On the 22nd November 2017, and on the 6th January 2018 I wrote a blog post on Blockchain in Education, this is a follow up to that one.
So what does the Blockchain actually do:
A global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. That is, Bitcoin is manged by its network, and not only one central authority. Decentralization means the network operates on a user to user (or peer - to -peer) bases.
The short version of understanding what Blockchain can do is as Shaurya Malwa wrote yesterday 10 March 2018 in Hackernoon, they eable us to formalize and secure new kinds of relationships in the digital world.
The gist of these new kinds of relationships is that the cost of trust (heretofore provided by notaries, lawyers, banks, regulatory compliance officers, governments, etc…) is avoided by the architecture and qualities of distributed ledgers.
The invention of distributed ledgers represents a revolution in how information is gathered and communicated. It applies to both static data (a registry), and dynamic data (transactions). Distributed ledgers allow users to move beyond the simple custodianship of a database and divert energy to how we use, manipulate and extract value from databases — less about maintaining a database, more about managing a system of record.