Blockchain easiest ultimate guide by jared norton

Blockchain
EasiestUltimateGuideToUnderstand
Blockchain
By
JaredNorton



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TableofContents

Introduction
WhatisTheBlockchain?
WhatMakesTheBlockchainSecure?
WhatCanTheBlockchainBeUsedFor?
HowInclusiveIsTheBlockchain?
TheHumanElement
TheBlockchainAsPartOfFutureEconomics
CryptocurrenciesAndTheBlockchainAsPartOfAMarketingDrive
TheBlockchainForYourBottomLine
DoesTheBlockchainHaveAnyWeaknesses,Though?
Conclusion–IsTheBlockchainRightForYou?

Introduction

Nobody likes banks and, for a lot of people, it’s for good reason. You go to the teller
windowfiveminutesbeforeclosingtimeandshewon’tacknowledgeyoubecauseshejust
wants to close up and go home. Your Paypal account is tied to the banking system and
theymayyankyouraccountaccesssimplybecauseyougotanunusuallylargepayment
forsomethingyousoldoneBay.Youwonderifthehomelessaren’tcaughtinsomekind
ofCatch-22wheretheycan’tgetaccesstoadecentapartmentwithoutabankaccountand
can’tgetabankaccountwithoutaphotoIDthatincludestheirhomeaddress.
All of these are good points that could be solved with a new digital currency called
Bitcoin.Bitcoinisalwaysopenforbusinessandwon’tignoreyouevenwhenyouwantto
use it to have a pizza delivered at two in the morning. It won’t shut you out simply
becauseyoureceivedatransactionworththousandsofdollarsfromsomeonebuyingyour
car.Ifyouwanttouseit,literallyallyouneedtodoisdownloadthewalletonalaptopor
tablet.
ThatwalletistheappthatenablesyoutoaccesstheBitcoinnetworkthatincludesnodes
onwhichtransactiondataisstoredandprocessorsthat,obviously,processtransactions.If
yousimplywanttoearnBitcoinandspendBitcoin,downloadingthewalletonadevice
thatiscapableofhandlingitisallyouneedtodo–nophotoIDorhomeaddressrequired.
Bitcoinuserslikeitforawidevarietyofreasons.It’srelativelyanonymousinthesense
thattheirsensitivefinancialdatawon’tbecompromisedifaretailer’screditcardservers
gethacked.Businesseslikeitbecauseit’seasytointegrateintoaPoint-of-Salesystem,it
protects the vendor against fraudulent chargebacks, and they don’t have to pay the high
fees that credit cards charge for payment processing when somebody pays with Bitcoin.
Freelancerslikeitbecauseit’saneasywaytogetpaidacrossinternationalborderseven
when Paypal won’t operate in their home country. It’s easy to track down the details of
anytransactionifthere’sanyquestionaboutwhathappened.
This is made possible by technology that doesn’t care about much of anything except
whetheryouhaveadevicethatcanlinktotheInternetevenifitmeanssoakingupthefree
Wi-Fiatthecoffeeshopandtheabilitytocopy-and-pasteastringoflettersandnumbers

orscanaQRcode.It’scalledtheBlockchain,adecentralizedledgerthatkeepstrackof
debitsandcreditsforallBitcoinusers.


TherearemanywaysthattheBlockchaincanbenefitentrepreneursbeyondthefactthat
it’s associated with a currency that makes fraudulent chargebacks impossible. It can be
used for many applications that require a reliable and tamper-resistant means of recordkeeping.Itcanbeusedtogiveyouacompetitiveedgeinaworldwheretheeconomyis
becomingincreasinglyglobalandcustomersincreasinglycareabouthowtheirgoodsare
producedandcanhopfromone“nextbigthing”tothenextprettyfast.Ifyou’relooking
attheBlockchain,youprobablyhaveafewquestions.



What’sTheBlockchain?

