Podcast Tips “Blockchain”

In this podcast I try to explain blockchain technology, remembering that it has 6 powerful properties.
Openness, distribution, decentralization, immutability, incentives, trust.

Podcast transcript

Hello to all the new podcast tips. I remind you that you can listen to the podcasts on the website www.marcoprincipi.it.

I also care if you have the time the desire to go to my site also to give me some feedback because I am fixing it trying to change the graphics to make it as simple as possible and I would like to have some feedback etc. from any of you you can write to me whenever you want.

Today you can talk about blockchain because you know that I am addressing all the topics of the digital world. I am studying deeply and finally I have approached this, but this topic is a subject I did not know anything about and which is quite complicated but which I find very fascinating very fascinating now I will explain why.

First of all, the birth of blockchain is also very obscure. The founder is called Satoshi Nakamoto who proposed in 2008 something we know as cryptocurrency that uses cryptographic algorithms is a kind of distributed ledger called blockchain.

So Nakamoto invents and launches the Bitcoin system and does so using a distributed ledger that is called blockchain at first sight this Satoshi Nakamoto does not exist, it is not known that it may be another person or it may be an organization this we do not we know but why there is so much talk about blockchain.

Many companies are studying this technology in depth because it solves all those problems deriving from decentralization that can therefore occur if there is no single central register.

So if there is no central processor, transactions are referred to as money or if there is no central authority to manage the system.

So like Bitcoin technology as exemplified by Bitcoins or other related currencies which can be for example Etherium which is a cryptocurrency which is used to make contracts or as Ripple which is a cryptocurrency which is used for banking transactions.

In short, these cryptocurrencies are not only coins they are something more but we will see this later.

A, blockchain technology ah six important properties. The first opening is therefore a software where the data of the ledger are publicly accessible and therefore no one controls them and no one owns them.

So an open source project that allows anyone to make improvements to the software. Warning they cannot be merely pejorative software understands are definitely wrong and deletes are only positive improvements.

This is somewhat reminiscent of Wikipedia which is much simpler but was born as an open source project where arguments about people and historical facts are written for example and anyone in the network can give their contribution and other people who are part of the network. they can edit the content if this is wrong.

Here there is blockchain technology instead of people, there are algorithms, there is the mathematics that manages to block fraudulent operations.

Another important feature concerns the distribution because there are many public copies of the blockchain ledger and any participant if they want to archive a copy then this means that this ledger can neither be destroyed nor damaged by the accident nor precisely the failure of a participant or from a malignant act.

Decentralization is also important. All decisions are based on the consent of the participants. This system is not subject to government decrees have opinions of important people or acts of personal interest.

So it is this general ethics that this technological implementation explicitly avoids this kind of central control of immutable and immutable hierarchy properties.

Any party can prove a version of a transaction of an immutable correct registration that is how it was done and then think about the strength that it can have in the contracts for example everything you skip some steps maybe.

I acted as a notary, I acted as a lawyer and this immutable register remains, which perhaps reads a contract. So it is indisputable and it is a contract open to all.

So a relationship of trust is also created which we will talk about later for which for example if I register a contract then I don’t pay my supplier for example.

This fact, the fact that I did not pay him even though the contract through him was respected will cause my reputation to collapse.

So a kind of self-control can also be spoken of incentives that feed themselves.

And then the most important thing of the blockchain is trust, its ability to create trust in what seems less in exchange scenarios.

Hence anonymous parties, parties who do not know each other interacting outside the protective jurisdiction. How can it be a legal system or a government system that thanks to this immutable and incorruptible open system.

You can safely act with confidence. So perhaps the most important point is blockchain technology and it frees all participants from the trust issues that can be criminal risks, non-regulatory disruptions and fraud and thus can skip traditional intermediaries or centralized financial institutions.

And this we must think that it is a real revolution. This point would change if this technology as it seems to continue to develop the way we do business and do transactions to control where goods come from and accept everything.

So we are really talking about a technology that could have a disruptive effect. Now I honestly don’t know if I’ve been clear because I understand that it’s a subject that can be complicated that can be tricky.

Of course, the critical issues of the next podcast tips will also talk about the critical issues of China. But I really wanted since I finally understood more or less what it is now intervenes pardon me. Hello everybody.