A Guide To The Blockchain Ecosystem | PART 1 | Helping You To Understand The Blockchain | Ravinder Deol | Skillshare

A Guide To The Blockchain Ecosystem | PART 1 | Helping You To Understand The Blockchain

Ravinder Deol, Certified Bitcoin Professional

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4 Lessons (20m)
    • 1. Your Guide To Understanding The Blockchain Ecosystem

      1:42
    • 2. Why Should You Be Excited By The Blockchain?

      6:27
    • 3. These Are The Industries The Blockchain Is Set To Disrupt

      8:59
    • 4. At the Moment These Are The Blockchains That Exist

      2:31
12 students are watching this class

About This Class

Have you been hearing about the Blockchain recently?

Are you struggling to understand how the Blockchain works?

Maybe you’re unaware of how the Blockchain ecosystem operates?

Whatever your motivation to start on your journey with understanding Blockchain technology, and the ecosystem as whole, you’ve come to the right place to get started on it.

A Guide To The Blockchain Ecosystem, is the most comprehensive course on helping you to understand Blockchain technology and the ecosystem as a whole anywhere on the web.

It’s the one place with everything you need to get started with understanding Blockchain technology and the ecosystem that surrounds it through the path of least resistance, and become a skilled individual on the topic of understanding this rising technology.

This is an effective and “to the point” course breaking down complex topics, hence taking you from zero knowledge on the Blockchain ecosystem, to becoming an individual who is able to fully understand how the Blockchain works, as well as all that surrounds it.

While there are plenty of Blockchain guides scattered around the web, it’s hard to find a focused Blockchain video course like this one that is updated regularly, and on top of that is instructed by an instructor who has a great understanding of Cryptocurrencies and the Blockchain.

Nothing is kept a secret. I take you through step by step on understanding how the Blockchain technology, and entire ecosystem works. On top of that you’ll have access to me on-demand through the course discussion board should you wish to gain clarification on any issues.

This course is designed for anyone who wants to understand how Blockchain technology works, as well as the ecosystem as whole i.e. Smart Contracts etc. So if you’ve heard of the term “Blockchain”, but still fail to understand how it all works, you’re in the right place to understand it all.

