Blockchain Basics

Before I dive into introducing applications built on top of Blockchain Technology I wanted to write a few words about the technology itself and why it's relevant. I have also added some links and videos at the end if you want to look into it more. If you're new to all this like I am than thispost might hopefully serve as a useful starting point.

I will try and keep this as brief and accessible as possible, without getting into too much tech-talk. I mainly want to get some basic terms, key principles and central ideas out of the way. Just some basic understanding of this technology will help to understand how the platforms work that I will be writing about in future articles. So I might refer back to this in subsequent posts.

Rather than get cought up in the details of these technical terms or definitions, I would like to highlight some key characteristics that open Blockchains possess.

Key Characteristics of Blockchains

Decentralization
The decentralized nature insures that no single person, organization, coorporation or other entity has full control over the system and the data.

Immutability
This means the cryptography ensures that no one can tamper or alter the data of the ledger or manipulate the consesus rules to their favor. The rules of the protocol apply to everyone the same.

Trustless
The open, cryptographic and immutable protocol of Blockchains allows people to exchange value and data without the need for trusted third parties.

Open
The majority of Blockchains are openly accessible to everyone, have an open source code and a transparent ledger of all transactions that anyone can audit.

Smart Contracts

Second generation Blockchains like Ethereum, the 2nd biggest Blockchain after Bitcoin, allow for the use of more sophisticated smart contracts. This makes it possible to automate a range of functions and services like payments, rights distribution and legal contracts. Most applications right now are built on Ethereum.

The above mentioned characteristics in combination with smart contracts open up a whole range of possiblities that didn‘t exist before. Many intermediaries will become obsolete, in the music industry for example, the long chain of licensers, publishers, distributers and labels that stand between artists and their fans.

Blockchains offer huge opportunities for creators, artists and musicians in particular and there is definitely a lot of potential to be explored here. I will be focusing in my next articles on how current platforms and applications utilizing Blockchain technology can help artists and musicians in particular, as this is what I am most interested in.

If you want to find out more about Bockchain, below are some resources I have found helpful so far. If anyone has more helpful resources, feel free to post them in the comments.

Beginners Resource guide

Andreas Antonopoulos is one of the most prominent figures in the Blockchain space and the best educational speaker on the subject I have come across so far. He gives regularly talks all over the world, you can watch them on his youtube channel. He even recently joined Steemit, because someone had been impersonating him on here, but he doesn't seem to be active here.
He has also written several books like Mastering Bitcoin and The Internet of Money. I will definitely read one of his books when I have time. If you‘re dedicated to learning more about this technology I suggest you check him out.
https://antonopoulos.com/

Blockchain for beginners: This was a talk given in March 2017, shortly before Bitcoin started to blow up and make waves in the media

Coindesk is the best Blockchain newssite I have found thus far, this is a link to their Blockchain 101 section: https://www.coindesk.com/information/

Wired has written a relatively good Blockchain guide
https://www.wired.com/story/guide-blockchain/

If you‘re part of the 140 character attention span generation you might want to stick to this 2 and a half minute video from The World Economic Forum

And here are two Ted talks I found:

Don Tapscott Ted talk on Blockchain

Bettina Warburg Ted talk on Blockchain