Bitcoin is seen as the advent of an innovative new currency for the digital world.
However,anassociatedtechnologycalledtheBlockchainhasbeengettingmoreattention
lately.Thefirstquestionusuallyis,“WhatistheBlockchain,anyway?”
The simplest answer is that the Blockchain is a secure, transparent and decentralized
ledger. “Secure” doesn’t mean that it tries to hide information. It simply means that
nobody’s going to tamper with records on the Blockchain without sending up red flags
that would be very quickly noticed by alert Blockchain developers. Even if somebody
doesattempttofraudulentlyalterrecords,theoriginalrecordswillstillexistonthevalid
Blockchainandcanbepinneddownbycomparinginformationonduplicaterecords.
The Blockchain is designed to use a cryptographic hash and timestamps to make its
recordsunalterableoncetheyarecreated.ThismakesitpossibleforBlockchainexpertsto
inspect records on the Blockchain to determine the facts of any given transaction or to
detect attempts to tamper with the ledger. As we saw with the swift reaction to a faulty
updatein2013,anaccidentaltechnicalglitchthataffectstheBlockchain’sabilitytocreate
reliablerecordscanbequicklyisolatedandshutdown.Thesameprinciplesthatmadethat

possiblealsoprovidesareliablewaytodetectandisolateadeliberateattempttotamper
withrecordsbeforeitgoestoofar.
Bitcoin’sdecentralizedBlockchainledgerensuresthatnopartyinatransactionwillhave
to trust any single third party to essentially hold their money for them. While the
technology behind the Blockchain can be used to create an effective automated escrow
system,thebasicsystemisnotgoingtodisappearwithyourmoneyordenyyouaccessto
your account. That gives Bitcoin its power as a currency that can cross international
borders,providequicksettlementsandavoidbeingcontrolledbyanycentralizedauthority.
MaintainingtheBlockchainreliesontheoperationofmultiplenodesthatarecapableof
storingtransactiondataandtheoperationofprocessorsthatcanvalidatenewdata.Think
ofthenodesascompletelyequalserversthatregularlyupdateoneanotherwithdataand
make it possible for authenticated clients to connect to them, if you like. The multiple,
regularlyupdatednodesbuildsinaconsiderableamountofredundancyintothesystem.If
anodemalfunctions,theITstaffcanworkwithaBlockchainexperttoisolatetheserver
and troubleshoot that node to determine what went wrong. Common malfunctions will


usually involve a node’s failure to transmit valid records. It may transmit records that
makenosensetoothernodes.Itmayrefusetotransmitanysortofdataatall.Itmight“go
rogue,”createitsownversionoftheBlockchainandcreaterecordsthattheothernodes
cannotuseinanymeaningfulway.Incaseslikethis,analertBlockchainexpertwillask
theITstafftoisolatetheserverfromtherestofthenetworkuntilhecanpindownandfix
theproblem.
Ifanodemalfunctionsandhastobeisolatedformaintenanceinabusinessthatrelieson
access to real-time data, the result is not wasted time and loss of revenues when the
businessalsomakesuseofBlockchainapplications.Theresultisthattheremainingnodes
pickuptheslackandclientscanquicklyreconnecttoaworkingnode.That’sgoodfora
business owner who doesn’t want to explain to frustrated clients why a server in a
centralizednetworkisdown.
TheBlockchainwasoriginallydesignedtobeadecentralizedsystemthatkeepstrackof

debits and credits. The existence of thousands of Bitcoin nodes on six continents
demonstrates the Blockchains capacity to become effectively the “World Wide Web” of
finance.AprivateversionoftheBlockchaincanworkifeachbranchofabusinesswith
multiplelocationsiswillingtorunanodethatclientscanconnectto.



WhatMakesTheBlockchainSecure?

