As soon as I heard of this blockchain stuff it crossed my mind that this is needed to be implemented in government money tracking system (especially the one of developing countries) to prevent corruption and ensure that everything that concerns public interest (read ''everything that targets taxpayers' money") is being kept public... speaking of republics and democracies, this stuff is real deal
@@antonfranzen9931 You could buy a bunch of gold/silver with the government currency and barter for things using that to get around the tracking system. Or you could buy privacy crypto currencies like Monero and send money over the internet using those currencies.
So would it be right to say that, as a rule of thumb, blockchain tech can be used wherever two parties are involved with different (or even opposite) goals, but reliant on a single crucial resource/knowledge that neither can trust the other with? I feel like that would be a good thing to keep in mind for thinking about starting a blockchain-based business.
The only problem i see, with shipment for example, is that most of the time, the officers in charge don't scan the packages when they pass some distribution centers, the human factor could be a huge problem for some of these applications :) Another great video! happy midweek and keep on programming!
This can also be solved with technology. We could put RFID stickers on each shipment and read them once they enter the facility. Also tracking richt now is pretty reliable, no? Packages just go on a conveyor belt and are automatically scanned and tracked.
Simple and precise. I've been wanting to know the difference between these ideas. Now, it!s more clearer and easy to understand. Thank you for the video.
It just seems like a lot of these use cases can be done by a good vlookup and solid integration. These still don’t feel like they justify the advanced blockchain or the sheer massive computing infrastructure needed to support it. Traditional cyber security it’s still probably the way forward for the next 50 years.
i was thinking the other day how we could use blockchain tech to verify the voting system or use it as a notary. but what about package tracking and shipment tracking? perhaps we could get a more realtime updated tracking on such things? why stop there? GPS even? idk where we are going. so far crypto has been changing the financial world. maybe little by little we can get everything decentralized and give less power to the governments and big banks etc. but then again i have absolutely no idea what im talking about.
First of all there would be too many to publish on the news paper Second that is not the purpose of Twitter or newspaper so having a network dedicated to that would be better
I don't understand the example at the artist part. E.g. I don't think that Spotify couldn't track what their subscribers are usually listening to. They could calculate percentages of that and cash out to artists based on the calculated datas. Where does the blockchain come in, and why is it coming in?
Oh my! This technology needs to be incorporated with Statistics. Why? After learning it, I understood that you can pretty much make a statistic say what you want it to say by the collection of data or the presentation of such said data.
Well, in my one-year+ of involvement of this topic, the best use of blockchain (or similar) technology seems to be for money. As this video points out, there may be other uses, but in its use as money, I think it could change the course of history (a little). (I recall daily the episode of the Three Stooges, where their elusive fortune was based on the perfection of a pen that writes under whipped cream.) Next thing you know, we'll be putting the agenda for next week's bingo game and pot luck dinner on a blockchain.
Not to take away from your stellar videos, for which I am grateful, however reducing some reverb in your voice and/or using more sound dampening techniques would give your voice more direct power, hence greater effect. 😊 Please don't hear what I'm not saying. Your videos are awesome and some of the most helpful. Just giving some perspective on the impact of audio as someone with a background in this area to help you impact more people. Blessings 😊
Nice video and gives some good ideas of business use cases. Just one comment however not all blockchain solutions will be public and open. Depending upon the actual business need they could be open or closed. Also they could be public or private. There's little consensus (pun intended) around terminology but I'm using; open/close for the readability of the data and public/private to define who can write the data. Ethereum technologies tend to offer open / public solutions and Hyperledger private / closed.
I can truly attest that when the Lord said "let us create inhabitants on the earth in Our Image" is indicative of the very smart, intelligent, knowledgeable creative inhabitants who have occupied this Planet since then. History is replete with the greatest minds who ever existed and do exist today, minds as the Gods would have them. Simply astonishing to be made aware of all the developments in technology we have today, and what to expect into the future. There is so much I do not know, because of the fast rate of new discoveries and applications, it is hard to keep up, and this Block Chain technology is one of them. Very informative video though. Thanks.
Congratulations ! I understood many things about decentralized technology in a few minutes ! Beautiful simple graphics .. may I ask which software have you used for the graphics ?
Since "Agora" comes for the greek term for "public square", "gathering space", "assemply", it should be pronounced "Agorà". Otherwise it sounds like the Portuguese word for "now", which is less likely to convey a sense of public participation in a vote than "public square". ἀγορά
I have a question. Are they suggesting that we can track the provenance of food based on its packaging by scanning it? What if someone copies the package and it shows the information of the "real" food but the content is "fake"? How can we prevent that?
