Blockchain, unraveling the technology
Blockchain and cryptocurrencies, is the hype justified?
Blockchain is an emerging technology first used for digital currency transactions in Bitcoin. Thanks to emerging blockchain platforms, it is now recognized as a more general-purpose technology - a kind of distributed database and computational platform with great potential as it can be used across many industries.
In this video, recorded during a summer research visit at IMDEA Networks, Paul Rimba, a research scientist at the Software and Computational Systems Group of Data61|CSIRO (Sydney, Australia) and a visiting scholar at the MIT Media Lab (Boston, USA), explains the basics of blockchain “in all its wonder”.
According to Rimba, blockchain facilitates decentralized and transactional data sharing across a large network of untrusted participants. In addition, it enables new forms of distributed software architectures, where agreement on shared states can be established without trusting a central integration point.