Daniel Drescher: Blockchain basics: a non-technical introduction in 25 steps
- 407 Downloads
Blockchain is one of today’s new buzzwords. Many people consider this technology disruptive. Its potential draws on the possibility to enable trustworthy transactions between individuals in an untrustworthy environment without any central party. This characteristic challenges the position of today’s intermediaries like banks or stock exchanges, which commonly guaranteed trustworthy transactions. One can even imagine many more situations in which blockchain can alter the position of intermediaries. The thought that a technology might substitute a whole system, e.g., the majority of the banking system, is fascinating, astonishing, and terrifying at the same time.
Since the technology is rather new and applications are mostly hosted by start-ups, knowledge about blockchain is quite heterogeneous. It is typically concentrated in the financial industry, technical entrepreneurship, and academia. The second hurdle to understand blockchain is the math behind the technology, since it relies on...