A Blockchain is a linked list and doesn't mean much unless you specify: - is it private or public, permissioned or permissionless? (in case of private and permissioned a DB is always a better choice) - what is the consensus mechanism? - who are validators? - does it represents a digital asset that "lives" inside the blockchain or is it a representation of an external asset? in this last case how do you manage counterparty risk? If you answer these questions you'll see that some of your examples are not realistic
Can you say (specifically) which examples aren't realistic? The parameters you mention matter when implementing or choosing a Blockchain. Not when you try to explain possible applications.
Notarization for instance is a notable use case especially on the bitcoin blockchain (the most secure). Food tracking and car mileage registration for instance are not. Answer the questions above and to the question who is in charge to send transactions? So far you have not explained a solution but only an approach: use blockchain and IMO it does not work for some examples. The parameters I mentioned matters because when you propose a solution you have to explain why it is better than others.
Food tracking is perfectly doable. Put a tag on each piece of food and have companies scan it when it enters/leaves their facilities. It gets harvested? Farmer adds that event to the blockchain. Arrives at a shipping company, they add it as well. Arrives at the store, they add another event. Customer buys it, another event. The used consensus algorithm is of no importance. You can use PoW or PoS, doesn't really matter as long as the chosen algorithm does in fact generate consensus amongst everyone on the network. The "validators" or "miners" in this example are every company who is involved in the process. They want to make sure that the data is not tampered with (so that the store cannot accuse the shipping company of bad practices for instance). How is this better than the regular food tracking system? Well it's a LOT faster! Check out some of my sources ;)
"The used consensus algorithm is of no importance." Are you serious? It must be granted that all participants in the supply chain do not have to trust each other (otherwise why a blockchain?) Could HackMeNow be a good name for this blockchain? Have you heard about the numerous 51% attacks on some altcoins in the past few days? Who pays the extra effort of validators? Scanning a barcode and send this data to a blockchain is enough for you? What about temperature, humidity, hygenic conditions, ...? Who guarantees that the barcodes are not counterfeit? What happens if you discover an error? Would you suggest to use an editable blockchain?
I have only seen 51% attacks in a few coins. There are hundreds to choose from that do a better job that those that have suffered a 51% attack. If companies adopt already existing cryptocurrencies, the problem of paying to validators is solved. Scanning a barcode is just an example. All the other things that you have mentioned depend on the sensors available and the willingness to track something. Maybe the company just wants to know where the package is. Why would it then care about hygienic conditions? Any data can be put on the blockchain including temperature, humidity, hygienic conditions. What do you mean by counterfeit barcodes? How many problems with barcodes have you seen in supermarkets now? Why would it be different? Don't get this question... What kind of error are you talking about?
Blockchain technology will only be implemented if it’s spectacularly better than the thing that it’s replacing. With the exception of things requiring public transparency like voting or use of public funds, blockchain isn’t actually better than a well designed and maintained data infrastructure using convention technologies. Blockchain is a very specific piece of technology that can be made to do a lot - but not made to do a lot well.
Doesn't prove anything. The proof is once these applications are built, used, and sustainable. A ton of these experiments will fail. Some will succeed. But most will fail.
3:00 the significance of this rings totally different after 2020... Still, doubters would still find a way to doubt, I'm sure. Another great use for the blockchain going forward, would be for fact-checking. Imagine having it all securely validated... it would be a great solution to derail the spread of misinformation, that become practically viral (more so than the actual covid virus) after the way social media platforms made it so easy to spread.
Very helpful video. One question though, regarding the car odometer example. You mention that by replacing the report method of the car mileage with a smart odometer which would send the data to the blockchain network where it will be stored as immutable data. My question is, if the odometer itself is "tampered" and reports half of the distance then we have not really gained anything. More like an illusion that the guys car mileage is legit. My understanding is that blockchain is about data integrity and not about data validity. New to blockchain, so am I missing something here?
You're correct! The data inside a blockchain is tamper-proof, but it might have been tampered with before. In case of an odometer, you could protect the device in various ways and even detect tamper attempts. A bit like what electrical companies do with smart meters.
Great vid as always. And how can those blockchains communicate and transfer data with each other? Through interoperability. Like the XRouter from Blocknet. Would love a explanation video about that.
Right now blockchains cannot really communicate with one another. They have no notion of what happens in other chains. That is something that people behind Cardano for instance try to solve. Thanks for the suggestion, could indeed be an interesting video!