TheoriginalversionoftheBlockchainmakesuseofacryptographichashknownasSHA256. It’s secure, but so inefficient that specialized hardware called mining rigs has been
createdspecificallytohandlethejobofprocessingtransactions.Theseminingrigssolve
mathematicalproblemscalledhashestoconfirmandrelayvalidtransactions.
Each solved hash represents one block – a bundle of processed transactions that can be
relayed to all valid nodes. The cryptographic information on each block of records is
basedontheinformationassociatedwiththelastblockandcontainsauniquetimestamp,
whichmakesvisualizationsoftheBlockchainlooklikelinksinachain.Infact,theterm
“Blockchain” comes from the idea that it’s a cryptographically secured chain of record
blocks.
This chain of blocks makes it easy to detect attempts to fraudulently add records to the
chain.Imaginethatyou’readdinglinkstoachainandsomeonecomesalong,choosesa
linkinthemiddleofthechainandstartsaddinghisownlinkstothatlink.Thechainhas
justbeenforked.TheBlockchaincanbesimilarlyforkedandactuallywasforkedbythat
faultyupdatein2013,buttheswiftreactionbyBitcoindevelopersshowsthatit’spossible
toquicklyrecognizeandisolateafraudulentforkifithappens.
Why would somebody fraudulently fork a Blockchain? They might do it because they
want to falsely edit a record that already exist on the chain, so they fork the chain just
beforetheblockthatcontainsthatrecord.Thismaybecomeacommontacticwithanyone
whowishestofraudulentlyalteracontract,deedortitleifattemptstoforkthechainare
notdetectedandcensoredtooquicklytomakesuchanattemptworththeeffortandrisk.
TheymayforkaBlockchainbecausetheywishtotakecontrolofthesystemaltogether.

Bydefault,theversionofthechainthatcancommandmoreprocessingpowerand,thus,
createthelongerchainofblocksisregardedasthevalidone.Bitcoinregularlysetsworld
recordswiththeamountofprocessingpoweritcommands,somostpeoplewouldconsider
anattackonBitcointobemoreexpensivethanit’sworth,butmostBlockchainnetworks
just don’t command that much processing power. Somebody who wants to take over an
abandonedcryptocurrencywouldn’tevenhavetoforkitatall.Hecouldjustsetupanode
or two and a few modest mining rigs to work on validating new records as part of the
process of rebooting it. (Of course, that would be the EASY part when it comes to


rebootingacurrencythathasbeenabandonedbyitsoriginaldevelopers.)
Inbothcases,it’ssimpleenoughtocomparethecryptographichashandtimestampofthe
recordsinquestiontodeterminewhichistheoriginal,validrecord.Theaccidental2013
fork was resolved by warning miners to not switch over to the “new” version of the
Bitcoin Blockchain. Although the Blockchain is designed to be secure, this also
demonstratesthevalueofhavingalertexpertsanddevelopersonthesceneincaseafork
happens.
AnalertBlockchainexpertcanisolateanodethatismalfunctioningorshowingsignsof
tamperingandinvestigatethematter.Maybethenodeisspewingfakeand/ornonsensical
records.Maybethenodeisn’trelayingnewrecordsatall.Maybethenodehascreatedits
ownlittleversionoftheBlockchainandthat’swhentheBlockchainexpertisreallygoing
tostartaskingthetoughquestions.Whyisitforked,andwhatkindoffunnybusinessis
thebranchmanagerinvolvedinnow?
This is actually one of the benefits of having a decentralized system that can handle
multiple nodes in more than one location. It’s easy to isolate a “rogue” node for
troubleshootingwithoutcompromisingtherestofthesystem.Thebehavingnodescanjust
keep plugging away, creating new valid records and making them available for anyone
who wants to inspect or use them, while the Blockchain expert investigates what went
wrong with the misbehaving node. Then, once the matter is settled, the fork can be
resolvedandtherepairednodecanbeaddedtothenetworkagain.

WhatCanTheBlockchainBeUsedFor?

