and microwaves. At a later point, the start-up needs server space, and their tech team has a stroke of genius that leads him to ‘cut up their data’ and store it in multiple refrigerators. Of course, the show is a parody so it exaggerates things, but like all great parodies it captures a lot of truths.”
But who owns these computers all over the world?
“Blockchain developers we call miners.”
This story is from the August 2019 edition of Female Malaysia.
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This story is from the August 2019 edition of Female Malaysia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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