Random Talkers E25: Blockchain Basics

Random Talkers is the show where two data scientists (aka myself and Matt McKim) discuss how technology is shaping our future, for better and worse. We're available in podcast form via iTunes or SoundCloud. Help Google's algorithms view us in a favorable light by subscribing on YouTube!

This week Matt and I reviewed "Blockchain Basics: A Non-Technical Introduction in 25 Steps" by Daniel Drescher. Blockchain hype may have waned, but we're still aboard a blocktrain destined for untold crypto riches! We've done a couple of blockchain/BTC segments before, but I thought this one gave me a lot more clarity into what the potential applications might actually be.

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

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