E25: Blockchain Basics: Mechanics, Flaws, And Applications

Random Talkers

This week we review "Blockchain Basics: A Non-Technical Introduction in 25 Steps" by Daniel Drescher. Blockchain hype may have waned, but we're still aboard the blocktrain destined for untold crypto riches. Look below for timestamps: Part 1: How The Blockchain Works 1:55 - The blockchain is a plain old transaction ledger... 2:34 - ...but with no central authority 5:00 - To write to it you must solve math problems 6:58 - Transactions are verified using cryptography 8:17 - Distributed consensus enables consistency Part 2: Blockchain Flaws and Exploits 11:40 - 51 Percent Attacks 13:58 - Excessive power consumption 15:40 - Dependence on private keys 16:50 - Transactions can't be reversed 17:45 - The blockchain is so slooooooooow Part 3: Blockchain Applications 19:50 - Money transfers 20:57 - Disintermediation and eliminating middle-men 22:28 - Smart contracts 25:24 - Corporations and the private, permissioned blockchain 27:30 - Blockchain and the shipping industry 29:08 - Tokens and incentivizing network effects 30:10 - DISRUPTION (may be a few years away) 33:30 - Expect incumbents to fight back Check out Random Talkers on YouTube: www.youtube.com/c/RandomTalkers Consider buying us a coffee (all donations go to better mics): www.buymeacoffee.com/randomtalkers