Why Blockchain Matters More Than You Think!

Why Blockchain Matters More Than You Think!

You are watching ColdFusion TV Hi, welcome to another ColdFusion video Shortly after the 2008 global financial crash, a mysterious white paper emerged from an unknown entity, a person or group calling themselves Satoshi Nakamoto In this mysterious white paper, a new peer-to-peer financial system was discussed. It was to use a digital cryptocurrency called Bitcoin It was an omen to people being sick of centralized power meddling with economic systems. Many perceive this new system as a better way of doing things The technology invented to power this new system was called blockchain and Nakamoto’s paper was its grand unveiling In this video we’ll talk about some exciting implications of this technology and the impact it could have on all of our lives So what is blockchain? It’s the underlying technology behind crypto currencies like Bitcoin and Ethereum, but its uses go far beyond that It all sounds complicated, but let me try and break it down to one sentence, an important concept that you need to remember Simply put: blockchain is a continuously updated record of who holds what These records are split into linked blocks, and then secured using cryptography. The cryptography part just means that you can be sure about the records This is dubbed as automated trust, or trust that’s inherently built into the system The list of records, known as a distributed ledger, is decentralized and available to everyone to see and verify In addition, the blockchain is tamper-evident and unhackable due to its distributed nature Everyone knows when a block has been messed with because it is rejected by the rest of the system If you want to know more details I’ve already done a video about the basics of how blockchain works in regards to crypto currencies I’ll leave that video and other information sources in the description below Blockchain has a social perception strongly related to Bitcoin and other cryptocurrencies And most people view the blockchain as something for intellectual tech-savvy criminals or people that are anti-government But the emerging truth, is that the blockchain has applications far beyond cryptos and as a whole will be nothing short of revolutionary I’ve invited Dr. Adrian McCullagh, a blockchain lawyer who’s at the cutting edge of what’s going on in the industry to speak to us today. I’m a lawyer of 30 years experience I’m the only lawyer with a PhD in IT security my thesis involved Technical analysis of digital signatures and hash algorithms which happens to be the underlying technology for blockchain So a blockchain is just a special type of data repository that is in itself tamper evident Blockchain technology has been called the next stage of the Internet by many But I believe that this is now the next generation of the Internet and that it holds vast promise for every business every society and for all of you individually Let me break it down. Our current Internet is an Internet of information. It’s based on the concept of copying and distributing information Be it video Email or data All of these are copies. For example, if you want to watch a video on YouTube or receive an email, you’re looking at a digital copy of the original But what if we take this further to the next stage? What about assets that provide real value? Like contracts such as a house or car ownership, a stock, a bond, money, votes or digital identities The problem is you don’t want to have these things as copies. For example, you don’t want to send someone $5,000 yet still have the original $5,000 under your name. This was called the double spending problem by cryptographers. Despite the name, this basically means the problem of having two digital copies of something that should only have one unique identity The cryptography element of the blockchain enabled it to be the first technology of its kind to solve the double spending problem. Now for the first time we can build a new stage of the Internet based on real value And this is partly why it’s such a big deal So where can the blockchain be applied? In my talk with Dr. Adrienne, he discusses the FITS model of blockchain application. FITS is an acronym Using this model, the best places to use blockchain are places with high possibility of fraud, an intermediary or middleman environments with high throughput and stable data. I’ll let Dr. Adrian explain further Um you should try to run against your environment, what’s called the FITS model, F-I-T-S The FITS model stands for, F stands for fraud. If you are in an environment where there is a history, propensity, likelihood of fraud involved in various transactions Then the blockchain can assist in reducing the likelihood of fraud actually occurring Adrienne goes on to say that this is why blockchain is being used for international finance transactions. The next area of the FITS is the I. If you have an environment where there are intermediaries involved then you may be able to disintermediate those parties if they really don’t provide value He goes on to say that we can get average transaction settlement times from two days down to 15 minutes by taking away middlemen Throughput, or number of transactions per second, is another consideration It turns out that Bitcoin can only do ten transactions per second while MasterCard and Visa can do about eighty thousand But researchers are currently looking into increasing the throughput. You then look at things which, what Vincent Grimaldi from the University of New South Wales has developed. He’s been able to increase the throughput to four hundred thousand transactions a second through what’s called decentralized computing, using a hundred Laptops PCs to do the processing power. And next is the stability of data. For a blockchain application you don’t want volatile data You want things that are going to stay the same for at least a while, things such as land ownership titles and personal information So that’s the theory about what systems you should look for in regards to using blockchain applications But where is the blockchain actually being used today? Here’s a quick fire round of applications underway Blockchain land registries are being looked at in Honduras and Sweden Diamonds are looking to be tracked by the blockchain to stop things like blood diamonds The Nasdaq Stock Exchange will soon begin a blockchain system to record the trading and privately held companies The Bank of England has stated that the blockchain is a significant innovation that could have far-reaching implications in the financial industry not only this, but six banks including Barclays, Credit Swiss and HSBC are all planning on making a single digital cryptocurrency