What is Blockchain Technology & its Possibilities? Explained in 1 Visual 🖼 + 2 Videos 📹 + 3 News 📝

What is Blockchain Technology & its Possibilities? Explained in 1 Visual 🖼 + 2 Videos 📹 + 3 News 📝

In this series, we’ll descend into the depths of blockchain technology to demystify and help you understand more about blockchain technology is, why it’s important, and its possibilities:

  • 1 Visual 🖼 
  • 2 Videos 📹 
  • 3 Latest News 📝

2 Videos: What is Blockchain? How does it work?

Blockchain Expert Explains One Concept in 5 Levels of Difficulty

I love WIRED’s interviews with people with varying levels of expertise – with relatable examples used to explain to kids and college students, and discussions with experts foretelling the possibilities of blockchain. (Interestingly, although this video came up 5 years ago, I think that the points raised about the state of blockchain pretty relevant even for today! 🤔)

How Does a Blockchain Work?

WhiteboardCrypto is pretty awesome at explaining complicated crypto topics (what is a block, hash, mining) in very simple, relatable and visual ways. This particular video also explains what a decentralised economy looks like, and how blockchain technology can enable it.

1 Visual: What can you do with Blockchain?

Source: Deloitte
Source: Deloitte

Now that you understand more about blockchain – this infographic shows some of the possibilities of blockchain technology.

Because of blockchain’s immutable nature, there are many possibilities for identity assurance across many industries such as finance and insurance.

The distributed nature of the blockchain network also opens up possibilities for different types of distribution, such as IoT and supply chain.

3 News: Resources for Further Reading

Researchers, developers & scientists are still figuring out a way to scale Web3 and make it work faster, better, and sustainably.

Check out articles about the latest developments in Blockchain (updated April 2022):

  1. Ethereum: The move towards scalable, secure, sustainable Ethereum blockchain. Mining in blockchain uses a lot of computing power which is highly energy intensive and bad for the environment. However, the good news is that blockchains such as Ethereum, is shifting their consensus system from proof-of-work to proof-of-stake, to make it more environmentally friendly.
  2. Environment: Blockchain for the Environment. Read the report to find out how blockchain technology has the potential to combat the effects of climate change and accelerate the transition to clean energy via hybrid smart contract solutions.
  3. Tech: Blockchain Bridges. After years of research & development, Web3 has evolved into an ecosystem of L1 blockchains and L2 scaling solutions, with a multi-chain market structure. There are >1000 active public blockchains with their own unique applications, users, geographies, security models, and design trade-offs. As they increase, so does the demand to move assets across chains. To fulfil this demand, researchers are trying to build bridges that can connect two blockchain ecosystems.