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Today we'll be connecting the dots on how blockchain is improving internet connectivity and networking for businesses to drop these value bombs.

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Today Fire Nation will be talking about the word blockchain and what it really means. We'll also talk about how there are flaws in the internet and what is wrong with the internet.

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DUM welcome to entrepreneurs on fire and we're going to dive right in today because the word blockchain is being thrown around like confetti but most people don't understand what it is. So for once and for all break down what the heck blockchain is all about.

That's a very very very important question today and I think that it's about one of the largest shifts in the way human societies operate and I would even call it a part of evolution in general.

It's such a profound in game changing technology and social phenomena that actually requires like multiple perspectives to look at it and in order to fully grasp it you know the grasp the whole essence of it and impact of what it actually is.

So you need to look at blockchain from multiple perspectives usually people look at blockchain from a purely technological perspective trying to understand how this technology operates different differently from technologies we use today and of course what impact it has on on our daily lives.

But so so most of the people understand blockchain as Bitcoin and actually blockchain is an underlying technology of of the Bitcoin network and it's definitely one of the best examples of how this technology works and what impact it creates to the way the society operates in a much much broader sense.

So Bitcoin is essentially the world's first decentralized digital currency operating within a totally decentralized payment network. No bank needed no government needed for value exchange exists and the operator the global scale.

So enabling every human being like easily connected to the network and being able to actually send and receive money store value and actually you know use most of the traditional financial financial services in a purely decentralized way.

Think about it it's not only an enormous shift in the way human send and receive money but it's also a fundamental shift in the whole economic understanding of how economy should operate providing an alternative to central bank control economy and monetary systems especially in the times then the current system fails to deliver all promises made you know in the last hundred years of capitalism.

So but I still think that the most important thing Bitcoin is is is actually brought to the world.

It brought a very concept of human society it or a very concept that human society can operate in a totally different way based on a decentralized technology enabling financial system legal system government health system and internet itself.

And actually be the the core for for the value and information exchange between the humans living in one society.

A theme enabled like concept of decentralized computer which enable like you know execution of commands you know as smart contracts removing the need for the middle man trusted authority or or you know any any any authority actually for the value exchange to happen which later evolved into defi you know NFT metaverse you know all these things actually you know is the same same different manifestations actually of the of the same technology.

So if we come back to the basics technologically speaking blockchain is is is a distributed database that is shared between the nodes of a computer network using certain consensus protocols such as proof of work or proof of stake or various other protocols to maintain a secure and decentralized record of transactions.

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