to clear and settle transactions using the blockchain Microsoft is even getting in on the action by building a framework using the Ethereum blockchain On the social media front, the Steemit, a reddit competitor, and its video companion DTube, a YouTube competitor, both are blockchain based platforms where you can get paid in cryptocurrency for creating content This is showing a new direction and where social media could go. As a matter of fact I’ve actually just signed up for Steemit myself Okay, so this is all good, but let’s turn things up a notch Blockchain goes even further when we talk about something called a decentralized autonomous organization, a D-A-O, or DAO for short Because of blockchain technology, we now have the capability to create huge company organizations that are distributed and automated for the first time in history. This has never been done before and could provide near limitless potential Before the blockchain we were already halfway there We have organizations like YouTube that are a mix of the old-style central management with a decentralized user base creating content A DAO would have computer code that runs the rules and decisions instead of a central management team at the top. The people in the decentralized network would decide on the rules, form a consensus and create something called a smart contract Basically a set of computer coded rules that a computer would execute later when needed. In other words a DAO is like a democratic company that’s automatically run So, a DAO is meant to be a Decentralized, so it’s on the blockchain, there’s no central management involved Autonomous, in that the code will run the transaction. And it’s meant to be some form of organization The difficulty from a legal perspective is that no one at this point in time has been able to classify exactly what a DAO is. It may be that in a few years time DAOs will become so popular that legislators will need to create special legislation that will recognize what a DAO is, but at this point in time no one knows Let’s take a look at a basic hypothetical example of how this might work, but just with one smart contract So say in the future, when the blockchain is readily established, you want to buy a used Tesla Model 3 Traditionally, you’d go to a dealer or an individual, you’d make sure that the details in the history of the car are correct You’d hassle for a price with the seller, take some money out from the bank, transfer the money, sign a lot of paperwork wait for the money to clear, and then you can finally have the car. This will take around a few days to do Now, with the blockchain, using a smart contract, you could have this order all carried out in real time The car would be uploaded to the blockchain so that you would already know that the details are correct because trust is built into the system You could buy this car with a cryptocurrency that’s attached to your bank account, and all of the ownership and other details about the car is executed in a smart contract, so everything would happen in a matter of minutes instead of days Your ownership of the car is now attached to your digital identity on the blockchain The global records in the blockchain system is now updated so that everybody in the system now knows that this car was sold to you You can take all of this a step further by linking up different smart contracts into an organization, similar to Airbnb or Uber, so the whole process is automatic, with rating systems of service and customer satisfaction etc. Although that setup is a sharing economy model, according to Dr. Adrian, a group of smart contracts can easily be arranged in this way So I hope that you’re beginning to see the importance and potential of such technology. But it’s not all roses Right now there are still some downsides Malicious smart contracts for example. These can theoretically be designed to clog up the entire system In addition, if there are actual coding errors within a decentralized autonomous organization itself, this could create massive problems Another thing is that the blockchain is also permanent: every record of a transaction is stored there for all time And this doesn’t sit well for those concerned of privacy and the right to be forgotten Dr. Adrian did state that there are going to be some entities called Oracles, and these guys have special clearance to make edits on the blockchain, but overall this is still an issue that needs further looking into As I tell people, you know, when we talk about blockchain, and we talk about DAOs, and ICOs and things of that nature we are at this stage in the blockchain ecosystem probably the equivalent of 1993 When the internet was opened up by President Clinton in the National Science Foundation prior to 1992 the internet was only open to research organizations, government agencies defense contracting organizations. Who would have thought in 1992 that we would have companies like Google, Amazon All of those companies have taken advantage and looked at the internet and said how can I use this piece of technology? I have no idea what some really smart masters, PhD student is going to do and And say we could use the blockchain or smart contract or a DAO to do this May come from the University of Queensland Curtin University in WA Stanford You know, who knows what someone is going to think about in the future, and say “wow, we can use this technology to do this” I don’t believe it’s going to be me, I’d love it to be me But there will be some smart people out there who will look at this technology and say “let’s do this”, and the rest of the world would say “wow, that’s really something I want to get on board and I want to utilize that service” So while everyone’s focused on the buzz of artificial intelligence, I really think that the blockchain is a dark horse that’s going under the radar, mainly because it’s not as romanticized and the concept is a little bit harder to grasp Regardless, blockchain is the next step of the Internet, a complete overhaul of how things in our world are going to be recorded organized and run. In the end I personally think it’s going to be a combination of artificial intelligence and the blockchain that will be our future So what do you guys think? are you looking forward to things changing in this way? Or are you hesitant? let me know your thoughts below Also, if you know someone that’s going to be interested in this topic, feel free to pass this video along to them. Anyway That’s it. Thanks for watching. If you’ve just stumbled across this channel, feel free to subscribe This has been Dagogo, you’ve been watching ColdFusion And I’ll see you again soon for the next video. Cheers guys. Have a good one ColdFusion is new thinking

