On this episode of The Wiser Crypto Investor Podcast, Casey Smith and Robert Swarthout talk about blockchain and the different types of blockchain. They also explain blockchain security and how it could change voting for the greater good.
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What is Blockchain?
Blockchain is another form of a publicly available database that records transactions in a block or set amount of time. A certain number of transactions can input into a block, and the computers on that network will decide whether those transactions are valid. An important aspect to know about blockchain is the previous block is always referenced in the new block.
What types of Blockchain exist?
Blockchains are constantly evolving! A blockchain can be used for supply chain management, voting, to prove the authenticity of luxury goods, and much more. They allow you to have a data transaction in a more trusted environment.
Where is the data kept?
The answer to this question depends on how much the blockchain has evolved and what blockchain it is. In the case of cryptocurrency, blockchains are kept in different areas like a home PC or specialized hardware used for crypto mining but it is not limited to this.
What is fungible and non-fungible?
Fungible means individual coins of a cryptocurrency are not unique. Non-fungible means they are unique.
Blockchains and Voting
Blockchains could be the way of the future regarding voting technology. This system could allow you to look back and see if your vote was recorded correctly. Another benefit of using a blockchain is that no votes would be published until all voting is complete. This means people would be less swayed by other people’s voting decisions. Overall, it would allow for a more reliable and consistent system.
Can a Blockchain be hacked?
It is possible for a blockchain to be hacked. However, it is rare because you cannot go back and change a previous block; the whole system would crash. Also, it takes a lot of overall computing power to hack into a system. For example, if you wanted to hack the bitcoin network you would have to gain 51% of the computing power running the network, which is almost impossible.