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Block Chain and Cryptography for the Layman

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  • Block Chain and Cryptography for the Layman

    Can one of you IT guys explain to me some of the bigger picture meaning with regard to block chain?

    In particular, what is meant by "distributing ledgers?"

    Doing some CPE and trying to make this practical. I feel so old.



    Sent from my SM-G950U using Tapatalk
    Last edited by PBS; 11-26-2018, 07:02 PM.

  • #2
    Originally posted by PBS View Post
    Can one of you IT guys explain to me some of the bigger picture meaning with regard to block chain?

    In particular, what is meant by "distributing ledgers?"

    Doing some CPE and trying to make this practical. I feel so old.

    Sent from my SM-G950U using Tapatalk
    I'll try my best...... Right now we mostly use centralized data which is located on one server or a cluster of servers in a location. Blockchain uses decentralization which is spreading the data across many different servers or computers.

    If the data is updated in any location it replicates the change throughout the decentralized network. This reduces the chances of hacking, and it is hacked there is a fast record of it.

    A company could be hacked and not know about it for months.

    Hope that helps, but that is just the tip of the iceberg.

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    • #3
      And from what I've learned in my field it's nearly impossible for counterfeiting and fraud is virtually impossible.

      Sent from my SM-G950U using Tapatalk

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      • #4
        Originally posted by PBS View Post
        And from what I've learned in my field it's nearly impossible for counterfeiting and fraud is virtually impossible.

        Sent from my SM-G950U using Tapatalk
        Correct, it lives on numerous nodes(pc's) and it is secured by cryptography. It can be data, documents, coins, etc....

        On top of that, someone stole 100 million Ethereum, so the community restored from a backup and got it all back.......lol

        Everything is tracked... Plus you can still take the data offline into cold storage.

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        • #5
          Originally posted by PBS View Post
          And from what I've learned in my field it's nearly impossible for counterfeiting and fraud is virtually impossible.

          Sent from my SM-G950U using Tapatalk
          Also, from what I've learned in my field is that nothing is impossible but the block chain holds transactions accountable unlike what is done in Washington.

          I've heard that people in your profession are required to take 1-2 week breaks to ensure there aren't any anomalies while you're away.

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          • #6
            Block chain now uses like .1% of the energy on the planet.

            https://www.forbes.com/sites/christo.../#7b0ce1984589

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