100 thoughts to “Why Blockchain Matters More Than You Think!”

  1. Now is the generation of blockchain! One way or another Blockchain is dominating our life. I've just heard about Blockchain for telecom, truly interesting guys! Beowulfchain is being developed by Beowulf team. Let's try and share your experience https://beowulfchain.com/

  2. you don¨t talk about MINERs !!!!!!!!! blockchain without mining is just databse …. https://www.youtube.com/watch?v=40mdFIAEh4E&t=4s

  3. They've just developed blockchain for telecom, A great solution for telecom that called Beowulf Communication Service. I think Beowulf Chain will play an important role in this decade. https://beowulfchain.com/

  4. Artificial intelligence created cryptocurrency. It's using it as it's very own non hackable, non accessible network. It's already up and running. Be careful

  5. Personal digital identity liked to an individuals specific genetic code is an essential component to assuring that persons identity is mortal. Cloneing of individuals being a possibility requires authenticated persons from the block chain knowing of a specific individuals demise to serve as legacy trustees for deceased or incapacitated participants private assets by confirmation of state of existence. Living Dead or Incapacitated. It goes on from there with unclaimed assets being distributed to that individuals donation recipients. Got it?

  6. I bet all my BTC the next great idea on the DAO will not come from the Universities and especially not an Australian one at that BAHAHa!

  7. NEVER FORGET of its NOT DECENTRALIZED it's useless and a probability that it's fraudulent or at least totally open to it.. This is extremely important to remember

  8. hmmm but that means that you erase humans out of the picture, what is even the point of that? Yes the blockchain makes better decisions but what is the point of living if there is no work to do, working gives us a meaning to exist if that's gone than there is no reason to exist at all….

  9. I've already included in a project of Ordinance to incorporate my city into a DIGITAL DEMOCRACY using ETHEREUM TECHNOLOGY, which contains other techs like Blockchain, Cryptocontract, Dapps, P2P, and more… Not for the future, for NOW!

  10. Great Channel… How does anyone profit from owning Btc/Eth other than rise in its traded value? How is owning crypto an Asset? Or is it?

  11. Nimses is a social media platform PewDiePie just sponsered based on the blockchain.
    People are freaking out over it because it collects user data, every other social media platform does this too though.

    Here's a referal code for a couple thousand Nims: O3PGT7

  12. I will not be part of "The Beast System" ….and i will not take the "Mark Of The Beast" in my right hand or in my forehead.

  13. Don't sell your cryptocurrency to pay your bills. Just HODL them in a decentralized Cloud Wallet to earn passively! Download Cloud Wallet from an Android Play Store. Remember i told you about this first Referral code: 1198430647

  14. There is no problem lmao the problem right now is there people with so much power they have our privacy and information centralized in their hands, Blockchain put it in everyones hands. Fuck the oracles

  15. If there are going to be oracles, then they have to be voted into that position. They'd have too much power otherwise.

  16. Ummm.. are white folks really so slow and desperate at the same time no matter what generation? The people with the big guns who have been oppressing the world is suddenly going to make things better for you or even allow someone outside of them to make things better for you? You people dream too much. You all amuse me.

  17. I'm still trying to figure out if this will really work. How will this work with a debt system. Suppose I want to pay for the car with installments. Then there will still be a debt. And with a debt the chance to not pay. And if it was a peer to peer transaction, that means that the person selling would go through the trouble of getting the money back. When there is a middleman ( car company) these risks are for them. Same thing with banking.

