What is bitcoin and what is the blockchain? Bitcoin is a crypto currency. A crypto currency is a digital currency with encryption. Encryption ensures the security of the bitcoin.
The blockchain is the protocol that solves the problem of trust. Every human interaction is compromised by trust. We have built institutions that guarantee trust such as banks and governments. But these institutions have been behaving badly and can no longer be trusted.
The blockchain is here to guarantee trust. It promises to get rid of the institutions that we have built because these institutions can be compromised and can no longer be trusted.
The blockchain has applications in every area of human interaction that requires trust. It keeps a public ledger of every transaction between human beings.
The blockchain is an accounting system which cannot be compromised without the simultaneous consensus of all the participants in the blockchain. It’s the biggest disruption to the status quo after the internet.
My advice is for everyone to try to understand how it works and what applications are being used in your area of expertise. The blockchain is building a new economy which resurrects dead capital and incorporates people who have been financially excluded from economic activities.
Inequality of capital and of income is the biggest driver of poverty and it is a deliberate machination. The blockchain will put a stop to that.