ThinkoftheBlockchainasatechnologythatcouldenablethe“InternetofFinances,”if
you like. We already have a worldwide financial system, but it’s an inefficient one with
unnecessarybuilt-incostsforitsusers.Thinkofitasatrainthatlosesalotofitskinetic
energy to friction and heat, if you like. It could probably operate more efficiently if the
trackwaskeptingoodrepairandit’sdesignedtorunmoreeffectivelyonthattrack.The
Blockchainandthenetworkitrunsoncanprovidethemoreefficienttrackifwecanbuild
thebettertrain.
TheBlockchaincanbeusedfornotonlykeepingtrackofdebitsandcreditsforacurrency
systemlikeBitcoin,butalsoforkeepingtrackofanydatathatmightinvolveatransaction
orrecordofownershipinsomeway.EstoniaisalreadyusingtheBlockchaininaneffort
tocleanupitsnotarysystem.Ifyou’veeverdealtwithanotaryserviceinsomeway,you
may have wondered how notary agents know that their clients aren’t committing fraud.
Therealtruthisthatnotaryagentscanbedistracted,fooledorbribedintoenablingfraud
and this exact issue is the reason that Estonia teamed up with BitNation to unravel
fraudulenttacticsonthepartofthenotarypublic.
Even the Internet of Things could become involved when a Blockchain-enabled smart
lockdeniesaccesstoatenantwhofailedtopaytherentoraSmartCardrivesitselfback
tothedealershipbecausetheownerhasbeenmissingpayments.Thisisactuallyabenefit
ofusingasystemthatiscompletelyneutral.Onceyou’vesignedthecontract,it’sassumed
that you knew precisely what you were agreeing to. If you wake up and your garage is
empty because you missed payments on your car loan, at least you’re going to know
where you car is at. On the flip side, the Blockchain protects your rights, too, by
automating the process of logging payments. You can make your monthly payments by
sendingsomeformofcryptocurrencytoauniqueaddressthatismonitoredbytheSmart
Contract. The car is not going to drive itself back to the dealership because the banker

forgottologapayment.
Nobody who knows quality sunglasses pretty well is going to think that you can get
authenticRay-Bansfor$10.Formoreimportantthings,theBlockchaincankeeptrackof
where supplies come from. Existing Blockchain supply chain apps include Provenance,
whichworkswithbusinessestoguaranteethatproductsrangingfromfishandseafoodto
backpackscomefromlegitimatesources.Greatertransparencyinthesupplychainisthe


kind of thing that can earn consumers’ trust in a world where people are becoming
increasinglyawareofissuessuchastheillegalorunsustainableharvestingofseafoodor
exploitivelaborpracticesbeingusedtoproduceproductslikebackpacks.TheBlockchain
canprovidethattransparencywhenusedtobuildasupplychainappthatcanguaranteethe
authenticity of products by rejecting any shipment that did not come from a recognized
source.
Aworkflowappcanworkinawaythat’ssimilartothesupplychaintopointoutplaces
whereprocessesthatareimportanttoyourbusinessaregettingbottlenecked.Sometimesa
location or department just isn’t being as productive as it could be. The problem might
even be a third party vendor that isn’t delivering the quality service you expected. An
internalapplicationthataddsfunctionalitytowhatTrellocanalreadydocaneliminatethe
perception that you just have to put up with whatever is causing the bottleneck. With a
Blockchainworkflowapp,yougetunalterabledocumentationthatyoucanstandonwhen
youeliminatethecauseofthebottleneck.
Reputation is very important to a business. Businesses will literally pay money to third
partyreviewsitestohidenegativereviews,payhackwriterstopostglowingreviewsof
theirownbusinessorattackacompetitorwithnegativereviews,orgivefreeproductsto
professionalreviewersinexchangeforan“honest”review.WhataBlockchainreputation
app can do more reliably is act as a sidechain for a Smart Contract app that can read
records on the contract chain but not create new records. This reputation app can keep
track of how many times that interested parties have reneged on a contract or triggered
clausesontheircontractthatcausedarefundtobeissued.DidanInternetserviceprovider

throttletheInternetaccessforitsusers?Notonlywillthoseusersgetarefundfromthe
Smart Contracts involved, but the reputation sidechain will register that as a ding to the
ISP’sreputation.BusinessesthatworktogethertomaintainaSmartContractsystemwith
attachedreputationsidechaincangainacompetitiveadvantageevenoverbusinessesthat
are members of the Better Business Bureau simply because it feels less like a simple
“good old boys’ club” for businesses. Rather, it feels like one that is less vulnerable to
“negativereviewattack”byacompetitorbecauseitsjobistokeeptrackofthenumbers
thatrepresentabusiness’sactualperformance.
ThisworksbecausetheBlockchainistransparentenoughtomakeinformationstoredonit
easytosearchandread.Itwon’tevenmakeyoujumpthroughhoops,createanaccountor
sign up for an email newsletter to get the information you want. If you are looking for
informationaboutaBitcoinpaymentandhavethetransactionID,anIPaddressoroneof


