Blockchain technology will revolutionise far more than money: it will change your life. Here’s how it actually works
My recent interview with Andreas M. Antonopoulos, information security expert and tech-entrepreneur, and the author of “Mastering Bitcoin”.
2. Bitcoin is simultaneously a currency, a financial asset, and a technology protocol. Underlying bitcoin is the blockchain, a distributed public ledger. For people who are not intimately familiar with either bitcoin or blockchain, could you briefly explain what these technologies consist of?
The blockchain is a distributed database. The magic of bitcoin comes from sharing control over that distributed database through a consensus mechanism called “Proof of Work”. This ensures that no one is in control of bitcoin and that it operates based on predictable rules.
Cloud computing is about horizontally (as opposed to vertically) scaling systems. Instead of building one super-powerful server, you create many inexpensive servers that each contain a small part of the system. There are multiple advantages to “scaling out” rather than “scaling up”, such as incrementally improved capacity with little or no downtime and less expensive, more maintainable servers.