A Brief Description of Blockchain: Why It Matters in the Real World

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Copyright © 2018 Michael Talbot

All rights reserved.

ISBN: 978-1-5445-0118-5

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Contents

About This Book

Who Should Read This Book?

1. A Technical Primer for Blockchain

2. Hashing and Encryption

3. The Definition of Blockchain

4. The Popularity of Blockchain

5. Blockchain for Business

6. Popular Real-World Use-Case Examples

7. Remaining Gaps with Blockchain

Closing

Saying Thanks

Glossary

Sources Cited

About the Author

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About This Book

Although there are hundreds of books available on the topic of Blockchain, this book will focus on providing the nontechnical reader, student, or business leader a basic understanding of this reemerging technology. They will learn the current definition of Blockchain, the problems Blockchain is targeted to solve, the multitude of applications for its use, and why Blockchain is suddenly so wildly popular.

I hope to deliver knowledge to the reader by using real-world examples and metaphors in hopes that those readers who do not hold a computer science degree can better understand the language of Blockchain. By doing this, my goal is to help the reader gain a better comprehension of Blockchain and for them to apply it to their specific curiosity or business need. Those in industries being affected by Blockchain can learn why it proves to be so disruptive and what businesses and technology may be changed as a result.

After diving into a basic technology lesson defining the terms most commonly used in Blockchain, I will outline the current state of Blockchain and where it is headed next. The many gaps and challenges that still exist with Blockchain will be explored, and a complete glossary of Blockchain terms will be provided to the reader.

In addition, I will strive to be agnostic in my approach to this explanation and discuss components of the primary Blockchain use-case today—cryptocurrency—along with Blockchain for business examples.

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Who Should Read This Book?

As more and more businesses become affected by Blockchain, there has been a greater need for a basic understanding of this technology. Those people who work in technology are not the only professions currently being changed by Blockchain. You may have heard it may disrupt your business and may be curious whether Blockchain can help your business grow or be more profitable. Those working in government may seek to understand Blockchain from a regulatory standpoint. You may be an attorney who has heard about smart contracts. My goal is to help educate each one of you effectively. Finally, even if you already have a basic understanding of Blockchain and are simply seeking to expand that knowledge, I hope to provide you with valuable insight from my years of working with this unique technology.

The book will begin with a basic technology primer so that the terms and processes described throughout subsequent chapters make sense and are cohesive. Next, we will examine the metaphorical explanations of these terms and concepts, allowing the reader a better point of reference when examining the technical, legal, and cultural impacts that result from the technology of Blockchain. The origins and history of Blockchain will be explored, along with the factors that moved this twenty-year-old technology to the forefront of the digital discussion. I will provide the reader with some real-world examples of Blockchain use and how it can be combined with the Internet of Things (IOT) to impact almost everyone on the planet. The projected future of Blockchain will be outlined from my perspective, and we will explore the gaps and challenges that remain.

It is my hope that, while educational, the information provided here about Blockchain will be provided in an entertaining tone with a few personal, humorous moments thrown in. I hope to provide an insight into the unconventional use of Blockchain, the different types of personalities it attracts, and how it can be effective in not only your career but also life in general. As a gregarious, outgoing person, I may not be your typical user of Blockchain technology. That is the beauty of it. Blockchain attracts users across many different walks of life and professions.

Over the course of my career, it is easy for me to say that nothing has captured my attention or that of my peers quite like Blockchain. In today’s fast-paced and interconnected world, information technology now represents a necessary part of our existence, and within that there is a chance for both individual and business vulnerability. As we move deeper into a digitized existence, technologies like Blockchain will be the key to protecting us. This technology can be a protection from bad actors (businesses or individuals seeking to alter or corrupt our data), and by leveling the playing field, Blockchain will provide a means for individuals and businesses in all corners of the globe to better interact, trade, and thrive. Blockchain could very well be the single most significant impact to our digital world in the current climate.

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Chapter One

1. A Technical Primer for Blockchain

Blockchain is not Bitcoin. To say that the inventor of Bitcoin was