IST 195 Lecture Notes - Lecture 21: Bernard Madoff, Block Chain, Cryptocurrency
28 Nov 2018
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Document Summary
Blockchain: revolutionized and changed technology in so many sectors. Blockchain was the underlying technology behind cryptocurrency. Problem: have not found a way to establish trust between two individuals, there needs to be a middle man. It"s a human, they can make an error or are not trustworthy. Example bernie madoff- middle man that was not trusted. Instead of the record being kept with one person or bank, a world where every time you do a transaction, hundreds of computers are updated simultaneously, rather than just trusting one person aka one computer being updated. This can help prevent fraud because not just a single bank holding it, other banks and computers will. Public blockchain: you can make your computer part of the public chain. Synchronized records- every person in the network gets a copy of the records. You cannot hack thousands of computers simultaneously all through the same record because it is not one system anymore.
