Blockchain 101

Blockchain & Cryptography  

 
Blockchain technology is a global revolution that will disrupt the status quo - affecting every person and every industry. 
 
A blockchain is a growing list of decentralized records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independent of a central bank or authority. 
   
How Blockchain Works, Cryptography, Cryptocurrency, Altcoins
 
Blockchain uses Distributed Ledger Technology (DLT) - a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions; there is no central administrator or centralized data storage.

Why Blockchain?

  
Business transactions take place each second of each day — orders, payments, shipping and more; each party has their own ledger, which may differ from other participants...these transactions generally include one or more intermediaries that plague the system with cost, errors, fraud and inefficiency. Parties to a transaction on a blockchain share a single-truth of the transaction details, with minimal intermediaries, drastically reducing the vulnerabilities of conventional transactions. The security features of blockchain technology empowers individuals to prevent the commercialization of their personal data.
 

Typical Transaction:

  • Each party has a separate ledger — increasing the possibility of human error or fraud.
  • Reliance on intermediaries for validation creates inefficiencies and additional cost.

 Blockchain Transaction:

  • Single, shared, tamper-evident ledger — once recorded, transactions cannot be altered.
  • All parties must give consensus before a new transaction is added to the network.
  • No intermediaries eliminates waste, speeds up transaction time and increases efficiency.

Blockchain Use Cases

Who's in Blockchain?

  • Banking 
  • Financial Markets
  • Real Estate 
  • Insurance 
  • Currency
  • Travel 
  • Transportation 
  • Aviation
  • Government 
  • Healthcare
  • Consumer Services 
  • Storage of Value
  • Payment Services
  • Nonprofits & NGO
  • Construction
  • Utilities
  • Cross Industry 
  • Supply Chains
  • Manufacturing 
  • Education
  • Internet 
  • Data Storage
  • Chemicals
  • Petroleum
  • Electronics 
  • Energy
  • Pharmaceuticals 
  • Intellectual Property Rights
  • Environmental
  • Identity Services
  • Fraud Prevention
  • Asset Registration
  • Customs 
  • New Your Stock Exchange
  • Nasdaq Stock Market
  • Goldman Sachs
  • Fidelity Investments
  • American Express
  • Oracle Corporation
  • Stanford University
  • Microsoft
  • Google
  • Facebook
  • U.S. Navy
  • MetLife
  • Walt Disney
  • Yale University
  • Ford Motor Comp.
  • Prudential
  • Amazon
  • IBM
  • ING Group
  • Morgan Stanley
  • University of NC
  • Intel Corp.
  • Walmart
  • Nestle
  • Pfizer
  • Harvard University
  • Toyota Motor Corp. 
  • J.P. Morgan Chase
  • Apple Inc.
  • Bank of America
  • Wells Fargo
  • Mass. Inst. of Tech. (MIT) 
  • Berkshire Hathaway
-