the Blockchain addresses involved in the transaction, it’s easy enough to search on
Blockchain.infoforthatinformation.
This kind of transparency can be combined with the fact that you aren’t storing your
customers’creditcardinformationwhentheypaywithcryptocurrenciestoreassurethem
thatyoucareenoughtoearntheirtrust.Theycantypeyourbusinessnameintoasearch
appandfindeverythingtheywanttoknowaboutyourbusiness’trackrecord.Itprovides
therawnumbersinawaythat’seasytoread.Howmanytimeshaveyoutakenacontract
to a successful conclusion? Does the customer service seem to decline steadily once
you’vemadethesale,leadingtoalotofcustomerscancelingcontractsontheirown?As
withtheworkflowapp,therightkindofreputationappcanpointyoutotheonelocation
orelementthatmightbecausingproblemsforanotherwisegoodbusiness.
Soifitrequiresareliableandtransparentwaytokeeprecords,theBlockchaincanbeused
as a base to build an app for that. That transparency can reassure consumers that the
vendor is being honest or help them avoid dishonest vendors. The Blockchain also
protects the rights of both consumers and vendors by recording the details of any given
transaction,contractordocumentonthenotarysysteminawaythatisdifficulttodispute.

HowInclusiveIsTheBlockchain?

Modern Western society cares about including as many people as possible in its
socioeconomic system, but the centralized financial system hasn’t gotten the memo yet.
Two billion humans do not have convenient or cheap access to banking services. What
makestheBlockchaindifferentisthatitcanbeasinclusiveasyoulike.
ItdoesnotmattertotheBlockchainifyouhavenoassetsandnophotoIDcardwhenyou
download a client. The Bitcoin wallet is a client that connects to nodes on the Bitcoin
network.Bitcoinismoreinclusivethanbanksbecauseyoudon’thavetoestablishmuchof
anything except your ability to actually use that client. That’s something that ought to
makecryptocurrenciespopularwiththehomelesswhodon’thaveastreetaddressbutdo
haveacheaplaptopthatworks.
TotheBlockchain,fairnessistheabilitytouseitssystemonanequalfootingwithevery
other user. If you are a freelancer, you might bid on jobs on sites like XBTFreelancer
alongwitheveryotherfreelancerwhoisinterestedinmakingaBitcoin.Ifyouhavesome
used items that you want to sell but don’t want to use eBay, you might try Bitify.You
mightevenhavesomeluckwithbuyingandsellingontheBitcointalkMarketplaceifyou
canputupwithhavingtoestablishyourselfaspartoftheBitcoincommunityfirst.The
pointhereisthatBlockchainapplicationslikeBitcoinareremarkablyeasytostartusing
withinminutesofdownloadingtheclientnomatterwhoyouare.
ThisistrueevenincountrieswherePaypaldoesn’toperateandtheuseofcreditcardsis
notcommonplace.Manyparticipantsinsomecountries’marketplacesprefertousecashor
the digital equivalent of cash because it’s just more convenient than going to the bank.
Kenya’s MPesa is a success for exactly this reason. If an entrepreneur is considering
expanding operations into one of these countries or even just hiring the occasional
freelancer who resides in an area where Paypal won’t work, this is something that will
have to be accounted for. From the perspective of someone living in one of these

countries,ifhecan’tpayorbepaidwithacurrencylikeMPesaorBitcoinorafewpaper
billsinhisnativecurrency,he’snotgoingtoseetheuseofparticipating.SousingBitcoin
andtheBlockchaincaneasilyhelpyou,asanentrepreneur,participateintheworldwide
market.
Evenifyouprefernottomakeyouridentityknown(andnobodyeverdidreliablyconfirm


