Blockchain beyond Bitcoin: The Energy Sector
Science Talk
Scientific American
4.2 • 644 Ratings
🗓️ 28 February 2018
⏱️ 13 minutes
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| 0:00.0 | This episode is presented by eBay. |
| 0:03.7 | Rob, everyone loves a deal and a bargain from time to time, don't they? Absolutely, mate. And do you know where you can grab a great deal? Talk to me. Where? The eBay app. Yes, you are correct. You didn't need to talk to me. I already knew it. I love eBay. When you're buying, you can discover loads of hidden gems. there's so many items where you think I would have never found that anywhere else. |
| 0:23.7 | Then when you're buying, you can discover loads of hidden gems. There's so many items where you think I would have never found that anywhere else. Then when you're selling, it's so simple and most |
| 0:25.9 | importantly, free. It's free, Rob. When it's this easy to sell for free and there's great deals |
| 0:31.6 | on things you love. You can't help but say when it's eBay. It excludes vehicles and business |
| 0:35.9 | sellers. Welcome to Scientific American |
| 0:40.1 | Science Talk posted on February 28, 2018. I'm Steve Merski. You can't swing a bag full of quarters |
| 0:47.9 | these days without hearing something about blockchain, usually related to cryptocurrencies like |
| 0:54.1 | Bitcoin, but blockchain technology is also |
| 0:57.2 | being adopted in the energy business. |
| 1:00.1 | So what the heck is blockchain? |
| 1:02.1 | Let me read from a January 2018 Scientific American article by Alexander Lipton and |
| 1:06.9 | Alex Pentland called Beyond Bitcoin. |
| 1:10.6 | Most everyone has heard of Bitcoin, but that's only one piece of an up-and-coming financial |
| 1:16.6 | technology industry characterized by buzz and speculation. |
| 1:20.9 | What is important to know is that the core invention is a, quote, distributed ledger, end quote, a database shared and managed by |
| 1:31.7 | multiple participants. Think of it as a communal digital bookkeeping system. It represents the |
| 1:37.9 | foundational technology that has made cryptocurrencies, simply digitally encrypted currencies, |
| 1:46.1 | such as Bitcoin, possible. |
| 1:52.6 | Its underlying data structure, called a blockchain, is held in a series of sequentially encrypted blocks. To make those blocks reliable and secure, they are consensually updated by a |
| 1:59.7 | variety of proving mechanisms that involve both humans and |
| 2:04.2 | computers. |
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