The only thing I still don't get is how/why these different blockchains get represented by coins that you can buy. Like VeChain does the shipping blockchain like you were mentioning, but what does that have to do with "currency"? If this was the next video, that'd be amazing!
They mostly add that element to raise money and to give an incentive for people to join and secure their network. Could make for a next video, yes! Thx!
Voting should be block chained... Government should develop voting app which runs in sand box environment completely detached from host environment.. Deploy such app on smartphone, Mac and windows.. Can it be possible?
told me nothing about how to use it,for my personal use,lots of theory but no clear explanation ..as in every other youtube video about blockchain that I have watched up until now,but I am still hoping that one day someone will present a common sense explanation of this thing ..
Great explanation! Keep up the good work! Also, what about car insurance against theft when your car is still? What if you're in the supermarket, car is in the parking lot and somebody bumps into it? Not insured because it's not driving?
Hah good point! Although if someone bumped into your car and you have no proof, I doubt the insurance companies would compensate you for the damage. But that's beside the point. You could indeed create a second type of insurance contract to detect a bump to your car when it's parked.
hey i wanna to study smart contract using blockchain technology in construction projects what shall you recommend me to study ma tesis paper on this technology
I understand the odometer example but I don't understand the effectiveness of the food-tracking or shipment-tracking example. Because when nodes/participants in the blockchain "verify" the "transaction" they don't necessarily know what has actually happened - whatever the "transaction" is, just "becomes" when its verified and consensus is achieved. So isn't there still a risk here? Yes, the blockchain may be a faster tracking tool, but it doesn't make sure, that the initiated entry is correct in any way, am I right? If i'm right, I don't see it solve the presented problem = proving where it (e.g. the food) came from. Because that all depends on the first entry.
Ehhh... The magic is in the mining, where are the incentives for miners to validate these transactions outside the concept of a cryptocurrency? Seems like adding transaction hashing to system design could add some of that yummy immutability in traditional client server environments. Wonder if that is all they are doing and calling it "blockchain".
The Angriest Puppy look up PoS. New way to mine and new blocks are minted from people who hold the coin so they are more invested in it. Similiar to a dividend. No gfx card required.
POS doesn't solve the issue of a non-monetary transaction system. It is infeasible pay a fee every time to transact data on logistical information such as location of a container. In practicality these solutions will be implemented through a DAG or other form of fee-less distributed consensus architecture. For example If IOTA implement smart contracts to their tangle this creates a far more practical environment for distributed consensus.
Just make the hashing much much easier (and if possible, not hugely increase in difficulty like currencies do) so it can be done quickly on mainstream computers, the client program can check to see if the client's computer is powerful enough, and switch to a backup no-mining mode if it isn't - whether or not it downloads the blockchain could be based on a download speed test (if not fast enough it logs in to a server if not, and there will be local servers for each area of the country so that the blockchain is spread out across multiple servers. Private companies with secure servers or universities (since they're spread out across the country already) could be paid to be hosts for this). I don't know if blockchain inherently requires a large increase in difficulty as time goes on, or if that's a feature built into currencies to control inflation.
The Angriest Puppy block chain records are just hard to modify... Based on how they have been written... So, it's still not fool proof as it is marketed...
I can see how Blockchain could be useful in some applications but I certainly would not want to put every aspect of my life on the smart grid in the name of security. We need to be reducing EMF pollution and internet dependency. In the case of food poisoning, this type of system would only be treating the symptoms of ill food manufacturing practices rather than fixing the actual problems.
You really don't need block chain to record odometer. The real problem with odometer is not the record STORAGE, but the record GENERATION. You need the car to generate records in a way that the user cannot tamper with. That's a very tall order, because the car is in the possession of the user. She can disassemble the car on her garage at her leisure, and mess with it so that it generates garbage records. The fact that those records get stored in a trusted place makes no difference if the records that get put into that system have been manipulated in the first place.
Block chain does not solve the voting problem of "the user's machine is controlled by the KGB". Block chain is not some magical security device. What's special about (proof of work) block chain is that it has a very hard computational "brake" such that even though zillions of people trying to append to the ledger, only a small trickle of attempts to append actually succeed, resulting in minimal forking of the block chain i.e. a consistent timeline (unless someone has the majority of the computing power in the network).
Im confused about how smart contracts allow musicians to get paid based on the amount of listeners the get, I thought thats what spotify does already? How is that different?
