Decentralized Public General Ledger System? Blockchain? Right?
Right! The Blockchain or a blockchain is a decentralized public ledger system. Most tend to get a definition that the blockchain is used to buy and trade cryptocurrency by the crypto hype types out there that are only focusing on the MLM or the money they can make off you beyond the money that they are making and losing in trading.
However, there is a great deal more to a decentralized public general ledger system than just being a tool to trade or for digital currency transactions. These systems, when used correctly, and I stress correctly because there are plenty of people out there claiming to have a blockchain and all it is a system to move digital currency. By true definition, that is not a blockchain and it is definitely not a decentralized public general ledger system.
Decentralized Public General Ledger System: Proof that can’t be erased
Think back to Scrooge McDuck. Do you remember that movie that Disney did as a cartoon‚ or for that matter think of Scrooge from the original story. He kept a ledger. He wrote down all the transactions, from who owed him money to who paid him to who he had to pay. He kept the ledger and he worked his assistant to be sure the ledger was clean and perfect.
Now fast forward to reality and not the movies, stories or Disney, think of how easy it is to alter a ledger when it was handwritten. It could easily turn into a “he said, she said” game of who paid what and what was properly registered. Now fast forward even further. Emails and online transactions and contracts can be deleted, lost or even altered. This can hurt the validity of not just a financial transaction but also a contract or an agreement.
Fine, you have a copy, but someone else trying to pull one over could say, I didn’t sign that or that is not valid.
Here’s where the power of the decentralized public general ledger system comes in.
As opposed to the two set documentation, where a transaction or agreement is logged on two ledgers from the two parties making the agreement, this ledger is kept on a peer to peer system. This means that a contract or a transaction can be proven on hundreds or thousands of computers and if an alteration is made by a single party, a notification will come up. This brings a better level of security and validity. It takes away the options to make alterations to transactions, to agreements and to payments that have never been able to be in place before.
This system is a global game changer. It goes well beyond the secure transaction between two parties. It becomes a solidified transaction, that if need be can be proven by thousands of parties.
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The podcast video supplement for Wait What Really OK Podcast episode 92 is titled: Educate yourself on Cryptocurrency and Blockchain technology.
Brand Messaging Strategist Loren Weisman is a contributor for FSG Messaging and Optics. Loren focuses on the authenticity, authority, optics, psychology and perceptions of a brand, persona or product. Loren is also the host of the brand messaging podcast; Wait What Really OK.
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Decentralized Public General Ledger System: Proof of Transactions