5 Questions You’ve Always Wanted to Ask a Blockchain Expert
First of all, we must understand what blockchain is.
Let’s take a simple example — imagine that I’ve promised you $100, and we agreed that I’ll meet you in downtown San Francisco tomorrow to pass along the money. You tell your family and friends about our exchange which will take place the following day. However, when we meet the next day, I change my mind — and I decide that the deal is no longer valid. In fact, I deny that I even promised you the money in the first place. Perhaps it was a misunderstanding on your part. Your family and friends flood my inbox and accuse me of lying — but what proof do they have of our deal, besides your story?
Now, imagine a virtual world where communication is remote…my identity is digital, and my original promise to you (the $100 deal) was recorded as a (smart) contract in an open block of data. After the deal was recorded, the block was closed soon after and added to a consecutive chain of blocks (ledger). Your family and friends also have digital identities and have “read-only” access to the consecutive chain of closed blocks (just like the privileges on a Google Doc, for example). Therefore, your family and friends can easily verify that we had an agreement and see that I flaked on you.
The above is a general description and a good starting point to more complex discussions on blockchain, ranging from constant synchronization of multiple replicas (around the globe) of the same ledger, the concept of virtual “Master Ledger” to the technical aspects of data encryption, dynamic and static data registry, etc.
Luckily for you, we sat down with Anton Vorontsov, Blockchain expert, McKinsey & Company alum, and MBA graduate of The University of Chicago Booth School of Business to find out more about the latest trends in blockchain.
Anton kindly agreed to answer 5 questions on the future of blockchain and upcoming trends.
Whether you’re a blockchain enthusiast or simply looking to explore the basics of blockchain, head over to our blog for the full Q&A which will provide you with a breath of fresh air (and knowledge) on a popular topic.
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Originally published at https://kisspatent.com on June 28, 2019.