🎯 Key Takeaways for quick navigation: 00:00 📚 Blockchain is a distributed database that allows transparent record-keeping. 00:57 💰 Cryptocurrencies like Bitcoin are a popular application of blockchain, enabling direct transactions without intermediaries. 01:26 🚗 Blockchain can combat odometer fraud by securely recording a car's mileage. 02:20 📄 Blockchain can timestamp documents, similar to a notary, enhancing transparency. 02:49 🗳️ Blockchain-based digital voting can improve transparency and security in elections. 04:08 🍔 Blockchain can track food products, aiding in food safety by quickly tracing the source of contamination. 05:27 📋 Smart contracts on blockchain can automate tasks like insurance claims, medical record access, and royalty payments. 06:23 🎵 Blockchain technology has a wide range of applications beyond these examples, making it a versatile solution for various real-world problems. Made with HARPA AI
Hey on the application regarding tracking food, I don't understand why you need to use blockchain , all it needs is constantly tracking it - it doesn't require publicly broadcasting the data. So why do you require blockchain? Please correct me if I'm wrong.
Quick question: for the examples (such as the food example) in the beginning - when smart contracts haven't had been mentioned yet in the video - wouldn't we also have to create smart contracts? In the case of the food example: each piece of food e.g. a steak when created is identified via smart contracts on the blockchain. Thanks a lot in advance!
It sort of depends on the implementation. Smart contracts are not a requirement in a blockchain, it is just an additional feature to it. When he was talking about the steak, he was referring to being easily capable of tracing payments made to an address. Companies could already do that with records of transactions in their database, but now all of it would have publicity (if the blockchain is public) or since the idea is to keep a record of who purchased the product, another entity sends a message to everyone who bought meat in the last 2 weeks.
You need to be clearer. For example about the example of tampering with odometer, you need to mention that GPS tracks the mileage of the car while odometer tracks the mileage on a mechanical based measurement system. This data is reconciled and stored in a blockchain. GPS tracking is critical for authentication. Look forward to your new videos.
Namaste Structure of blockchain A block consists of 3 parts 1. Header : It has version information, nonce, previous block id and timestamp 2. Merkle : It is a hash built from the block's transaction identifiers 3. List of records : It is an identification of hashes that were included into the block's Merkle tree Thanks
As soon as I heard of this blockchain stuff it crossed my mind that this is needed to be implemented in government money tracking system (especially the one of developing countries) to prevent corruption and ensure that everything that concerns public interest (read ''everything that targets taxpayers' money") is being kept public... speaking of republics and democracies, this stuff is real deal
I would rather see what banks are doing,
I agree, tax money should be tracked by everyone
It's only a matter of time before people get ways around it
@@abiolajimoh8590 How?
@@antonfranzen9931 You could buy a bunch of gold/silver with the government currency and barter for things using that to get around the tracking system. Or you could buy privacy crypto currencies like Monero and send money over the internet using those currencies.
You gave me the piece I was missing. Most people talk about the back end, the blockchain, but this talks about the user interface. Thank you
So would it be right to say that, as a rule of thumb, blockchain tech can be used wherever two parties are involved with different (or even opposite) goals, but reliant on a single crucial resource/knowledge that neither can trust the other with? I feel like that would be a good thing to keep in mind for thinking about starting a blockchain-based business.
The only problem i see, with shipment for example, is that most of the time, the officers in charge don't scan the packages when they pass some distribution centers, the human factor could be a huge problem for some of these applications :)
Another great video! happy midweek and keep on programming!
This can also be solved with technology. We could put RFID stickers on each shipment and read them once they enter the facility. Also tracking richt now is pretty reliable, no? Packages just go on a conveyor belt and are automatically scanned and tracked.
You are so good at explaining things. Clear and concise in one go.
Simple and precise. I've been wanting to know the difference between these ideas. Now, it!s more clearer and easy to understand. Thank you for the video.
You produce really great stuff, simple and in layman terms in a short time.Kudos!
My favorite is Everscale, what I see is it can do voting faster and safe, you can check it to verify
thanks for the creator for making such a quality content
Best Blockchain Explanation on RUclips
Super Duper Phenomenal presentation
It just seems like a lot of these use cases can be done by a good vlookup and solid integration. These still don’t feel like they justify the advanced blockchain or the sheer massive computing infrastructure needed to support it. Traditional cyber security it’s still probably the way forward for the next 50 years.
