The full audio episode is here and I recommend subscribing to the podcast if you are in to FinTech. A transcript of the relevant section is below, edited for clarity:
This short article attempts to explain what people mean when they are talking about blockchains being a “single source of truth”. In classic Chinese Whispers style, the narrative has become confused about what is meant by “truth”.
This is currently relevant to discussions in the insurance industry where blockchain enthusiasts may be eager to promote blockchains as a solution to the problem of verifying if something has happened or not.
Here, I permanently recorded on Bitcoin’s blockchain a non-truth about the world.
This article attempts to explain the difference between the revolutionary disruptive innovation of bitcoin and the evolutionary efficiency innovations of industry workflow tools, and why calling them both “blockchains”, even as a generic term, is incredibly confusing.
For the rest of this post, I will use the phrase “industry workflow tools” instead of industry blockchains, as some of the emerging solutions being proposed in this space are not blockchains (eg, R3’s Corda is not a blockchain but Digital Asset’s solutions are – however, both companies are proposing industry workflow tools).
I have been looking for a one pager explaining the difference between users, miners, nodes and other participants on the bitcoin network. I couldn’t find one so I attempted to draw my own. Here it is.
Click on the image for a high-resolution copy you can download, share, copy and print.
Feedback very welcome!
In the context of data security, the immutability of data stored on blockchains is important. What do people mean when they say “Blockchains are immutable”? In this post I try to explain the key concepts.
I enjoyed listening to episode 112 of the podcast “Epicenter Bitcoin” where Casey Kuhlman, CEO of Eris Industries was interviewed. Here are my notes on parts that I found particularly interesting. Misunderstandings and paraphrasing errors are mine.
Recently over dinner, I was asked to explain bitcoin mining, and I struggled as it is entangled with a number of other concepts. Here’s my attempt at breaking it down into bite-sized pieces.
I’m often asked what’s in a blockchain, so I put this infographic together as an aide memoire using bitcoin’s blockchain as the example.
Although other blockchains will have differences, the overall structures should be similar.
Infographic designed by fractalphia.com
This is also available in French produced by BitConseil.
Print a poster
Click here for a higher resolution version that is a great size and shape to print out on A3 and stick on your wall as a quick reference!
This article is a gentle introduction to bitcoin and assumes minimal technical knowledge.
Shorter companion pieces to this are:
- Bitcoin’s network in one infographic
- Inside bitcoin’s blockchain (infographic)
- A gentle introduction to bitcoin mining
In the popular media, you will often read comments like “Bitcoins are stored in a digital wallet”, or “You can send money using blockchain technology”. These comments can be misleading and can confuse. By the end of this you should understand enough to participate in a dinnertime conversation about bitcoin, and not be mystified by the topic.