To say there’s buzz around blockchain would be an understatement. Today having your own crypto-coin with a vague business plan, akin to the dot-com bubble a few decades ago, seems to justify massive investment

Let’s take a moment, look at the basics and answer three questions. What is a blockchain? Why should I care? How will people use them to make money?

What's a blockchain?

-

Distributed ledger technology [DLT] fuels blockchain

Imagine a sequentially compiled list. Entry one is set. Then entry two. Then entry three and so on. In different locations many computers work together to keep this sequentially compiled list up and online. As multiple list hosts are actively responsible, there is no single source. It's distributed

One difference with these distributed lists is that entries are jointly agreed on and confirmed. Using mathematical calculations each entry basically undergoes a type of peer-reviewed approval. The newly approved entry becomes a block which essentially cannot be deleted. Holding these blocks of data in a sequential chain becomes a secure ledger for the recording of digital transactions. A blockchain

What information is held, how these many hosts work together and who has access to review or add to a list is how this process can become incredibly complex. Or these settings are where operations intentionally or unintentionally convolute the concept

-

Why should I care?

-

Firstly because blockchain is able to host a new form of currency. Existence of fiat money, such as sheets of paper or little metal discs, state that an issuing body [government] guarantees these hold some form of convertible value. Exchange using paper money is thought of as equaling payment during purchase because of this [government] trust



On blockchain a unique string of numbers can act in the same way. Trust moves onto the ledgers. No government or central authority need be involved. This has some serious implications for taxes, centralized banking and instant international transactions. At its heart, cryptocurrency is an intangible digital asset

Cryptocurrency exists by virtue of ownership records. What value markets and people place on any one is an entirely different consideration

-

For now, blockchain is noteworthy because someday it could replace the bulky cash and heavy coins currently weighing down your pockets

Secondly, remember that blockchain can openly document transactions. Data on blockchain can become essentially immutable. You should care because when your personal data goes onto a blockchain then, by definition, it basically does not get deleted. Ever decide to remove an online profile? Or say clear your browser history after visiting certain sets of websites? Yeah, if activity was blockchain recorded then you might not have the same options



Say that your name [Stan Smith], connects to a cryptocurrency wallet address or user-ID [abc123]. Knowledge of this link allows the tracking of any transactions associated with [abc123]. Forever. This can be visible to private citizens across to government agencies

Earlier even blockchain’s impact and omission from GDPR requirements by the World Economic Forum has been discussed. This fact is why TOF® anonymizes blockchain entries using innominate codes. Real world connections to distributed ledgers become privately held

For a practical example, I'm anonymously publishing this article. A copy is on The Other Blockchain®. I hold time-stamped, unique registration proof backed with a permanent block creation result page [URL is here]. Finding anyone in violation of my copyrights means I can file claims against them, digitally never publicly revealing my real world identity. Also the hosting and recall of this article is decentralized, meaning access is not curtailed by centralized institutions or agencies

