(In this SmartBits, Yuvaraj Thanikachalam outlines “ What is Blockchain? “. The video is at the end of this blog)
The way we move files from one system to another system via copy and paste “Ctrl-C & Ctrl-V” is very popular with every computer savvy professional. On similar lines can we Ctrl-C and Ctrl-V the money? Why can’t we move the value in a digital format?
A gentleman by name Satoshi Nakamoto wrote a white paper on Bitcoin. He was trying to decentralize the internet, by creating a mechanism in the digital world to move the value from one pocket to the other without any central authority in place. To do this, he took this problem and solved it by using peer-to-peer technology, encryption technology, and database technology. Bringing all this together he created a solution called Bitcoin which everybody referred to as a Blockchain.
Bitcoin is one of the applications of Blockchain, it is not the Blockchain. Underlying technology which powers the innovation of moving money like a copy of a file from one pocket to another pocket solving the double-spending issue was revolutionary.