A layman’s guide to ‘How Blockchain works’
September 12, 2017
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Why everyone (I really mean everyone on the planet) needs to learn about Blockchain?

If you use the Internet regularly in anyway, you probably have heard about “Blockchain” already. I am sure, either you didn’t venture further to know what it really means, or you did try but never understood a word of it. Don’t worry, you are not alone.

After all, dozens of new technologies hit the market daily. Some widely successful, some utter failures. Even as we constantly adopt these technologies, the general public are seldom required to understand how the technology works under its hood. But, I truly believe that everyone (absolutely everyone) will have to know about Blockchain in the coming days. So, what is so different about this technology? Why should you care or bother about Blockchain? Most importantly, what’s in it for you?

I bet you recognize the following words and know much more about them than just their definitions – Internet, Computers, Currencies, Trade, Economy, Banks, Savings accounts, Healthcare, Medical records, Medicines, Stocks, Investments, Initial public offering (IPO), Cheques, Purchase orders, Invoices, Audits, Contracts, Digital identities, Regulations, Compliance, Ledgers, Online payments, Gold, Silver, Oil, Data storage, Real estate and much more. Why do you think we all know quite a lot about these terms even though we may not necessarily be working in an industry directly related to them. Because it is a necessity. These terms make up every aspect of everybody’s everyday life and their knowledge is absolutely necessary for the world to keep spinning. There is no escaping them. May be, they don’t matter if you are living under a rock, that is.

Now lets see another set of words – Cryptocurrencies, Cryptocurrency address, Blocks, Tokens, Smart contracts, Initial coin offering (ICO), Private currency, Private keys, Bitcoin, bitcoin (yeah, its not a typo. They are indeed two different things – Bitcoin and bitcoin), Ether, Decentralized consensus, Distributed ledger etc. I am sure you don’t know about most of these words. Maybe never heard about a few of them till now. These are the words which are soon going to be as common as the previous set of words that I had mentioned (Computes, Internet etc) and as powerful as well. They are going to be part of our daily lives very soon, as having a Blockchain under the hood of any application will become so common, it will be taken for granted. And, almost all things we do will involve Blockchains going forward. Don’t you think we ought to know what Blockchain is, if it is going to be everywhere, especially in everything we deem very important in our lives, like Finance and Healthcare. I think we SHOULD.

People from all walks of life – Casual blockchain users (general public), Daily users (people who may work in an industry which primarily uses Blockchain), Technical staff, Software developers, Managers, Executive officers, Investors, Government officials and Students (especially them) have an unconditional need to understand more about this technology. And they got to learn it fast. The tremendous pace at which Blockchain and Cryptocurrencies have been growing is hard to ignore. You should choose a course which is appropriate to your needs – essentials (casual/daily users), intermediate (Managers, Executives, Investors) and advanced (Students, Developers).

Even for the skeptics out there, I would say this. You should learn about Blockchain just to enjoy the sheer elegance in its design. The Blockchain ecosystem is so well conceived that its a joy understanding how it works from a design perspective. And of course, there is some good old mystery as well – no one still knows who is Satoshi Nakamoto!. Oh, did I mention that, this unknown person seems to still hold a million bitcoins worth above 4 billion US dollars! By the way, don’t forget to read about the “Two generals problem” (Byzantine fault tolerance) when you are at this subject. Its quite interesting!

Happy learning!

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2 Comments on "Why everyone (I really mean everyone on the planet) needs to learn about Blockchain?"

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Siva V
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Fantastic!

sobana
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Nice intro, Super !!!