Double spending made impossible
Blockchain is the result of over 25 years of research into how to solve the fundamental problem of double spending value online. The internet we use today was built for copying information from one computer to another. This means that you can view a copy of a website to read the news, view this video or communicate with friends on social media.
The internet was never built to keep a limited supply of anything and to transfer this to someone else. This means that we have never been able to have ‘internet money’, since anybody could copy it. Our workaround is how we still bank online today: we trust banks to guard a digital representation of our money and communicate with them to send it to someone else through a website. This works, but it’s not an elegant solution: when your bank is unavailable, so is your money.
Thanks to blockchain technology there is an alternative that still eliminates the copying of money or any other piece of information that represents real value, such as the ownership of your house, a vote or a contractual agreement. Blockchain technology allows you to transfer valuable information from one party to another party without risk of copying, and its first application, Bitcoin, demonstrates how well this works.
Blockchain is set to revolutionize the way we transfer value over the internet. It will facilitate new business models and optimize value transfers in today’s economy. In this first video we explain what blockchain is, explore how it works and touch upon some general use cases. Curious about blockchain or enthusiastic about exploring its potential for your organization? Get in touch.