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Topics Covered
- Smart contracts
- Non-fungible tokens (NFTs)
- Blockchain benefits
- Example of blockchain and smart contracts (Brilliant Earth)
- Example of blockchain and NFTs (Milton Nascimento)
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Talk Citation
Frossard Silva-Rêgo, B. and Moura, S.T. (2023, March 30). What is blockchain? [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved October 6, 2024, from https://doi.org/10.69645/UIZB1586.Export Citation (RIS)
Publication History
Other Talks in the Series: The Blockchain and Cryptocurrencies
Transcript
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0:00
Welcome to the talk
series about blockchain.
This technology is
bringing a revolution to
business and economic
relations worldwide.
To understand what is
behind it, my colleague,
Dr. Bernardo and I are going
to answer the what is
blockchain question.
Dr. Bernardo is a professor in
Universidade Catolica
de Petropolis and I am
a PhD student in Cork
University Business School.
0:30
We are here to talk to you about
the blockchain
technology and how
this technology is
spreading quickly as we
better understand its
disruptive features,
as well as its importance
and relevance.
We will discuss the main
concepts related to
the blockchain
environment and bring
some examples of its applications
in the business world.
We have to bear in mind
that there are tons
of new and complex
terminologies that we will
try to simplify so
we can discuss how
blockchain can change
the way we do business.
For those who want to dive
deep into this subject,
please keep in mind
that there are
tons of new information
on a daily basis,
so it's very important
to be updated.
Do you remember how it was
the emergence of the Internet
in the last century?
How so many changes were
imposed through a new
way of communicating,
transacting, and connecting.
With the blockchain,
it's the same.
A new revolution is coming to
this Internet-driven world.
Let's go. To start,
what is blockchain?
Blockchain is often defined
as a digital public ledger.
But what is so
revolutionary about that?
The first one we can see
is the peer-to-peer
configuration.
Blockchain, different
from other technologies,
has a decentralized
mode of operation,
enabling transactions to operate
in a peer-to-peer model.
This means that there is
a slight configuration in
opposition to the hierarchy code
displayed in other systems.
In this case, transactions can
occur between peers
with no middlemen
required as transactional
trust is assured
by the blockchain environment
given that decentralization.
We can conclude
that blockchain is
a decentralized
transactional database.
Another particularity
of blockchain
is that the network
is open and public,
so the code does not belong to
one individual and can be
applied to many
different realities.
Thus, transparency is a trade
here that adds to
creating trust,
but we are going to talk
more about it later.
Now, what blockchain is
not? In fact, given that
the Bitcoin is the
first thing we
recall when talking
about blockchain,
this technology
is not only that.
It is not right to
suggest that it's
applicability is restricted
to the financial sector.
In this case, blockchain
is not a cryptocurrency,
but a technology that supports
the transactions of
the crypto market.
Also, blockchain is not a
financial or any other
type of product,
blockchain is
considered a network
database that supports different
types of transactions.
However, as everything is
connected to the Internet,
it is not free of cyber attacks.
Like any other technology,
human influence is a relevant
risk we encounter here.
To further explore the myths
involved in blockchain,
we have to talk more
about its emergency.