Summary of In Proof We Trust

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7 Overall

8 Importance

5 Innovation

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Recommendation

Here’s the blockchain article you have been waiting for. Anyone who has been nodding and smiling nervously when the conversation turns to bitcoins and the blockchain – or has been dodging the subject altogether – can now breathe a sigh of relief. Financial writer Dominic Frisby will ease your entrée into the topic of the blockchain, one of the most disruptive technologies of our time and the system that powers bitcoin. Frisby, who has written a book about bitcoin, sketches out in simple terms how the blockchain works, explains its significance and predicts future applications. This article isn’t a deep dive, so getAbstract recommends it to the uninitiated who would like to know what all the fuss is about.

 

In this summary, you will learn

  • How blockchain technology works,
  • Why it is significant even if you don’t invest in bitcoins and
  • How it will disrupt multiple industries.
 

About the Author

Dominic Frisby is a British comedian and financial writer.  He is the author of Bitcoin – the Future of Money. He writes a weekly column for MoneyWeek and has contributed to Breitbart News, the Independent and The Guardian.

 

Summary

Blockchain technology – the technology that powers bitcoin – stores digital financial transactions and records on different computers. Blockchains are decentralized. This unique design renders the system exceptionally secure. Using advanced mathematical algorithms, the system connects 8,000–9,000 automated computers which quickly verify and record a transaction. All the computers must agree on the transaction’s veracity, or the system won’t add the new “block” of data to the “chain” of data it already recorded. Humans can’t alter or otherwise manipulate this record; they can merely connect their own computers to the network.

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