BitcoincreatorSatoshiNakamoto’srealidentity),Bitcoinmakesitpossibletodobusiness
anywhere at any time. Bitcoin crosses international borders easily, which makes it
increasinglypopularforFilipinosworkingabroadwhowanttosendmoneyhometotheir
families in the Philippines. In its pure form, Bitcoin is cheap, fast, secure, and will get
yourmoneyintothehandsoftherecipientswhilerarely,ifever,beingtouchedbythird
partieswhowillinevitablywanttheirsliceofthepie.
The Blockchain can do the same thing because, well, it was introduced as part of the
Bitcoin package. Bitcoin gambling sites use the term “provably fair” to show that their
algorithms have not been unfairly weighted against its players even when the odds are
already against them. Dice games are hard enough to win even when the dice aren’t
loaded. Entities that are interested in using the Blockchain should adapt the concept of
“provablyfair”toensurethateverybodycanparticipateinvoluntarytransactionswithout
thedeckbeingstackedinthehouse’sfavorevenwhentheystartwithnothingandtheodds
arealreadyagainstthem.
That means there should be no artificial barriers to access, no entry fees (beyond,
obviously, obtaining a mobile device that’s capable of running the Blockchain client of
yourchoice),andafriendlyenvironmentforbusinesseswhoarewillingtotaketherisks
involvedintransactingwithpeopletheymightneverknowthenamesof.Icanbuypizza
withafewhundredthsofaBitcoinandtheyneverneedtorecordmynameorfinancial
informationinanypermanentform.Peoplerespondbetteriftheycandotheequivalentof
buyingpizza–payingforresultswithouthavingtopayinadvanceorshowanID–simply
becausetheymaynothavethemoneyinhandtopayanup-frontfeeoraphotoIDthat
provesthattheyarewhotheysaytheyare.

TheHumanElement

ReasonableBlockchainsupportersdon’ttrytopretendthatthehumanelementwon’tever
beafactor.WhentheBitcoinBlockchainwasaccidentallyforkedin2013,thehumanson
the Bitcoin development team detected the problem, investigated and warned owners of
miningrigstonotswitchovertothefaultyupdatethatcausedthefork.Byadmittingthat
theupdatewasnotfunctioningasintendedandfixingtheproblemquickly,theyearnedthe
trustoftheBitcoincommunity.
There will be times when you’ll need an equally alert person watching the Blockchain
apps for signs of a possible malfunction. When your business has grown to the point
whereyouhaveeightlocationsinfivecities,you’llnaturallywanttohaveanodeateach
location,buthowdoyoumakesurethatadishonestlocationmanagerwon’ttrytotamper
withanodeinanattempttomakehimselflookmoreeffectivethanhereallyis?Ideally,
such a thing would be easy to deal with, especially when that node forks the chain
multipletimesandalwaysseemstodosoinawaythatmakesthemanagerlookgood.Just
make sure that the Blockchain expert on your IT staff stays on top of it while you deal
withthedishonestmanager.
Blockchainappsaregoodatgeneratingandstoringdatainareliableway,buthavelimited
abilitytomakedecisionsbeyondwhatthey’reprogrammedtodo.Thismeansyoumight
missopportunitiesifyourelytoomuchontheautomatednatureoftheBlockchain.Where
can you find a better price on office supplies? Should you reinstate a contract that was
deactivated because the client was late on the monthly payments for three months in a
row?Shouldyoubuythatstockthathasplummetedinvaluerecentlybutotherwisehasa
historyofperformingwell?ThesearequestionsthataBlockchainappmightnotbeableto
answerbecauseit’snotprogrammedtolookfortheappropriateindicators.
TheBlockchainisawaytoprocessandstorerecordsinawaythatthehumansviewingit
cantrust.Itcan’tmakethekindofdecisionthatrequiresintuitionoranabilitytojumpon

anopportunitythatyourautomatedstocktradingsoftwaremightmiss.Lookatitthisway:
How many times have you wished you could have gone back in time and invested in
Bitcoinwhenitwasstillworthfivecents?Thedatamakesitpossibletospottrendsearly,
butonecommonsayingabouttrendsisthat,ifyoucanspotit,thetrendisalreadyalmost
over.It’suptoyoutodecidewhethertobuy,hold,sell,orinvestinthatinnovativenew
technologyinstead.


Thatdoesn’tmeanyouhavetoobsessaboutwatchingthedatascrollthatrepresentsnew
BitcointransactionsonBlockchain.info.Itjustmeansthatitneverhurtstocheckanduse
yourintuitionwhenanewopportunitycomestolight.Itmeansyoushouldstayalertand
bereadytojumponopportunitiesthatyourapplicationsmightmiss.