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Blockchain, unraveling the technology

Blockchain and cryptocurrencies, is the hype justified?

Source(s): 
IMDEA Networks Institute

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.