You are dead wrong haha.. Blockchain is the real deal.
i was thinking the other day how we could use blockchain tech to verify the voting system or use it as a notary. but what about package tracking and shipment tracking? perhaps we could get a more realtime updated tracking on such things? why stop there? GPS even? idk where we are going. so far crypto has been changing the financial world. maybe little by little we can get everything decentralized and give less power to the governments and big banks etc. but then again i have absolutely no idea what im talking about.
You always made complicated thing explained in simple way. Super love your channel
Well about the stamp thing: You could also just hash the document and publish the hash (and a title or smth) public like on twitter, the newspaper ...
First of all there would be too many to publish on the news paper
Second that is not the purpose of Twitter or newspaper so having a network dedicated to that would be better
Blockchain for Electronic Components Project: Focus on the HTS 8532 and 8533 Because it includes Conflict Minerals and Endangered Species.
Sad for not being able to press LIKE more than once!
From my heart, Thanks
I don't understand the example at the artist part. E.g. I don't think that Spotify couldn't track what their subscribers are usually listening to. They could calculate percentages of that and cash out to artists based on the calculated datas. Where does the blockchain come in, and why is it coming in?
Oh my! This technology needs to be incorporated with Statistics. Why? After learning it, I understood that you can pretty much make a statistic say what you want it to say by the collection of data or the presentation of such said data.
Well, in my one-year+ of involvement of this topic, the best use of blockchain (or similar) technology seems to be for money. As this video points out, there may be other uses, but in its use as money, I think it could change the course of history (a little).
(I recall daily the episode of the Three Stooges, where their elusive fortune was based on the perfection of a pen that writes under whipped cream.)
Next thing you know, we'll be putting the agenda for next week's bingo game and pot luck dinner on a blockchain.
You made it so easy to understand, tha you for this video
Not to take away from your stellar videos, for which I am grateful, however reducing some reverb in your voice and/or using more sound dampening techniques would give your voice more direct power, hence greater effect. 😊 Please don't hear what I'm not saying. Your videos are awesome and some of the most helpful. Just giving some perspective on the impact of audio as someone with a background in this area to help you impact more people. Blessings 😊
This is an older video of mine. I have a much better microphone now, so things are improving ;)
the very beginning of this video nails it-that’s why i am here.
I first time listening such informative video. Very well done bro keep sharing informative video.
Clarified a lot! But everyone talks about Blockchains as literal things, when, if I understand correctly, Blockchain is a kind of data protocol, no?
3:25 What about computing power voting? The cyberpunk we deserve!
视频非常好！ 我的OKX钱包里有USDT，并且我有恢复短语. [pride]-[pole]-[obtain]-[together]-[second]-[when]-[future]-[mask]-[review]-[nature]-[potato]-[bulb] 我该如何将它们转移到Binance？
Nice video and gives some good ideas of business use cases. Just one comment however not all blockchain solutions will be public and open. Depending upon the actual business need they could be open or closed. Also they could be public or private. There's little consensus (pun intended) around terminology but I'm using; open/close for the readability of the data and public/private to define who can write the data. Ethereum technologies tend to offer open / public solutions and Hyperledger private / closed.
Blockchains are so exciting!
Very good explanation, thx
These videos are first class! Would love to see one on edge and mist computing
I can truly attest that when the Lord said "let us create inhabitants on the earth in Our Image" is indicative of the very smart, intelligent, knowledgeable creative inhabitants who have occupied this Planet since then. History is replete with the greatest minds who ever existed and do exist today, minds as the Gods would have them. Simply astonishing to be made aware of all the developments in technology we have today, and what to expect into the future. There is so much I do not know, because of the fast rate of new discoveries and applications, it is hard to keep up, and this Block Chain technology is one of them. Very informative video though. Thanks.
its funny bc a month ago I was wondering if there was a digital way to "timestamp" a document to be used as patent evidence, know I found this!!! lol
Explained very nicely !!
Favorite would be the medical information protected transfer
good job man! nice content flawlesly explained. Suscribed!
Amazing thank you so much
Very well explained
Congratulations ! I understood many things about decentralized technology in a few minutes ! Beautiful simple graphics .. may I ask which software have you used for the graphics ?
This is a really interesting video
Are you sure about that?
Very informative video. Looking forward for more. Thank you so much.
Since "Agora" comes for the greek term for "public square", "gathering space", "assemply", it should be pronounced "Agorà". Otherwise it sounds like the Portuguese word for "now", which is less likely to convey a sense of public participation in a vote than "public square".
ἀγορά
I have a question. Are they suggesting that we can track the provenance of food based on its packaging by scanning it? What if someone copies the package and it shows the information of the "real" food but the content is "fake"? How can we prevent that?