Transcripts

1. Your Guide To Understanding The Blockchain Ecosystem: Hi. I'm a vendor from beater into one block. I'm welcome to Blockchain technology, A guide to the block chain ecosystem where I'm going to take you from just hearing about the term Blockchain actually understanding the technology on a lot that surrounds it. I have to over 15,000 students about crypto currencies under Blockchain on this Blockchain technology. Cause is my most focused Blockchain calls helping you to make sense off the theoretical aspects off the block chain ecosystem. If you've heard of terms such as Blockchain smart contracts, proof of work, I'm more but still failed to understand what they truly mean as well as how these technologies work. Then this course is for you. The rise in Blockchain interest has increased dramatically over recent times, making this one of the industries which may potentially really impact the worry about our activities online. Whether it's sending money transfer using an app on so much more so truly understanding our depth rather than just that surface level, you can use it to your advantage. Blockchain technology is still in the early stages. Yeah, it is already impacting the way many of us operate online. So there's never be a bad time to understand this technology. I'm more than just surface level from this ever evolving course discussing Blockchain technologies in detail. So watch the free previews. Click that take this course, but on doll, see you in class. 2. Why Should You Be Excited By The Blockchain?: now, before we jump into any other lectures within this course, I want to cover a key question with you. And that question is, why are people so excited about the Blockchain now without understanding the possibilities of the Blockchain, which is actually what makes people get excited about in the first place, who will be far more difficult to grasp the concepts of it. So let me go over the two key aspects that get people so excited about the Blockchain now, before jumping into all of the lectures in this course, The first aspect off the block chain that gets people excited is that essentially cuts out the middleman. So any transaction between you on someone else is direct. No middle person is involved at all. It's what we call peer to peer transactions. That's what the Blockchain helps facilitate. Now, if you're familiar, were cryptocurrencies such as Bitcoin, I'm pretty sure you might be. This is a peer to peer system now, as you can send Bitcoins to someone across the globe within minutes. Bitcoin really is the core of what we call peer to peer, and it's known as a peer to peer currency or Cryptocurrency on as mentioned. He consented across the glow within minutes without incurring any expensive transaction fees, along with delays in it being sent. It's literally instant now, just so your where Bitcoin is run on its own Blockchain Bitcoin Blockchain now as well as Cryptocurrencies, take in the main stage for cutting out the middleman. We also have marketplaces which are essentially trying to compete with the likes off eBay. Two of the main plays include Person to have a huge fan off on Open Bazaar With the rise off Blockchain technology was starting to see these ideas and others being developed, which helped to remove the middleman in various industries such as law, property, finance, entertainment, such as music on many more areas. The Blockchain is primed to destruct these areas with the right product, and it could help cut costs on time scales for the task at hand to be completed for the users of the service. So it really is a win win situation for action person, providing the use of the Blockchain on the person use and get so that's the first key aspect off the block chain that I want to discuss. I'm to share with you. You know how? Remove the middleman. Let's now move on to the second aspect which links to the first. And it's something I actually just ended on. And that is it all. How would use time Scousers off certain tasks getting completed? So let me give you an example here. What I'm sure many of you have bean in, especially if you're a homeowner. Now, if you're not a homeowner, I'm sure you know someone who is and they've probably being through this kind of scenario on situation. So let me give you the example. So let's say your moving house, the traditional process is pretty lengthy. It can take weeks to change property deeds between new owner on dso on, especially if a chain is involved. Now why? I mean, here with the chain being involved is that you can't move unless the person you're buying from has their new house. Unless the person in front of them has their new house and so on. It's that property chain, which is essentially a domino effect. So the person at the front kind of controls what's happening on. Then there's a Cillizza involved in between each of those which really does delay the whole process. Now the Blockchain will be Alberta to simplify all of this, let me explain how so it will be through something called smart contracts which will help remove the middle one eye in this case, the solicitors and create Maurice streamlined approach. So within that smart contract, it will be pre programmed. So no Partick and alter it. So, for example, you can move into your new home when specific terms on that. Now, those terms could be anything that you decide on on. Of course, other parties decided so it could be when the payment has been received or the person you're buying from has their new property deal completed. I'm so now those this sort of thing is a traditional solicitor or if your based in the U. S. So in another country a lawyer would day on, it's generally a lot of going back and forth. But the transaction such as this could be completed theoretically within minutes, saving you potentially hundreds or even thousands of pounds, depending on the size of the deal on DSO. By using the power of the block shade, you save all this money by not having to get external pie. Such a solicitors and lawyers involved who general charged quite a lot power. So as you can clearly see it saves time, saves money on, just streamlines the whole process. Allowing deals to be don't far more efficiently. So that's the second aspect that I wanted to dive into with you about settling transactions in often complex transactions far more quickly. Now I hope those two aspects have allowed you to understand the main reasons as to why people are excited about the possibilities off the Blockchain. Now, as we work through this course, I'll be providing you mawr concrete examples about specific industries and how they'll be impacted by Blockchain technology. But why I really want to do to gain from this lecture start of this course was the S EDS. Off how the Blockchain is actually going to revolutionize specific industries for its collaborative open source. I'm streamline nature 3. These Are The Industries The Blockchain Is Set To Disrupt: the financial services sector is often cited as the main area that the Blockchain will destruct. Big quote, for example, has destructed traditional currencies now, as true as that may be, there are a whole host of other industries set for description by Blockchain technology. So in this lecture, I've picked four industries that I'm personally excited about the block train actually getting into on re changing the weight work. So disrupting it, however, there are many more it will get into on disrupt. But what I want to do by highlighting these four is open your mind as to the variety of industries that the Blockchain will disrupt outside the financial services sector. Now, one sector the Blockchain is already working on disrupting is actually to kind of make online kind of security and stuff more secure. So we're talking cybersecurity, so the cybersecurity industry as a whole is prime for disruption by using the power off the Blockchain. Now this space kind of online security and stuff is very debated online. It's a very kind of hot topic at the moment, especially with all these hacks happening so often now, while