Hi all… you probably know this already and probably a hell of a lot more than me… But for anyone else reading this…
From a YouTube video I watched on blockchain
(Whilst trying to get my head around what happens in BLOCKCHAIN and why…)
(Please note… This was just my personal understanding. I most likely missed a bit here or there or didn’t quite get something accurately right but it was v complicated… To me at least!ñ)
They showed the example of WALMART. It showed the process of produce from start to finish along the chain of delivery to Walmart.
Every step had a separate & different recording.
And so anytime they wanted to find out exactly where along the way something went wrong, or damage occurred of the produce, or delivery in time etc etc… , they were able to do this INSTANTLY with the separate records along the way at each stage. This made it extremely easy and instant.
Reduced paperwork , time etc…
Another example they used was
something like Mortgage Applications would no longer need all that paperwork &b waiting around and referencing etc most of that process, since every transaction is recorded accurately between all parties instantly…
“Blocks” of information/records of accounts / transactions.
Everytime this info or transaction etc was changed along the way it was updated with a new block. And all previous records updated. Then ask shared between the parties instantly.
Blocks chained together.
Removed the middleman (bank, govt, removed BUREAUCRACY… Etc).
Every transaction copy was shared between each of the parties. So everyone got an accurate record.
Everyone you wanted to share records with would use your "PUBLIC/PRIVATE KEY’ could share & access into accounts record etc instantly, privately,
One would have/use a “public” key and a “private/secret” key. These are used like personal signatures.
Highly encrypted. (Algorithms etc)
Everything updated instantly and shared with all those involved.
So really just a few points I learnt or tried to get my head around ! Obviously I know you would all do your own DD… But thought since I seen Walmart mentioned…!
Still need to look into it a bit more for myself. As still bit complicated.
However . Video did say this was not something everyone would need to ever know just like you don’t need to know how it works when you use tap and pay on your debit card or credit card.
But for me interesting to know anyway!
That may have confused you more… Apologies!