A Blockchain is a linked list and doesn't mean much unless you specify:
- is it private or public, permissioned or permissionless? (in case of private and permissioned a DB is always a better choice)
- what is the consensus mechanism?
- who are validators?
- does it represents a digital asset that "lives" inside the blockchain or is it a representation of an external asset? in this last case how do you manage counterparty risk?
If you answer these questions you'll see that some of your examples are not realistic
Can you say (specifically) which examples aren't realistic? The parameters you mention matter when implementing or choosing a Blockchain. Not when you try to explain possible applications.
Notarization for instance is a notable use case especially on the bitcoin blockchain (the most secure). Food tracking and car mileage registration for instance are not. Answer the questions above and to the question who is in charge to send transactions? So far you have not explained a solution but only an approach: use blockchain and IMO it does not work for some examples.
The parameters I mentioned matters because when you propose a solution you have to explain why it is better than others.
Food tracking is perfectly doable. Put a tag on each piece of food and have companies scan it when it enters/leaves their facilities. It gets harvested? Farmer adds that event to the blockchain. Arrives at a shipping company, they add it as well. Arrives at the store, they add another event. Customer buys it, another event.
The used consensus algorithm is of no importance. You can use PoW or PoS, doesn't really matter as long as the chosen algorithm does in fact generate consensus amongst everyone on the network. The "validators" or "miners" in this example are every company who is involved in the process. They want to make sure that the data is not tampered with (so that the store cannot accuse the shipping company of bad practices for instance).
How is this better than the regular food tracking system? Well it's a LOT faster! Check out some of my sources ;)
"The used consensus algorithm is of no importance." Are you serious? It must be granted that all participants in the supply chain do not have to trust each other (otherwise why a blockchain?)
Could HackMeNow be a good name for this blockchain? Have you heard about the numerous 51% attacks on some altcoins in the past few days?
Who pays the extra effort of validators?
Scanning a barcode and send this data to a blockchain is enough for you? What about temperature, humidity, hygenic conditions, ...?
Who guarantees that the barcodes are not counterfeit?
What happens if you discover an error? Would you suggest to use an editable blockchain?
I have only seen 51% attacks in a few coins. There are hundreds to choose from that do a better job that those that have suffered a 51% attack.
If companies adopt already existing cryptocurrencies, the problem of paying to validators is solved.
Scanning a barcode is just an example. All the other things that you have mentioned depend on the sensors available and the willingness to track something. Maybe the company just wants to know where the package is. Why would it then care about hygienic conditions? Any data can be put on the blockchain including temperature, humidity, hygienic conditions.
What do you mean by counterfeit barcodes? How many problems with barcodes have you seen in supermarkets now? Why would it be different? Don't get this question...
What kind of error are you talking about?
So nice, good explanation
Thanks for the video. I came across it while doing research for a book and it is a great explanation of the applications of blockchain technology.
Amazing content, simple as well as great..!
I liked the idea of smart contracts
Thanks!
thank you
Blockchain technology will only be implemented if it’s spectacularly better than the thing that it’s replacing. With the exception of things requiring public transparency like voting or use of public funds, blockchain isn’t actually better than a well designed and maintained data infrastructure using convention technologies. Blockchain is a very specific piece of technology that can be made to do a lot - but not made to do a lot well.
Verry Good
Project very well organized and will certainly be very successful
Most of these use cases seems more like a monitoring technology that messes up with people's privacy. Sounds scary
This is a really nice explenation
This video proves that blockchain is here to stay, there’s no fud guys!
@Trader of Future: Care to elaborate on the cheaper solution? Voting one would be revolutionary imho.
Doesn't prove anything. The proof is once these applications are built, used, and sustainable. A ton of these experiments will fail. Some will succeed. But most will fail.
3:00 the significance of this rings totally different after 2020...
Still, doubters would still find a way to doubt, I'm sure.
Another great use for the blockchain going forward, would be for fact-checking.
Imagine having it all securely validated... it would be a great solution to derail the spread of misinformation, that become practically viral (more so than the actual covid virus) after the way social media platforms made it so easy to spread.
great video... thank you for the explanation.
what program do you use to create videos like this?
Very helpful video. One question though, regarding the car odometer example. You mention that by replacing the report method of the car mileage with a smart odometer which would send the data to the blockchain network where it will be stored as immutable data. My question is, if the odometer itself is "tampered" and reports half of the distance then we have not really gained anything. More like an illusion that the guys car mileage is legit. My understanding is that blockchain is about data integrity and not about data validity. New to blockchain, so am I missing something here?
