Startup Funding Espresso – What Is a Blockchain

What Is a Blockchain

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Blockchain is a way of recording information that is hard to hack or steal.

It is a ledger of transactions that are distributed across a network of computers 

New transactions are added to each ledger throughout the network.

Multiple players manage this distributed information called the Distributed Ledger.

The blockchain can be programmed with smart contracts.  

These code units execute transactions across the blockchain.

The records are immutable which means they cannot be changed.

Those transacting on the blockchain can be anonymous.

Every record is encrypted for security reasons.

Each record is time and date-stamped.

No single person or node controls the blockchain.

But every node holding the blockchain collectively agrees to the content.

The blockchain provides the mechanism for building “trust” into a network.

This provides the technical basis for digital money.

There no longer needs to be a gatekeeper for handling money.

An online network of computers through a series of computer code executions can replicate the gatekeeper function.

This enables online means to manage money.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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