Intro To Blockchain - The business
Transcript
[Music] alright thanks for joining another CTO advisor webinar we are going to do an introduction to blockchain so for those on YouTube watching this video this is a high-level introduction to blockchain we're not going to go deep into technology versus we're gonna you know try and demystify the blockchain you hear it referred to often as the blockchain will give the live participants a chance to ask questions near the end of the session so hold your questions for the end for those again watching on YouTube this
is a great opportunity for you to go over to the CTO visor calm and wet register for the next webinar so you can exce questions live otherwise you can exce your questions in a comment session and I'll hopefully get back to you as soon as possible so let's start out first by talking the business of blockchain simple definition of what is blockchain blockchain is a immutable distributed ledger what the heck does that mean I love the image at the bottom if you've ever ridden something down
that you needed to remember and particularly share with other people you know the idea we see it all the time and these cop movie travel movies where the ledger of the gangster is discovered and Sherlock Holmes saves the day by revealing this ledger and that letter is protected both from a security perspective making sure who's able to read the letter can read the ledger and being able to protect the letter the integrity of the ledger they want to just go in and erase the data within
the ledger blockchain fundamentally solves two of those problems one you know we have the problem three state that we have three problems one security of the ledger to the immutability of the ledger can it be destroyed and then or edit it and then third the distributed nature of the letter we need to be able to share the ledger blockchain is immutable meaning that it's very difficult to change the ledger once it's been agreed to once the distributed folks who share the letter decide that the transaction
is solid it's almost impossible for a bad actor to go back in edit the ledger or for corruption such as a fire or loss or loss of systems to destroy the ledger so bak chain is an immutable distributed ledger very simple concept I thought I'd hit on some of the use cases of blockchain what we see it the most Bitcoin by far is the best example of production use case blockchain in which we have this crypto currency that is shared across the world and we can
have transactions conducted using Bitcoin and record it in the blockchain another use case is what we're seeing production level uses of blockchain is the supply chain so you know think of Walmart and all of its suppliers they don't currently use this at Walmart but the concepts everyone is looking into when I worked for a manufacturer we looked at the possibility of saying you know we're gonna ship something from the factory floor and when it gets to the chef shelf of the retailer every point in that's
apply change from when it leaves the manufacturing floor it when it gets to the distribution center from the distribution center to the trucking company the logistics company that moves it from the distribution center to the store shelves from the source from to the store to the receiving at the store itself to the stocking on the shelf to the point that is sold to the customer that item can be tracked via a distribute ledger or cross all of those participants in the supply chain so at any
point we can say let's say that the item is stolen at the distribution center the distributor and the manufacturer can go back to the ledger and show that the item left the manufacturing facility and was accepted at the distribution center if this goes to let's say arbitration of court there's no denying the manufacturer their ledger says that it left the district distributor their ledger says that it was received both those Ledger's are same ledger is immutable and undeniable this is a a very exciting and very
focused example of the current use cases for blockchain
