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What is Blockchain? - An Introduction to the Basics

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Blockchain: A term that is being banded about a lot in the business world, particularly the financial sector.

But very few understand what it actually is.

Pathway Group founder, Safaraz Ali goes through the basics in this presentation.

Publicado en: Economía y finanzas
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What is Blockchain? - An Introduction to the Basics

  1. 1. What is BLOCKCHAIN? An introduction, by Safaraz Ali Copyright © 2017 TCI Pathway
  2. 2. I have come across a number of experts in the industry, who agree that blockchain is going to transform the way we do business; similar to the way in which the internet did, over two decades ago. But, what is it exactly? Copyright © 2017 TCI Pathway
  3. 3. Blockchain: In layman’s terms (1): In it’s simplest form, blockchain is a ‘database’. However, it is a little different to a ‘conventional’ database, meaning that it will massively affect currencies, stock exchanges, supply chains, and ledgers of ownerships (such as land registries and medical records); and even identity records and voting. Copyright © 2017 TCI Pathway
  4. 4. Blockchain: In layman’s terms (2): A conventional database has one master copy that must be updated by a trusted party. When a transaction is performed, all parties must wait until the central database has been updated, this involves a whole host of back office functions and support staff. Copyright © 2017 TCI Pathway
  5. 5. Blockchain: In layman’s terms (3): Copyright © 2017 TCI Pathway This is where blockchain is different. It is a distributed ledger – everyone has a copy, and changes to the database are verified by all the users. This allows for multiple rapid changes to the data that is held in the ledger without comprising the integrity of the data itself. Each transaction is a block that gets added to the chain. Once a transaction is added, everyone with permission to do so can see it on their copy, and blockchains cryptographic (encoded) audit trail means that it can be changed.
  6. 6. Blockchain: The Main Advantages Copyright © 2017 TCI Pathway The main advantage of blockchain is that its truly democratic, governments with their vast amounts of records that need to be kept secure are getting in on the action. Land registries, tax records, medical and benefits records could all conceivably be kept more cheaply, efficiently and securely. It is still however, the financial services companies that are taking blockchain very seriously and one of the areas that has been spoken about that is ripe for disruption is foreign exchange.
  7. 7. Blockchain: The ‘Bitcoin Wallet’ Copyright © 2017 TCI Pathway Although there is more to blockchain that just ‘Bitcoin’, the two are obviously strongly associated. Blockchain has been originally devised for the digital currency, Bitcoin; but the tech community is now finding other potential uses for the technology. Bitcoin has been called “digital gold,” and for a good reason. To date, the total value of the currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet, you don’t need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why it’s considered revolutionary.
  8. 8. Everything starts with a conversation, so let’s talk: Safaraz Ali Linkedin: Twitter Handle: @SafarazAli Tel: 0121 707 0550 Copyright © 2015 TCI Pathway