  18. Pi is a new digital currency being developed, you can join the beta to earn Pi and help grow the network for free… when PI gets out of beta thats lioterally free money… To join Pi, follow this link https://minepi.com/Connor99 and use my username (Connor99) as your invitation code. Help us grow the community and new currency

  19. People sick of centralised power? Then how come someone cannot form their own million dollars of crypto currency? Crypto currency is just another centre of colonial power. Why can't someone give themselves currency? Answer, another centre of authoritarian power, just with a new name called tamper proof. This is just colonialists continuing to control currency and economic activity. Black chain is just another word for a sociopathic group in universal society.

  20. Useless data…when you don't mention ENERGY!
    Do you know how much energy is required to mine cryptocurrencies?
    To establish a workable global blockchain what is needed is dozens or hundreds of Nuclear reactors.
    Looking at the requirements of Satoshi or IOTA math algorithms, any scientist should be able to dismiss the viability of a real-time, instantly updated system with billions of nodes involved as absurd and counterproductive.

    Re Godel accepted theory that every viable system requires an external envelope of control should be factored into discussions of defining the real problem of creating and maintaining any 'free lunch' totalitarian control system- don't you???
    How do I purchase Bitcoin for my account without dealing with an agency which requires me to surrender fiat money to establish a new account?
    And what is the external rule based entity or agency that is in charge of maintaining the viability and efficacy of the blockchain. And what is the domain limitations of multiple blockchains attempting to coordinate result sets?
    These questions are ultimately moot, there us not enough energy on Earth available for such a system to be possible.
    IMO blockchains such as IOTA are designed to hasten the emergence of a global, fascist NWO network of tyranny and control.

  21. Reading the comments I realize that few consider physical limitations of computer activity …
    For ex.
    What is the cloud?
    No, it's not computation in the sky.
    The cloud is actually gigantic, a series of data farms that require huge water supplies to cool the millions of hardware units.
    One of the biggest is up North at the Dalles. It is built next to a lake which supplies the necessary cooling water and also to generate electrical power. This is the cloud that serves data transmissions, but it's one of many around the globe….and cloud services are stretched to the limit, in terms of capacity and viability.
    Now until the use of hundreds of Thorium based reactors come into existence to accommodate the energy needed to establish a global blockchain intergrated information system these discussions of blockchain viability are just pipe dreams from retarded minds.

  22. I do agree with the hesitance of people because of privacy, particularly when blockchain is used in healthcare.

  23. Just as the Banking Military, Industrial Complex created the Internet to enslave mankind, so to will the totalitarian IOT block chain be used to create a Global Gulag.

  24. Humans have not changed so the worries of the founders of the USA have not changed. We are not angles is still true today as it was in 1775 and 1800. The Constitution didn't create a Democracy. It created a pyramid structure where the lower government organizations that are many in number and have different interest regulate the higher member of the sets the rules for those below. And also the provides representatives elected by democratic means that must agree before the lower government organizations can regulate the higher member. The alternate forms of organization all create individuals that are not subject to review by lower organizations or the governed, no consent. As we have seen even even the government set up by the Constitution no longer follows the rules set forth.

    So when you define a system of rules and contract you do not address that even these HUMANS that are the oracles are NOT ANGLES. Block Chain is a flawed as the present system and will be just as poor an answer. Why, because humans are not ANGLES.

  25. Are we not creating a underworld — we are humans, and so far our defense mechanism is lies, to gain power. or for that matter to become invisible to the system. I grew up as a child in the jungle — escaping from the concrete jungle is impossible!?

  26. I think it was 'invented' by ET's , to give humanity the option for evolving self government . Does the populace have the faith and confidence to oppose the Satanists who think they should run the planet cause only they can deal with the 'truth' .
    Well these Illuminati satanists have done a very bad job so far ; but hubris goes on until nemesis punishes them .

  27. Devil's last hurrah . . Love lifted u twice so let your hate put u or mine N your place where eye found you . Lisa R Logos artist circle R

  28. I Lisa R ( let all others b liars me we married should one claim to be me heaven or earth RRR HBTN . Kingdom of GOD USA or LiSA RRR CREATOR

  29. There are privacy, and confidentiality issues. For instance, if I find a piece of gold, or create something out of a piece of wood from a tree for money. You are going to have to answer to something as to where it came from, or how it was made. It will screw up the market of barter, and free trade. This is another system of control.

  30. Cautiously optimistic.

    Anything that has "rules" will eventually be cracked and it seems like the higher the stakes, the "harder" it is to crack, and the more "secure" people feel about something the more dramatic the fallout when the system is broken by someone.

    That said, it looks like the positives will vastly outweigh this so I am excited.

  31. Fast lane to the annihilation of the human race. Characters promoting this Beast System are so enthusiastic when they speak about it/ promote it. Lets not kid ourselves, we know how all this ends.

