🔓Blockchain

Of the BREAD technologies, Blockchain is the least understood.

Blockchain is a computing methodology by which multiple computers compete in a distributed and decentralized system that collectively creates and maintains a ledger of transations that would require an extreme amount of resources to hack or compromise. The Bitcoin blockchain is the largest network of computers that has successfully deployed this technology.

Blockchain is a new computing paradigm that allows transactions to be recorded in a secure, transparent and tamper-proof environment. It enables a series of computers, referred to as "nodes" to cooperatively compete to earn rewards for participating in securing and maintaining the ecosystem. Nodes validate transactions and collectively agree on a legitimate, canonical historoy of transaction in a way that does not depend on a central authority.

Blockchains are often said to maintain a database of transactions butthis is misleading and technically inaccurate. A database is a structured collection of data that is stored in a way that is intendeed to be easily stored, accessed and updated over time. A blockchain ledger is a transparent, immutable, and cryptographically verifiable transaction log. Blochains use an architecture that is "append only," meaning that new information can be added but previous events cannot be altered. This allows a cannonically accurate history of transactions that is useful in finance, supply chain management and a series of other industries and use cases.

• Blockchains allow and empower Open Source Services.

• Incentives drive innovation.

• Solution for walled gardens and platform risk. Open, democratic, permissionless.

• New computing paradym that uses protocols that allow new business structures and incentive models.

• Bottoms up collaborative model.

• Often community owned and governed.