I say so often, but it's more often than they used to. They spread a lot quicker. Now there are companies such as the God Time, which are helping to make companies data more secure by using the power. You guessed it off the Blockchain that you might be thinking. Well, how can the Blockchain made data more secure? Let me explain. So everything in terms of data that needs to be kept secure will be transmitted over the Blockchain using advanced cryptographic techniques. What cryptography assures is that the correct sources gain access to the files on decrypt it without any middle bodies being allowed to gain access. Now the middle person is taken away and replaced with super secure cryptography. The human element is often what is, let's say, hackable. That's what hackers really work on, the kind of want to get into the mind of the person they can have, and that's how they get access to systems. So by using the power off the block chain, it stops this which in term or reduce the number of large scour hacks. So cybersecurity is the first area on my list that I'm very excited about the Blockchain disrupting on, disrupting in a positive way no negative way. It'll help all of us now to help secure our precious data that companies have access to. So that's something I'm really keen on seeing how the Blockchain kind of disrupts going forward because our data is something that we generally luck to keep private. We dont like all our personal data being out there. And when people tend to hack these large companies and corporations who have access to our data, it does put us in danger of our kind of details being sold on what is often referred to as the dark Web dark in there and unal those marketplaces. Now let me move on to another interesting on relevant area that the Blockchain is set to disrupt. Ready. It's voting now. There's always Christians around voting fraud, rigged voting, elections, especially kind of corrupt countries and so on. So why not use the power off the block trying to eliminate that? It's a good idea, isn't it? Well, that's exactly what company called Follow my Vote are planning on doing so. The way the Blockchain works with this is by allowing voters to calculate the final count themselves. If they wish, it will be super accurate because the block Shane has what we called an audit trail. Now it basically records every single transaction, as happens on it can't be wiped. And, of course, no fake votes can be cast now. This really deserve I'm an opportunity to revolutionize the voting, which, let's face it, has been pretty static in most recent years. Now, depending on when you're actually watching this lecture, the team that follow my vote are going to launch and run their own presidential election vote as a test. So it will be interesting to see the result that actually publishes Aunt how it all works. So it's definitely want to watch out for and it will be very interesting come the presidential election, which at the time of filming this is very soon as to the result of the presidential election. On the result that follow, my vote brings it. Now let's move on to the third area that I'm really intrigued with the Blockchain disrupting, and that is the forecasting industry. With companies like hope of pronounced correctly, I go or go now, hold up is prince correctly. If it's not pleased, you collect me in the course discussion board. Now companies like that are leading. They also have a crypto currency. By the way, Now what they've actually created here is a new area off forecasting called prediction Markets. So the core idea of this is to once again use the power off the block chain to help you back on a wide variety of things, such as whether a certain stock will go up and down. Who will win the Formula One World Championship, natural disasters that are likely to happen, which I feel is a bit odd on Demerol. But that's just my personal opinion. But, hey, I'm just giving you an idea as to what you can predict on the site so you can see it's a massive variety of what you can actually use this set for in terms of predicting. So it goes beyond just betting on gambling away you. Money goes way beyond that. It allows you to make more accurate decisions. Hence being called prediction markets. It's something interesting and could really shake up the online gambling area on a go. The Cryptocurrency is doing pretty well at the moment. I mean, at the time of creating this lecture, it was within the top 10 and top 20 cryptocurrencies around. So this is an interesting concept on what I'm observing pretty closely. And finally we have health care, which is another area the Blockchain is working on disrupting. Now, Phillips, I'm sure you've heard of the brand. Philips Healthcare actually has their own Blockchain labs developing kind of innovative solutions. Now, the idea behind how the Blockchain can disrupt the health care market is by allowing efficient data collaborations between health care providers helping to diagnose issues far quicker, which could in turn save someone serious harm. Now, we all know that health care budgets are generally pretty type, so the block chain will definitely help. Is that pressure? Now there are companies already working in this space such Aziz Gem Healthcare Network, or Jim Health Network on tibia, which I hope of also pronounce correctly. And of course, I did just mention Phillips having their own Blockchain lab. So that's my pick off the four areas. I'm really interested with the Blockchain disrupting now. You may have noticed the way the Blockchain is disrupting these industries is fruit a positive way which can help the end consumer massively. It isn't just a novelty. Now, maybe the predictions market is more of a novelty, but health care isn't. There are many more areas the Blockchain is set to disrupt, such as insurance property, which we mentioned in a previous lecture, leasing agreements and so on. You understand how it's all going to work as we actually work for this course? 4. At the Moment These Are The Blockchains That Exist: Many people tend to think that the Blockchain is just the one on the wrong different varieties of it. But they'd be wrong if they think that, of course, it's no somebody's vote anybody. Specifics fault. It's just simply the way the Blockchain is talked about on discussed in news articles, Blood Post and so on generally is discussed as being this one Blockchain. But let me tell you right now, from the get go that there are many varieties of the block. Shame. It's really with Bitcoin, where all this discussion style on Big Quinn does in fact have its own Blockchain, on which you can't develop applications by, however, side chains is something possible way in considering building on the big coin block train now with Ethereum, which does have its own Blockchain as well, but which you can build upon, unlike Bitcoin, so building decentralized Blockchain applications. So this Blockchain is different to Bitcoin's transactions. Process quicker. It has a different algorithm, and of course, as I just mentioned, you can build decentralized applications upon it. Now. Don't get me wrong. There are cryptocurrencies out there that are simply copies off. Big Quake hence uses Blockchain so No, Every Cryptocurrency had its on Blockchain. But those are the two riel block chains that are leading the Blockchain revolution. Ethereum being the main one in my eyes. Now, on top of that, remember, there are also private block chains around Now. These were solved block chains that are being developed by banks to use. But many do raise the question as to whether private block chains defeat the purpose off the block chain technology. Now that debate is for another lecture. So in this lecture, I just wanted to let you know that there is more than one block. Shane. The block chain isn't what I like to say. Just one. There are many different block chains on their deployed in different ways, whether it's a private Blockchain consortium, Blockchain or a public Blockchain. But we will discuss this further later in the course