Let's Meet Blockchain: Technology Changing for Working, Creating, and Playing

By Sylvain Metz

A quiet revolution is taking place within the computer ecosystem; one that will change the way we do business on the internet.

It’s called blockchain, and it promises to disrupt the way people interact with one another online, whether its messaging, banking, keeping up with medical records, land records, booking a vacation, socializing, or voting. Programs are also being developed to use blockchain to serve as one’s identity “papers.”

Blockchain technology is based on the idea that all online transactions should be between two people without the need for public or private third-party oversight. Blockchain technology developers believe thoughts and ideas should be shared, not quashed. It’s a world where web platforms are governed by their members, not a board of directors; privacy comes first, and one’s personal information is kept private, not for third parties to take and sell as they, please.

Blockchain technology offers everyone opportunities to take part. Anyone can participate in the fast-growing world using non-fungible tokens (NFTs), where works of art, music, literature, and poetry can be tokenized and sold or traded on a blockchain.

These components comprise the next generation of the world wide web, which is referred to as Web 3.0. Billions of dollars are being spent to create infrastructure to create a viable framework to mainstream blockchain.

This book offers a peek into this new world with examples of how this technology is being used today as well as the hurdles, including legal challenges, it must overcome to be viable.

So, if you’re ready, let’s meet blockchain.

• Language: English
• Publisher: Business Expert Press
• Release date: Dec 26, 2023
• ISBN: 9781637425367

Sylvain Metz

Sylvain Metz is an award-winning former newspaper reporter and editor from Jackson, Mississippi, now living in Essen, Germany, with his wife, Funda, and their dog, Andie, where he works as a freelance writer and English teacher.

Book preview

Let’s Meet Blockchain

Let’s Meet Blockchain

Technology Changing for Working, Creating, and Playing

Sylvain Metz

Let’s Meet Blockchain: Technology Changing for Working, Creating, and Playing

Copyright © Business Expert Press, LLC, 2024

Cover design and graphics by Funda Öner Metz

Sylvain’s Photo by Christine Oetter and Gary Edgington

Interior design by Exeter Premedia Services Private Ltd., Chennai, India

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means—electronic, mechanical, photocopy, recording, or any other except for brief quotations, not to exceed 400 words, without the prior permission of the publisher.

First published in 2023 by

Business Expert Press, LLC

222 East 46th Street, New York, NY 10017

www.businessexpertpress.com

ISBN-13: 978-1-63742-535-0 (paperback)

ISBN-13: 978-1-63742-536-7 (e-book)

Business Expert Press Collaborative Intelligence Collection

First edition: 2023

10 9 8 7 6 5 4 3 2 1

To my wife, Funda, my daughter, Eliane, and my late parents, Gilbert and Louise Metz.

Description

A quiet revolution is taking place within the computer ecosystem; one that will change the way we do business on the Internet.

It’s called blockchain, and it promises to disrupt the way people interact with one another online, whether its messaging, banking, keeping up with medical records, land records, booking a vacation, socializing, or voting. Programs are also being developed to use blockchain to serve as one’s identity papers.

Blockchain technology is based on the idea that all online transactions should be between two people without the need for public or private third-party oversight. Blockchain technology developers believe thoughts and ideas should be shared, not quashed. It’s a world where Web platforms are governed by their members, not a board of directors; privacy comes first, and one’s personal information is kept private, not for third parties to take and sell as they, please.

Blockchain technology offers everyone opportunities to take part. Anyone can participate in the fast-growing world using NFTs, where works of art, music, literature, and poetry can be tokenized and sold or traded on a blockchain.

These components comprise the next generation of the World Wide Web, which is referred to as Web 3.0. Billions of dollars are being spent to create infrastructure to create a viable framework to mainstream blockchain.

This book offers a peek into this new world, with examples of how this technology is being used today as well as the hurdles, including legal challenges, it must overcome to be viable.

So, if you’re ready, let’s meet blockchain.

Keywords

blockchain; encryption; peer-to-peer; bitcoin; proof-of-work; centralized authority; decentralized authority; smart contract; digital identity; digitized token; cryptocurrency; NFTs; cryptocurrency wallet; digital assets; decentralized funding; Web 3.0; artificial intelligence; machine learning; internet of things; net neutrality; free speech; trustless; decentralized funding; privacy; transparent ledger

Contents

Acknowledgments

Introduction

Privacy Through the Ages

What Is Blockchain?

