Original subtitles

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What is Blockchain technology for bitcoin & Ethereum

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A Blockchain facilitate and secure online transaction.

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Basically it's a version or stuff that is foolproof and makes it secure Online transaction more secure

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then your existing bank.

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Blockchain is it de-centralized and digital Ledger in distributed form which is used to record transactions across

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multiple computers.

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So the record cannot be hacked.

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Now you would have heard on the news EBC bank was hacked.

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ABC News got hacked.

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Now what really happens is a hacker goes and hacks the computer.

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as the computer is associated with that organization because those computers are usually within a building of their

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company or its servers are based within a certain area.

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So once they attack they have all the information available to them because they have hacked

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all the computer available in there HQ.

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.

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Because these organizations keep their information on their own computers because they want it

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secure with there own key and stuff. Whereas Blockchain is different.

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They use a de-centralized network. What they do is they break the information data into

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100 different broken pieces and then they put them in different computers.

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So a person needs 1000s of computers to be hacked and then he needs to collect all that information into one

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form and then he would know what that information means.

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So it's something that is nearly impossible because you cannot have so many resources, so much time and

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understanding of systems.

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therefore its far more secure than your existing Bank. This block chain based service can be completed

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with blazing speed with extreme security and more cheaply than traditional systems what this means is

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your bank is

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not foolproof so it can be hacked.

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It has security flaws.

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Number one problem number two is those banks come under one umbrella.

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And you are subject to taxes and all other stuff.

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Whereas in block chain its spread across the world.

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So they don't come into the traditional sphere of 1 Government.

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They are really secure because if you sell anything through block chain to EBC person living in Thailand you can

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simply transfer it within seconds whereas if you go to your bank and asked him to transfer

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money to Thailand.

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It will take days and thousands of dollars of fees and it may require Government approval.

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So currently they are a lot of traditional system blockades that will stop you from doing business whereas

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Crypto-currencies don't have this issue.

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Thank you.