Blockchain is increasingly becoming the foundational technology for understanding how the stock markets work and ownership of digital assets. The Blockchain community has been developing rapidly, and there have been remarkable advances in the field in the last months. Blockchain would not be the same without its influential players.
Blockchain, in essence, is an open, distributed ledger that records transactions between two parties efficiently that can be verified permanently. There are a few basic things to understand about the functioning of Blockchain.
Firstly, Blockchain is a distributed database. This means that information held on Blockchain exists as a shared and continually reconciled database allowing for records to be public and easily verifiable. Blockchain is made up of a network of nodes that stores and forwards the information to all the other nodes. These nodes are used for peer-to-peer transmission, allowing direct communication between peers instead of through a central node. Following up on this, Blockchain allows for transparency and cannot be corrupt. It is transparent since the data is embedded in the network as a whole, and incorruptible as it would take a massive amount of computing power to override the entire network. Additionally, the records are irreversible once the transaction is entered it cannot be altered. To seal the deal, Blockchain has computational logic. Its digital nature means that Blockchain can be programmed meaning that users can set up algorithms and rules that trigger communication between the nodes.
However, the best way to understand Blockchain is to follow the influencers of the technology.
Here are some influencers of Blockchain to follow in 2017. It is hard to rank the top experts and developer in the field, so they are simply in alphabetical order. Get an insider look at what the experts had to say.
Andreas Antonopoulos, author of Mastering Bitcoin and The Internet of Things. Mastering Bitcoin is the go to technical guide to understanding Bitcoin, and the Internet of Things is a great addition to understanding why Bitcoin matters. He has been an influential player as he makes the complexities of Bitcoin easier to understand. He is always eager to explain why the technology is revolutionary. “Content creators now have a new way of financing their creativity, without depending on advertisers or media channels. Bitcoin can help with the evolution of Kickstarter, IndieGoGo, and other crowdfunding tools into global, borderless and massive systems for funding the arts and creative content. I can’t wait!”
Take the time to check out the Let’s Talk Bitcoin podcast on more of his views on Bitcoin, technology and security.
Richard Gendal Brown, Chief Technology Officer for R3CEV. Brown recently announced the Corda public beta here is what he had to say:
“Corda is an open-source, financial-grade, distributed ledger platform with a difference: it applies the concepts of Blockchain technology while enabling strict privacy in an open, global network.” Corda is something fresh to follow as it is a revolutionary Distributed Ledger Platform (DLT) specifically created for addressing issues in financial services. Brown explained that his project stands apart from other Blockchain techs as it doesn’t share its data globally and only particular members can view the information. He is aiming to ensure that transaction privacy remains between member banks to make financial dealings more secure.
Vitalik Buterin, Co-Founder Ethereum & Bitcoin Magazine. Here is his take on Ethereum vs Bitcoin:
“Bitcoin is a book where you may write only in one language and only about movement of people. Ethereum is more flexible. Universal mathematical formulae are the language of its book.”
According to Canadian Business, Vitalik Buterin is described as developing the Blockchain future of business. As major financial institutions are showing interest in Blockchain, Ethereum allows for companies to be run autonomously on the platform by a smart contract enshrined in code as opposed to being governed be executives or legal advisors. The benefit of these contracts is that Blockchain provides a decentralized way to verify and enforce them. The decentralization could make it more difficult for fraud or censorship, so the development of the technology is important to keep up with.
Nicolas Cary, President & Co-founder at Blockchain. Cary’s two cents at ICT Spring:
“Bitcoin allows people to be their own bank.” In an interview with Vizions Cary stated that Blockchain is the leading software platform for digital assets. Furthermore, the company is the world’s most popular Bitcoin wallet as well as offering real-time transactions data for users to analyze the digital economy. He is allowing for ease of use upon entry onto the Bitcoin/Blockchain scene.
Adam Ludwin, CEO of Chain. Ludwin spearheaded Visa’s big step into the Blockchain arena. “Blockchain is a database for money,” he stated. “I don’t understand why people talk about it in terms of health records and home deeds and voting systems.” His goal is to transform financial assets by using the same tech used for Bitcoin to digitize existing currency and assets. He stated in an interview that his company could deliver digital assets seamlessly with fewer intermediaries, higher security and at lower costs. His vision is to move money instantly without the risk of fraud by implementing Blockchain technology. Linkedin
Roger Ver, the world’s first investor in Bitcoin startups. Ver has gone from an advocate of Bitcoin to a quite critical opinion as of lately. Here are his recent views on Bitcoin scaling:
“The best strategy to not have censorship, to not be controlled, is to have more people using Bitcoin, so the government can’t just say it’s drug dealers using it.”
He is an avid advocator for Bitcoin to scale due to increased demand. However, he believes increasing block size is the only alternative. Although he has some strong opinions in the current block size debates, he is still an expert in the field and one to follow. His role as a first investor in Bitcoin and implementation of Bitcoin in businesses has demonstrated the variety of use for the technology.