Blockchain: Nuts and Bolts

PoW’s Dirty Reputation

Blockchain and the Supply Chain

Blockchain and Health Care

Blockchain and Identity

Blockchain and Government

Blockchain, Banks, and Financial Institutions

Blockchain and Real Estate

Blockchain and Print Media

Blockchain and the Practice of Law

Blockchain: Travel and Entertainment

What’s Ahead for Blockchain?

Cryptocurrency

Introduction

From Cows to Crypto: The Evolution of the Swap

The Age of Cryptocurrency

A Token Economy

Tools for Trading

Risk and Regulation

Do I Need This?

NFTs

What Are NFTs?

NFTs: Art, Music, and Those Adorable Collectibles

NFTs and Gaming

NFTs as Real Estate

NFT Pros and Cons

Web 3.0 The Next Generation

Web 3.0 The Next Generation

A Brief History of the World Wide Web

Web 3.0: Under the Hood

Web 3.0 Today

Web3: The Battle for Control

Resources

Bibliography

About the Author

Index

Why, sometimes I’ve believed as many as six impossible things before breakfast.

Alice’s Adventures in Wonderland

—Lewis Carroll

Acknowledgments

I want to thank Sherif Abushadi with NEAR Foundation, a nonprofit that supports programs for building onto the blockchain ecosystem, for awarding me a fellowship to begin learning about blockchain technology. He granted me the fellowship with the idea of expanding the blockchain conversation outside of the tech world through a series of e-books and articles told through the eyes of writers and artists. That idea was the genesis of this book. I thank my wife, Funda, a talented artist, designer, and architect, for designing the cover and providing the diagrams. A special thank you to my former editor at The Clarion-Ledger, Deborah Skipper Solis, who graciously agreed to edit the original drafts of the first two sections, and taught me how to look for the answers to questions before being asked. I want to offer a special thank you to my former college professor Dr. Michael Mitias, Emeritus Professor of Philosophy at Millsaps College, Jackson, MS, for graciously offering his scholarly insights that contributed greatly to the discussion of NFT art and aesthetics. I want to thank Christine Oetter and Gary Edgington, a gifted photography duo who bring life to all photos they make for taking my portrait. Finally, I’d like to recognize all those writers, reporters, bloggers, videographers, storytellers, and researchers worldwide whose commitment to blockchain technology, cryptocurrency, nonfungible tokens, and Web3 helped me to weave this tapestry together. Their zeal for this technology is inspiring.

Introduction

If you ask anyone about blockchain, most likely, you will be met with silence. Mention bitcoin; just about everyone can tell you something, although that will most likely be negative based on what they have heard before the conversation turns to another topic.

Yet, no matter how hard one tries to ignore it, blockchain keeps popping up. In addition to the news stories about the dangers of using cryptocurrency, we are treated to crazy stories about unique digital art selling for hundreds of thousands, if not millions, of dollars for something called NFTs.

While the public rolls its eyes with disinterest, while talking heads scream in disgust, a large group of computer scientists, programmers, engineers, self-described cyberpunks, and the like are building a new infrastructure dedicated to creating the next generation of Internet experience.

Blockchain technology, first used to create and transfer cryptocurrency, serves as the engine driving changes to the Internet. Under this new paradigm, consumers, not third parties, control who uses their personal information. Under this new system, privacy is consideration number one.

It’s no pipe dream. Blockchain technology and other key elements to drive that change are in use now. In addition to moving cryptocurrency and creating NFTs, blockchain technology is being used to facilitate private banking for those in countries where none exists, store land and health records, vote, and book vacations—with transparency, speed, and privacy. Startups are also creating programs incorporating blockchain technology to replace our official papers with digital identities. No longer will people be asked to hand over fistfuls of identification documents. Their digital identity will be more than enough to suffice.

It’s not a fad or a technology that is here today and gone tomorrow. Referred to by many as the great disruptor, blockchain technology could drastically alter if not in some cases replace the institutions the world relies upon today. If blockchain delivers what it promises, you will no longer have to rely on traditional financial institutions to process or monitor your transactions or provide you with loans. You won’t need others to prove your identity. All of this, and more, will rest in your hands.

