WHAT IS BLOCKCHAIN? | Blockchain Explained in 3 Minutes (Animation)

What is blockchain and how do they work?

In this 3-minute video, I’ll explain what blockchain is in simple and basic English using animation. I will discuss deeper than the superficial dictionary meaning of the word blockchain for you to have a thorough understanding of what blockchain technology is.

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Over the past few years, there has been a digital paradigm that has been attracting interest and has been a center of discussion among entrepreneurs, business owners, and almost everyone on the internet. This new paradigm is blockchain.

If you are someone who is interested in technology and you are still figuring out what blockchain is, then this video is perfect for you!

❓Do you think that blockchain is really useful? Comment below.

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Monkey Go is all about explaining things schools doesn’t teach. From economics to strategy, to history, and more. Every video will leave you with a little better understanding of our world.

#blockchain
#technology
#tech
#bitcoin
#decentralized
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What is blockchain blockchain is the decentralized ledger of our transaction across a peer-to-peer network wait what okay let’s take a step back how does an online transaction work mechanically so you go on amazon you find a product you like then you enter your credit card information and you checked out on the

Back end of this simple online checkout process there are quite a few parties involved in this transaction first you give your credit card information to amazon amazon would send authorization requests to the payment processing networks like mastercards visa or american express these payment processing networks would

Ask your bank for their approval to see if you have enough money or credit limit in your banks once your bank is done confirming that you have money the transactions validation goes all the way back to amazon amazon will give you order receipt and your banks will send you your credit

Card statement every parties involved in this transaction would have their own version of the transaction record as well that will look different than yours before blockchain these datas and records would often store in data tables think of it like a boring long excel spreadsheet lectures just mean these records in spreadsheet format

And centralized just mean that the companies control their own ledgers so what we got before is data table is a centralized ledger of our transaction across a lot of middlemen this is where blocks come in a block is not a data table a block is just a different way to secure and store

Data a block can contain any relevant data information about the transaction like buyer seller dml pay the product order or the day of the transaction a hash is a unique identity of the block you can compare this to your most unique secure encrypted biometric which is almost impossible to fake

The last element of the block is the previous hash previous hash creates the chain to connect the block to the previous block hash that contains previous record this make blockchain very secure because it’s extremely difficult to fake the identity of the block even when you manage to hack the hash

Your blockchain will break because you would have to change all the hash before and after that block as well now to make blockchain even more secure blockchain use a peer-to-peer network where everyone can have the same copy of the blockchain these peers in the network act as an

Agent or node monitoring the activities on the blockchain if there’s a new block trying to be added to the chain everyone in the network will have to verify whether or not this block is valid and that’s monkey go for today subscribe to my channel and i will see you in the next video You