  32. I get why governments and bankers are scared of Blockchain. Cutting out intermediares who don't actually supply value is their Worst nightmare. Bankers are leeches in the Financial system, and states like USA have weaponized the banking system by virtue of being intermediaries.

  33. Yeah! Block Chain is definitely the future for shared database authentication, validation and protecting commonly accessed information and securing the integrity of public records etc. But applying the same technology in attempting to successfully reducing counterfeiting of digital signatures and licensing for copyrighted digital media will be harder and not easily implemented into a standardized universal protocol. The idea that you can  'keep tabs' on every single piece of produced digital media is 'pie in the sky' and could never be universally regulated or policed.

  34. Sounds like the creation of a High Tech Monster everyone and everything will be enslaved to. Sounds a lot like Revelations.

  35. To all the rich greedy bitcoin manipulators. Please, STOP manipulating the BITCOiN price, allow it to grow in value for
    the sake of the average investor.

  36. what you said about oracles is wrong. they are just a way to import data that isn't on the chain to the chain itself — stuff like weather, geolocation, price feeds, etc.

  37. I’m not convinced. For instance. Medical records. I went to the doctor because my toe hurt . The medical info uploaded to BlkCh said I went to the doctor for my finger .
    The “ Oracle “ couldn’t change that info in a instant . I then passed out they took me to the emergency room and they cut off my finger .

    I know this isn’t the best example. But I see holes . Question?
    So perhaps the oracle should supervise the info distribution. Oh I have an idea !!!! Let AI do it . I do see if the data is correct it could be a real $ maker in the stock market . Think long think wrong !

  38. I don’t use blockchain yet but the very idea fills me with more happiness than I’ve felt for a long time in regards to modern society.

  39. Bitcoin is another scam. People think it's untouchable. So when the government shuts down the internet what will you do with your bitcoin?

  40. When anything including blockchain is said to be unhackable I laugh my ass off. You have no clue what our secret government has. None. Whenever they choose your cryptocurrency will be worth 0.

  41. the point form this video is
    Buy cryptocurrency which developed with a scientific approach
    and that is CARDANO ADA

  42. I'm sorry but you want to increase the value of blockchain But don't want to go into the details of Why it's secure In this video! because you've put a link to it? you haven't establish what blockchain is (the technology) Nor how it can be applied to Any of the industries you've said it will become important to. bringing in a PhD who uses words like disintermediate and other jargon doesn't convince anyone of your credibility!

  43. Hey ColdFusion you make great videos, is it possible you can make a video on Scroll? "Data Transaction Token".. They are partnering up with very large companies in a lot of people believe it's going to be big deal.

  44. I still get the feeling…. it's maybe or maybe not! Cryptocurrencies might be the future of world economies or criminals might seep into the works and destroy the whole framework of crypto currencies..This unknown factor will make crypto currencies volatile for decades!

  45. "Oracles with special powers to make edits on the blockchain"…hmm. so you see there is really no way of complete decentralization and democratization of currency or transaction. so it is a utopian idea but will have some limited success in my opinion.

  46. I think that you are right about the future will hold a combination of AI and Block chain. And I am a little hesitant because I don't think that there are adequate controls in place to garauntee what data will be stored on the Block chain and I'm not sure about AI as it has been shown to be able to do things that are not in the best interest of society. Perhaps I don't know enough about AI and Block chain to voice a good critique of them yet but it's moving at it's own pace so that we will see very soon what the future will bring.

  47. i really dont 100% believe what he is saying but this can happen so i am going for a safety net weather or not it doesn't work out.. and FYI my safety net is @telecoin

  48. Amazing can't believe this until I tried this hacker on @hack_Lan on Instagram he helped me doubled my bitcoin in every damn transaction… legit 💯

  49. Amazing can't believe this until I tried this hacker on @hack_Lan on Instagram he helped me doubled my bitcoin in every damn transaction… legit 💯

  50. As I start to get ready to buy into BC, this video has been very helpful!

    But it left a lot out about things already starting to be implemented that have nothing to do with the internet. I read not long ago that Wart-Mart is moving to blockchaining all their suppliers. Cheap RFID's make this doable. So, if the CDC says we have a salmonella outbreak, the blockchain will enable WM and the CDC to perhaps identify the one farm where the bad spinach came from. Immediately.

    I'm an old guy, I built vacuum tube radios as a teenager. I mostly like technology. But in my lifetime, most things have been evolutionary. Blockchain has the potential to change the world as much as the printing press and the internet have.

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