Governments and corporations worldwide are taking notice, spending billions on developing and implementing blockchain technology. Combined spending came to U.S.$6.6 billion in 2021, up 50 percent from the previous year. By 2024, that figure is expected to reach U.S. $19 billion.¹

Forbes magazine, known for its list of the world’s wealthiest people, started a new list in 2019 of the top 50 companies with revenues of U.S.$1 billion or more in sales planning to incorporate blockchain technology.²

Globally, the blockchain market was worth U.S.$4.8 billion in 2021,³ then grew to U.S.$11.7 billion in 2022.⁴ By 2030, that figure is expected to reach U.S.$69 billion.⁵

Let’s Meet Blockchain

The assumption is you know little, if anything, about blockchain technology other than what you have heard, read, or seen on television about cryptocurrency. Regardless, you may be surprised that blockchain technology has already filtered into your life. Whether you are in government or a medical, legal, or business professional, blockchain technology is now being used to manage your records. If you are an artist, musician, or writer, it’s being used to showcase your work. If you plan leisure time, it’s being used to help you make your plans. No matter where you are in the world or what you do, it’s becoming a part of your life.

The purpose of this book is to act as an introduction that will, in the most straightforward language possible, help shed light on this technology with examples of how it works, how it is being used today, and the hurdles it faces to be successful. It also contains a bit of history as to how we got here. This book does not endorse the use of blockchain technology or its components. By the end of the book, which incorporates redundancy, you will have a general understanding of what blockchain is and how it is employed. By the end, hopefully you will gain a greater appreciation of this technology, or maybe not. But you will have the benefit of credible information.

The book is divided into four sections, each representing a significant pillar of blockchain technology: blockchain, cryptocurrency, nonfungible tokens (NFTs), and Web 3.0.

The information used is based on a wide array of research: white papers, research papers, journal articles, videos, and the writings of journalists and experts in their fields, all listed in the footnotes and bibliography. If you find a topic that interests you and want to know more, follow the footnote or refer to the bibliography. Please note that, unlike traditional books, online sources can change. Article titles are sometimes changed and updated. Also true is that links can be changed. If that happens, type or copy and paste the title and source into your search engine. If you don’t find it, you will find something similar.

Today, you are dipping your toe into the waters of a new world that strives to change how you work, create, and play.

You may be wondering why blockchain is needed at all. Why go to all this trouble?

That’s a determination you alone can make once you reach the end of this book.

One of the key tenets of blockchain is privacy. Developers believe your information is private and should remain with you. So, this is where we start with a brief history of privacy.

If you are ready, let’s meet blockchain.

¹ IDC. Global Spending on Blockchain. www.businesswire.com/news/home/20210419005059/en/Global-Spending-on-Blockchain-Solutions-Forecast-to-be-Nearly-19-Billion-in-2024-According-to-New-IDC-Spending-Guide.

² ConcenSys. Companies Exploring Blockchain. https://consensys.net/blog/enterprise-blockchain/forbes-releases-top-50-billion-dollar-companies-exploring-blockchain-over-half-are-working-with-ethereum/2021.

³ Custom Market Insights. Global Blockchain Technology Market Worth $69 Billion by 2030. www.globenewswire.com/en/news-release/2022/08/25/2504745/0/en/Global-Blockchain-Technology-Market-Size-Worth-69-Billion-by-2030-at-a-68-CAGR-Check-Blockchain-Industry-Share-Growth-Trends-Value-Analysis-Custom-Market-Insights.html#:~:text=The%20blockchain%20technology%20market%20size,a%20number%20of%20driving%20factors.

⁴ Tuwiner. Blockchain Statistics. https://buybitcoinworldwide.com/blockchain-statistics/.

⁵ Custom Market Insights. Global Blockchain Technology Market Size Worth $69 Billion. www.globenewswire.com/en/news-release/2022/08/25/2504745/0/en/Global-Blockchain-Technology-Market-Size-Worth-69-Billion-by-2030-ata-68-CAGR-Check-Blockchain-Industry-Share-Growth-Trends-Value-Analysis-Custom-Market-Insights.html#:~:text=The%20blockchain%20technology%20market%20size,a%20number%20of%20driving%20factors.

Privacy Through the Ages

What Happens in Vegas Stays in Vegas

This slogan, created by the Las Vegas Convention and Visitors Authority in 2003 to promote the gaming capital of the United States as an adult entertainment hub, speaks volumes about privacy. The campaign strikes a chord with those who cherish the belief that the letter we get, the package we open, the bank account we have, the agreements we sign, and the annual doctor’s checkup we undergo are private. Like that trip to Vegas, it’s no one’s business. The contents of that letter, that box, that account, that contract, and that checkup, are between two parties and should remain with those two parties.

A central tenet of blockchain is keeping transactions, agreements, and personal matters confidential.

