Bitcoin Course | Big Picture Basics 5.1 - Commodity: Data

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Video Transcript:

[Music] welcome to module 5 blockchain and data and so what is the blockchain it’s a keyword that’s thrown around all the time with all different things and technological innovations but blockchain can be boiled down so it’s just record keeping technology it’s a way of storing information in a way that countless people the nodes have a record a copy of the same transactions and that’s what the original use case of the blockchain was it was a recordkeeping of all of our transactions made in Bitcoin but over time different types of files have been put on chain such as images and contracts and code and all other different pieces of information that people want to store online forever and that’s what the amazing thing about bitcoin’s blockchain is is because there is countless thousands of people out there storing this information it perpetually stays online forever and so we now have a database distributed around the world that record keeps all of the information on chain forever a database that is untampered because the only people that can put the data into the database are the miners so you need physical electricity to update the information as the old saying goes knowledge is power and so we now have a public way of all coming together to collectively store information historically forever and the next question comes well how do we store that information that’ll be the next [Music] section

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