You're correct! The data inside a blockchain is tamper-proof, but it might have been tampered with before. In case of an odometer, you could protect the device in various ways and even detect tamper attempts. A bit like what electrical companies do with smart meters.
@@simplyexplained Got it. Thank you for your time!
Good introductory material helps to learn how to explain BC applications to others in 5 minutes. Thank you!
Great vid as always. And how can those blockchains communicate and transfer data with each other? Through interoperability. Like the XRouter from Blocknet. Would love a explanation video about that.
Right now blockchains cannot really communicate with one another. They have no notion of what happens in other chains. That is something that people behind Cardano for instance try to solve. Thanks for the suggestion, could indeed be an interesting video!
About voting system, what about a combination of IPFS, ZK SNARK and blockchain system? All problems might be resolved
Great explanation
The only thing I still don't get is how/why these different blockchains get represented by coins that you can buy. Like VeChain does the shipping blockchain like you were mentioning, but what does that have to do with "currency"? If this was the next video, that'd be amazing!
They mostly add that element to raise money and to give an incentive for people to join and secure their network. Could make for a next video, yes! Thx!
Simply Explained - Savjee I guess that makes sense... hmm. A video on it would still be helpful if you want to.
Great work!
im interested in BC voting systems...very interesting
Your videos are very helpful. Thank you
i want a brief video on block chain mapping with example of any product .humble request
I love this channel and i have made a research paper and it was a primary source to know about blockchain
Great to hear! Also check out the sources that I consulted for my research. I publish them for each video and they could inform you even more ;)
Simply Explained - Savjee yes sir i would really love to do that , thank you so much for sharing this beautifu and informative l cotent
Voting should be block chained... Government should develop voting app which runs in sand box environment completely detached from host environment.. Deploy such app on smartphone, Mac and windows.. Can it be possible?
told me nothing about how to use it,for my personal use,lots of theory but no clear explanation ..as in every other youtube video about blockchain that I have watched up until now,but I am still hoping that one day someone will present a common sense explanation of this thing ..
We dont need to use blockchain for doing any of them
Thank you! Really helpful! Subscribed!
i cant believe you only have 85k subs
I know right! Spread the word ;)
Do a video on Hyperledger
Thank you for this video. It is very informative!
Great explanation! Keep up the good work! Also, what about car insurance against theft when your car is still? What if you're in the supermarket, car is in the parking lot and somebody bumps into it? Not insured because it's not driving?
Hah good point! Although if someone bumped into your car and you have no proof, I doubt the insurance companies would compensate you for the damage. But that's beside the point. You could indeed create a second type of insurance contract to detect a bump to your car when it's parked.
so the alternative to buying servers to store data we have blockchain?
3:29 if someone had malware on their phone to tamper with that, then it defeats the purpose of the blockchain.
Effective presentation...i need to listen from you about digital voting using blockchain
hey i wanna to study smart contract using blockchain technology in construction projects what shall you recommend me to study ma tesis paper on this technology
The for the explanation! Great video!
I understand the odometer example but I don't understand the effectiveness of the food-tracking or shipment-tracking example. Because when nodes/participants in the blockchain "verify" the "transaction" they don't necessarily know what has actually happened - whatever the "transaction" is, just "becomes" when its verified and consensus is achieved. So isn't there still a risk here? Yes, the blockchain may be a faster tracking tool, but it doesn't make sure, that the initiated entry is correct in any way, am I right? If i'm right, I don't see it solve the presented problem = proving where it (e.g. the food) came from. Because that all depends on the first entry.
VeChain and CarVertical baby!!
Ehhh... The magic is in the mining, where are the incentives for miners to validate these transactions outside the concept of a cryptocurrency?
Seems like adding transaction hashing to system design could add some of that yummy immutability in traditional client server environments. Wonder if that is all they are doing and calling it "blockchain".
The Angriest Puppy look up PoS. New way to mine and new blocks are minted from people who hold the coin so they are more invested in it. Similiar to a dividend. No gfx card required.
POS doesn't solve the issue of a non-monetary transaction system. It is infeasible pay a fee every time to transact data on logistical information such as location of a container.
In practicality these solutions will be implemented through a DAG or other form of fee-less distributed consensus architecture. For example If IOTA implement smart contracts to their tangle this creates a far more practical environment for distributed consensus.