How did we get to a place where maintaining privacy has evolved into a struggle? Like everything else, it evolved as society modernized, opportunities grew, and technology expanded.

The ambivalence over privacy is not new. The issue has been with us since the advent of civilization. On the one hand, human beings love to share their accomplishments and glory when it suits them. On the other hand, people want their privacy when public scrutiny is uncomfortable.¹

Privacy From Ancient Days to the Present Era

Periods of war have provided, and continue to give, a large volume of personal information. This includes information from conscripts recorded by their governments. Then, there is the personal information gathered about citizens affected by war, public and private services that take care of those affected by war, and industries that provide war materials.²

In ancient days, personal information was kept within the tribe or community where the person lived, the sum of one’s life ultimately etched in symbols on a tombstone.³ When the ancient Greeks added taxation, there was a need for adding personal information about households.⁴

As civilizations matured, writing became integral to communication in letters and diaries, resulting in more shared personal information.⁵

Skipping forward to the 10th and 11th centuries, as cities in Western Europe prospered from trade and industry, the need for accurate recordkeeping was recognized.⁶ Status among the nobility was central, so keeping up with land ownership was crucial. These records also provided a gateway to one’s position. They could prove or disprove if one were a nobleman, knight, or courtier.⁷

Keeping one’s ledger, journal, or letters private was one thing. Keeping personal matters out of earshot of others was quite another. Eavesdropping on one’s private conversation became such a problem that governments passed laws forbidding it. In the 18th century, there are references to eavesdropping laws chronicled in William Blackstone’s Commentaries on the Laws of England (1769), as those who listen under walls or windows, or the eaves of a house, to hearken after discourse, and thereupon to frame slanderous and mischievous tales, are a common nuisance and presentable at the court-leet.⁸ Seen as a bad habit, eavesdropping was believed to be perpetrated by women, who, if found guilty, could be fined or bound over for good behavior.⁹ Eavesdropping, which has evolved to include nefarious electronic eavesdropping in modern times, remains a crime in countries worldwide.

The 20th century brought new and unknown challenges to privacy. Early computing, for example, found ways to create methods for mass data storage as well as ways to weaponize it.

In Germany, the Nazis used census technology created by International Business Machines (IBM) to identify, target, and eventually round up Jews for transportation to concentration camps. Census data included religion, making persecution easy.

This punch card system was dreamed up by a young census worker, Herman Hollerith, who worked for both the 1880 and 1890 census.¹⁰ Hollerith, who left the Census Bureau to start the Computing-Tabulating-Recording Company (CTR) in 1911, had the idea of creating electronic tabulators and readable punch cards indicating one’s gender, nationality, and occupation, among others.¹¹ The company changed its name in 1924. IBM Germany, a subsidiary of IBM, worked with the Nazi Party to conduct the 1933 census, which then used that data to locate Jews who were then rounded up and sent to concentration camps.¹²

The U.S. Constitution requires a decennial census that determines congressional representation and allocation of federal funding. By law, census data are confidential, something most Americans believe to be true. In a Pew Research Center poll taken in 2020, 66 percent of the Americans said they were confident the Census Bureau would keep their personal information private. Of those, 18 percent were very confident, and 48 percent were somewhat confident.¹³

Although most Americans trust the Census Bureau, many undocumented immigrants do not. The polarizing politics and angry rhetoric emanating from the Trump administration (January 20, 2017–January 20, 2021) berating Central and South American inhabitants for attempting to cross into the United States, created fear in that population that the government would use the 2020 census information to round them up and deport them.¹⁴

While Americans, in a 2020 Pew Research Center poll, said they felt confident in the ability of the government to safeguard their personal information, they were less confident about some private entities that held their personal information. Americans largely agreed that credit card companies could protect their data (66 percent, with 17 percent saying they were very confident). In comparison, 49 percent of those polled expressed confidence in retailers’ ability to keep personal information private (6 percent of whom were very confident).¹⁵

In another Pew research study, 6 in 10 Americans believed businesses and the government were tracking and monitoring their online activities. The poll found 62 percent of respondents believed that companies were tracking them, while 63 percent believed the government was tracking them.¹⁶

It should be no surprise that Americans had even less trust in social media platforms. Only 23 percent gave these platforms their vote of confidence, of which 4 percent were very confident social media protected their privacy.¹⁷

As centralized platforms began their proliferation at the beginning of the 21st century, governments worldwide were forced to confront the growing threat to privacy. As of 2020, 142 countries had enacted data protection laws.¹⁸

Chile in 1999 was the first Latin American country to do so, followed by Argentina in 2000. Since then, other Latin American countries that followed were Uruguay, Mexico, Peru, Colombia, Brazil, Barbados, and Panama.¹⁹

The European Union has also passed a myriad of privacy laws going back to the mid-1990s, reiterating a long-standing belief in Europe that the right to privacy is a fundamental right. The right to privacy is part of the 1950 European Convention on Human Rights, which states, Everyone has the right to respect for (their) private and family life, (their) home and (their) correspondence,²⁰ the EU stated.

