Showing posts with the label blockchain

Blockchain 1.0

NOTE: Previously, I wrote an introductory article on cryptocurrencies and other applications of blockchain, The article can be found here: The article below builds on this by explaining the actual “nuts and bolts” of the bitcoin blockchain. Our goal is to have the reader walk away with a better, more technical understanding of the bitcoin blockchain. If the reader is not familiar with terms and concepts such as: blockchain, cryptocurrencies, distributed ledger, bitcoin mining, etc. It may be best to read the introductory article first or obtain the basic knowledge from other sources.)

Many people have a rough idea of how the bitcoin blockchain works, but few understand precisely how it works. This article intends to explain the blockchain in a clear, simple, and visual way.
Part 1 The Hash and the Blockchain [1]
Before we talk about blockchain, let’s talk about a hash [2]. The hash is the foundation of blockc…

Identity and Blockchain by Henry Zhang, Impact Investing Intern, University of Toronto

With the breakout in the price of bitcoin (from $1177 on March 16 to $1832 on May 16) and the rise of blockchain technology, people now have a “blockchain” view on the future of society. Just about every industry has to deal with internet data and the inherit the risks - data integrity, data transparency, and/or third party inefficiency. This means they can all use blockchain technology and the distributed ledger technology to mitigate or eliminate some or all of the these risks.

One industry which has recently gotten a lot of attention is the identity management industry. Fortunately, since I am in Washington DC for the summer, I had an opportunity to attend the 2017 K(NO)W Identity “intellectual fest” and hear what experts in the identity management field have to say about the issue.

Admittedly, this was a hard conversation to follow. Half of the time they were throwing out jargon I did not understand and the other half of the time they did not provide clear, concise answers to ques…

Summary of bitcoin and its underlying technology-blockchain, by Henry Zhang, Impact Investing Intern. University of Toronto.


Everyone’s probably heard of the word “bitcoin,” but many only have the vaguest idea about it and little understand the underlying technology. Even fewer realize the true impact this technology may have on the future.
Bitcoin is a cryptocurrency. A cryptocurrency is a digital program or asset designed to work like currency. It seeks to have the following properties: a store of value, a unit of account, and a medium of exchange  Bitcoin is the most popular cryptocurrency of the seven hundred out there. Other major cryptocurrencies are Ethereum, Ripple, and Litecoin.

Cryptocurrencies work via a system of paired-public, private keys - randomly generated numbers. Each user in the cryptocurrency network has a unique pair of public and private keys. The public key is a string of numbers available to everybody on the network. They are used for encryption. The private key is only available to an individual. It is used for decryption of the paired public key. The bitcoin transfer mechan…