Just make the hashing much much easier (and if possible, not hugely increase in difficulty like currencies do) so it can be done quickly on mainstream computers, the client program can check to see if the client's computer is powerful enough, and switch to a backup no-mining mode if it isn't - whether or not it downloads the blockchain could be based on a download speed test (if not fast enough it logs in to a server if not, and there will be local servers for each area of the country so that the blockchain is spread out across multiple servers. Private companies with secure servers or universities (since they're spread out across the country already) could be paid to be hosts for this).
I don't know if blockchain inherently requires a large increase in difficulty as time goes on, or if that's a feature built into currencies to control inflation.
The Angriest Puppy block chain records are just hard to modify... Based on how they have been written... So, it's still not fool proof as it is marketed...
Nice video, simple explanation.
I can see how Blockchain could be useful in some applications but I certainly would not want to put every aspect of my life on the smart grid in the name of security. We need to be reducing EMF pollution and internet dependency. In the case of food poisoning, this type of system would only be treating the symptoms of ill food manufacturing practices rather than fixing the actual problems.
I never have a problem trusting my money in my bank. I like the car milage and voting application.
How could i use blockchain to support marketing campaigns? Ex. promoting a new music release.
Nice video 😉
Good
You really don't need block chain to record odometer. The real problem with odometer is not the record STORAGE, but the record GENERATION. You need the car to generate records in a way that the user cannot tamper with. That's a very tall order, because the car is in the possession of the user. She can disassemble the car on her garage at her leisure, and mess with it so that it generates garbage records. The fact that those records get stored in a trusted place makes no difference if the records that get put into that system have been manipulated in the first place.
Block chain does not solve the voting problem of "the user's machine is controlled by the KGB". Block chain is not some magical security device. What's special about (proof of work) block chain is that it has a very hard computational "brake" such that even though zillions of people trying to append to the ledger, only a small trickle of attempts to append actually succeed, resulting in minimal forking of the block chain i.e. a consistent timeline (unless someone has the majority of the computing power in the network).
Great Video. Explained effortlessly. The best application would be Food industry tracking.
Im confused about how smart contracts allow musicians to get paid based on the amount of listeners the get, I thought thats what spotify does already? How is that different?
🎯 Key Takeaways for quick navigation:
00:00 📚 Blockchain is a distributed database that allows transparent record-keeping.
00:57 💰 Cryptocurrencies like Bitcoin are a popular application of blockchain, enabling direct transactions without intermediaries.
01:26 🚗 Blockchain can combat odometer fraud by securely recording a car's mileage.
02:20 📄 Blockchain can timestamp documents, similar to a notary, enhancing transparency.
02:49 🗳️ Blockchain-based digital voting can improve transparency and security in elections.
04:08 🍔 Blockchain can track food products, aiding in food safety by quickly tracing the source of contamination.
05:27 📋 Smart contracts on blockchain can automate tasks like insurance claims, medical record access, and royalty payments.
06:23 🎵 Blockchain technology has a wide range of applications beyond these examples, making it a versatile solution for various real-world problems.
Made with HARPA AI
Hey on the application regarding tracking food, I don't understand why you need to use blockchain , all it needs is constantly tracking it - it doesn't require publicly broadcasting the data. So why do you require blockchain? Please correct me if I'm wrong.
Fast food restaurants could maintain transparency with its customers regarding the quality of the ingredients used, I suppose.
Quick question: for the examples (such as the food example) in the beginning - when smart contracts haven't had been mentioned yet in the video - wouldn't we also have to create smart contracts? In the case of the food example: each piece of food e.g. a steak when created is identified via smart contracts on the blockchain. Thanks a lot in advance!
It sort of depends on the implementation.
Smart contracts are not a requirement in a blockchain, it is just an additional feature to it.
When he was talking about the steak, he was referring to being easily capable of tracing payments made to an address.
Companies could already do that with records of transactions in their database, but now all of it would have publicity (if the blockchain is public) or since the idea is to keep a record of who purchased the product, another entity sends a message to everyone who bought meat in the last 2 weeks.
You need to be clearer. For example about the example of tampering with odometer, you need to mention that GPS tracks the mileage of the car while odometer tracks the mileage on a mechanical based measurement system. This data is reconciled and stored in a blockchain. GPS tracking is critical for authentication. Look forward to your new videos.
What is Blockchain payment ?
Namaste
Structure of blockchain
A block consists of 3 parts
1. Header : It has version information, nonce, previous block id and timestamp
2. Merkle : It is a hash built from the block's transaction identifiers
3. List of records : It is an identification of hashes that were included into the block's Merkle tree
Thanks
so, is this now the new addition to the Data Structures family ?