The concern over data protection led to the EU passage of the General Data Protection Regulation (GDPR) in 2016, which requires organizations to respect the privacy rights of all EU citizens and residents while also safeguarding their personal data. The GDPR, considered the toughest in the world, also applies to organizations outside the EU collecting data on those living in the EU.²¹ Violators face stiff fines for noncompliance.

In April 2022, the EU passed the Digital Services Act (DSA), holding social media platforms accountable for misinformation and targeted advertising.²²

In May 2023, the EU fined Facebook’s parent company, Meta, $1.3 billion for transferring European users’ personal data to the United States.²³ In addition, the company was ordered to end such practices and come into compliance with EU privacy regulations.

In September 2023, TikTok was fined 345 million euros for failing to protect children’s privacy and violating EU privacy rules.

The fines were hefty and significant, but the potential damage to their customers who trusted them was done.

Elsewhere, Africa has seen a rapid increase in digital traffic in recent years due to ongoing investment in local digital infrastructure. These changes have led the government to grapple with privacy laws governing personal digital data.²⁴ Kenya, Rwanda, and South Africa have adopted elements from the EU’s GDPR. However, several proposed data protection laws have specific rules that differ from those in other African countries. Therefore, technology companies working in Africa are advised to keep abreast of those changes.²⁵

In Southeast Asia, Malaysia, South Korea, Vietnam, and Singapore enacted strict data privacy laws in the first decade of the 21st century, prompted by consumer concern.²⁶ As with the EU’s GDPR, these privacy laws apply to foreign organizations doing business in the region. Violations can result in hefty fines.

In North America, Canada enacted its stringent Personal Information Protection and Electronic Documents Act on January 1, 2004. The law requires organizations to gain permission from individuals when they collect, use or disclose that individual’s personal information.²⁷

Unlike its neighbor to the north, the United States has no singularly structured federal law that protects individuals from data miners, leaving states to tailor their own legislation to protect consumers.²⁸ As of this writing,11 states have enacted comprehensive data protection laws: California, Virginia, Connecticut, Colorado, Utah, Iowa, Indiana, Oregon, Montana, Texas, and Tennessee, while six other states have tailored privacy laws. Another 12 states enacted privacy laws in 2023 with others expected to follow suit.²⁹

In the meantime, large online platforms continue to gobble up personal data and sell it to retailers, despite public outcry. Although people complain about violations, they continue patronizing these sites. Researchers refer to this as the privacy paradox. While, on the one hand, people are concerned about their privacy, they do little to protect it.³⁰

Let’s face it. Our personal information is out there with little hope of reclaiming it through conventional methods. The proponents of blockchain technology say it can be a step in the right direction by allowing private information to remain confidential.

Ultimately, it’s up to consumers to decide how much personal information they feel comfortable sharing. No changes to everyday habits are necessary if one doesn’t mind being tracked. On the other hand, for those who have had enough and are willing to submit to a learning curve, utilizing platforms built on a blockchain could be the answer.

¹ Ferenstein. Birth and Death of Privacy. https://medium.com/the-ferenstein-wire/the-birth-and-death-of-privacy-3-000-years-of-history-in-50-images-614c26059e.

² Ibid.

³ Beckles. History of Personal Data. https://iapp.org/news/a/from-ancient-to-modern-the-changing-face-of-personal-data/.

⁴ Ibid.

⁵ Ibid.

⁶ Buylaert and Haemers. Record-Keeping. https://academic.oup.com/past/article/230/suppl_11/131/2884255.

⁷ Ibid.

⁸ Ian Porter Museum of Art. Eavesdropping. https://digicult.it/articles/sound/eavesdropping-a-collaboration-between-liquid-architecture-and-melbourne-law-school/.

⁹ Darby. The Nuisance of Eavesdroppers. www.criminalhistorian.com/the-nuisance-of-eavesdroppers/.

