[Forward] Blockchain Just Isn’t As Radical As You Want It To Be

Hi, today I recommend a good article about blockchain cited from longreads.com, thanks for reading.

Original link:
https://longreads.com/2018/02/15/blockchain-just-isnt-as-radical-as-you-want-it-to-be/

Part of the original text:

'A blockchain is essentially a distributed database. The technology first appeared in 2009 as the basis of the Bitcoin digital currency system, but it has potential for doing much, much more—including aiding in the development of platform cooperatives.

Traditionally, institutions use centralized databases. For example, when you transfer money using a bank account your bank updates its ledger to credit and debit accounts accordingly. In this example, there is one central database and the bank is a trusted intermediary who manages it. With a blockchain, this record is shared among all participants in the network. To send bitcoin, for example, an owner publicly broadcasts a transaction to all participants in the network. Participants collectively verify that the transaction indeed took place and update the database accordingly. This record is public, shared by all, and it cannot be amended.'