¹⁰ U.S. Census History. Connection Between U.S. Census Bureau and IBM. www.census.gov/history/www/faqs/innovations_faqs/what_is_the_connection_between_the_census_bureau_and_ibm.html#:~:text=Hollerith%20left%20the%20Census%20Bureau,International%20Business%20Machines%20(IBM).&text=company%20he%20founded%20eventually%20became%20known%20as%20IBM.

¹¹ Wikipedia. IBM and the Holocaust. https://en.wikipedia.org/wiki/IBM_and_the_Holocaust.

¹² Ibid.

¹³ Pew Research Center. U.S. Census and Privacy Concerns. www.pewresearch.org/social-trends/2020/02/20/the-u-s-census-and-privacy-concerns/.

¹⁴ The Conversation. Undocumented Immigrants Fear Census. https://theconversation.com/why-undocumented-immigrants-still-fear-the-2020-census-132842.

¹⁵ Ibid.

¹⁶ B. Auxier, L. Rainie, M. Anderson, A. Perrin, M. Kumar, and E. Turner. Americans and Privacy. www.pewresearch.org/internet/2019/11/15/americans-and-privacy-concerned-confused-and-feeling-lack-of-control-over-their-personal-information/.

¹⁷ Ibid.

¹⁸ Rodriguez and Alimonti. Data Protection in Latin America and Spain. www.eff.org/deeplinks/2020/09/look-back-and-ahead-data-protection-latin-america-and-spain.

¹⁹ Ibid.

²⁰ GDPR.EU. What Is GDPR? https://gdpr.eu/what-is-gdpr/-:~:text=The%20General%20Data%20Protection%20Regulation,to%20people%20in%20the%20EU.

²¹ Ibid.

²² A. Satariano. E.U. on Social Media’s Harms. www.nytimes.com/2022/04/22/technology/european-union-social-media-law.html.

²³ Chan. Meta Fined $1.3 Billion for Privacy Violations. https://apnews.com/article/meta-facebook-data-privacy-fine-europe-9aa912200226c3d53aa293dca8968f84?user_email=f5ff8be8d0fa22bbafcffab811c1fcbb897c1533ead9d835682c1e6db1fbf7a7&utm_medium=Morning_Wire&utm_source=Sailthru&utm_campaign=MorningWire_May22_2023&utm_term=Morning%20Wire%20Subscribers.

²⁴ Schneidman, Cooper, Mkhize, Choi, and Naidoo. Tech Regulation in Africa. www.insideprivacy.com/data-privacy/tech-regulation-in-africa-recently-enacted-data-protection-laws/.

²⁵ Ibid.

²⁶ Hamilton. Privacy Laws in Southeast Asia. www.termsfeed.com/blog/privacy-laws-southeast-asia/.

²⁷ Privacy Commissioner of Canada. PIPEDA in brief. www.priv.gc.ca/en/privacy-topics/privacy-laws-in-canada/the-personal-information-protection-and-electronic-documents-act-pipeda/pipeda_brief/.

²⁸ Klosowski. U.S. Consumer Data Privacy Laws. www.nytimes.com/wirecutter/blog/state-of-privacy-laws-in-us/.

²⁹ Bloomberg Law. Updated September 7, 2023. States With Consumer Data PrivacyLaws. www.nytimes.com/wirecutter/blog/state-of-privacy-laws-in-us/.

³⁰ Barth and de Jong. The Privacy Paradox. www.sciencedirect.com/science/article/pii/S0736585317302022.

What Is Blockchain?

So, what is blockchain?

The textbook answer is that a blockchain is a transparent distributed ledger, or spreadsheet, comprised of a series of data blocks containing verified encrypted digital transactions that cannot be changed or altered, linked together sequentially so that anyone on the network can verify it. This information is stored worldwide on decentralized computer networks.

Blockchain achieves this by incorporating specific sets of technologies and protocols designed to initiate, validate, transfer and store transactions and information safely and securely between interested parties. For example, when two people transact business using blockchain technology, that transaction is recorded and stored on a virtual ledger with other transactions that can be retrieved in perpetuity. The ledger is transparent, meaning anyone can see those transactions. Unlike reports one may find in a filing cabinet or in a computer file, these transactions are encrypted. So, one would need to know the transaction number, sender, and receiver. Again, this information is encrypted.¹ To find transactions, you must go online or download an app, then enter the information on a blockchain explorer. More about this later.

While created to transact business between two