Blockchain In 7 Minutes | What Is Blockchain | Blockchain Explained|How Blockchain Works|Simplilearn

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Explore the concept of blockchain and understand what is blockchain with our informative video, providing insights into this revolutionary technology.
This video on Blockchain in 7 Minutesby Simplilearn will help you understand what is Blockchain and how blockchain works. In this video, you will understand what led to the creation of Blockchain, what Blockchain is, how a Bitcoin transaction works, how Blockchain plays an integral role in it with features like hash encryption, proof of work, and mining, and how Blockchain technology is used in real-life scenarios. Now, let’s dive into this video and understand the basics of Blockchain and How Blockchain works.
Below are the topics we have covered in this Blockchain in 7 minutes video.
00:00 Blockchain In 7 Minutes
01:03 What are Cryptocurrencies?
01:30 What Is A Ledger?
03:13 What Is Blockchain?
05:50 How Walmart uses Blockchain?
To learn more about Blockchain, subscribe to our KZfaq channel: kzfaq.info...
Watch more videos on Blockchain: • Blockchain Tutorial Vi...
#Blockchain #Whatisblockchain #BlockChainExplained #Blockchaintutorial #Bitcoin #Blockchainonlinetraining #Blockchainforbeginners #BlockchainTechnology #Simplilearn
Simplilearn’s Blockchain Certification Training has been designed for developers who want to decipher the global craze surrounding Blockchain, Bitcoin and cryptocurrencies. You’ll learn the core structure and technical mechanisms of Bitcoin, Ethereum, Hyperledger and Multichain Blockchain platforms, use the latest tools to build Blockchain applications, set up your own private Blockchain, deploy smart contracts on Ethereum and gain practical experience with real-world projects.
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@SimplilearnOfficial 3 жыл бұрын

🔥Full Stack Developer (MERN Stack): www.simplilearn.com/full-stack-developer-course-mern-certification-training?SCE-FullstackIITM&Comments& 🔥Full Stack Developer (MERN Stack): www.simplilearn.com/full-stack-developer-course-mern-certification-training?SCE-FullstackIITM&Comments& 🔥 Post Graduate Program In Full Stack Web Development: www.simplilearn.com/pgp-full-stack-web-development-certification-training-course?Blockchainscribe&Comments&

@anthonycarter9987 3 жыл бұрын

D hash ac555363@gmail.com

@theshiningones349 3 жыл бұрын

The Answer is A. Am I correct???

@prixkatrish3367 3 жыл бұрын

GOD BLESS SHEWENHACKS ON TELEGRAM THEY ARE THE BEST I CONFIRMED 10BTC AND GOT MY WITHDRAWAL SUCCESSFULL WITHOUT ANY ISSUES OR IRRELEVANT CHARGES

@irprod.5581 3 жыл бұрын

Can we just appreciate how this guy has almost a million subscribers and has the time to reply to every comment. Props to you man!

@SimplilearnOfficial 3 жыл бұрын

Thanks for watching our video and sharing your thoughts. Do subscribe to our channel and stay tuned for more. Cheers!

@muhammadmasterminders 3 жыл бұрын

@IR Prod That is called humility.

@dibyajyothimishra6369 3 жыл бұрын

He is using block chain tech 😂

@airplayrule 2 жыл бұрын

some of his replies look copy/pasted

@bhoot1702 2 жыл бұрын

He's using bots bro

@user-lf9ro2ly4i 5 ай бұрын

A - PUBLIC DISTRIBUTED LEDGER. And thanks for explaining it in simple way.

@RobSwizz1e 2 жыл бұрын

I've listened to several podcasts and multiple videos, and so far, this one was the best example for how I was able to finally understand block chain. Really appreciate the video, thank you!

@SimplilearnOfficial 2 жыл бұрын

Glad you enjoyed it!

@dpayneless 3 жыл бұрын

I've watched several videos about blockchain but this one made me really understand how it works - thanks!

@SimplilearnOfficial 3 жыл бұрын

Glad it was helpful! Thank you for watching!

@nextdecademinerssupport8242 2 жыл бұрын

Thank me later

@judyscott8652 2 жыл бұрын

I watched several videos about blockchain but can you make me to understand about the blackchin

@jacobmunoz4373 3 жыл бұрын

Thank you for so such a simple, in depth, and fun video!

@SimplilearnOfficial 3 жыл бұрын

Glad it was helpful!

@farrukhrafiq1102 3 жыл бұрын

absolutely brilliant video. you have explained it in a way that makes it super easy to understand

@SimplilearnOfficial 3 жыл бұрын

Glad it was helpful!

@muhammadmasterminders 3 жыл бұрын

You're unbelievable! I'm subscribing immediately! Thanks for the enlightenment.

@SimplilearnOfficial 3 жыл бұрын

Welcome aboard!

@Cindy-es4ob 2 жыл бұрын

Finally! I've watched several videos and this is the only one I actually understand. Thank you so much

@SimplilearnOfficial 2 жыл бұрын

You're welcome!

@testme5337 2 жыл бұрын

Hit me up

@poojagupta3296 5 жыл бұрын

This is an amazing explanation of blockchain, thank you so much Simplilearn! I have shared this with all my friends. Kudos to the effort you guys put in

@SimplilearnOfficial 5 жыл бұрын

Hi Pooja, thanks for the kind compliment. Do subscribe to our channel and get our new video updates directly into your email. If you have any questions related to these videos, you can post in the comments section, we will clear your queries/doubts.

@candyfloss184 2 жыл бұрын

Thank you 🙏

@wytdo99 4 жыл бұрын

Solid Video! I have to learn about blockchain for a class of mine and this couldn't have helped more! Thank you all so much!

@SimplilearnOfficial 4 жыл бұрын

Hello, thank you for appreciating our work. We are glad to have helped. Do check out our other tutorial videos and subscribe to us to stay connected. Cheers :)

@BlessedOmid 3 жыл бұрын

Thank you for your lucid video. Was really helpful for figuring out what blockchain is and how it works.

@SimplilearnOfficial 3 жыл бұрын

Glad it was helpful!

@DailyRicotine 2 жыл бұрын

Thank you for breaking it down in a 7minute video and keeping it entertaining I didn’t fully understand it before !

@SimplilearnOfficial Жыл бұрын

Glad it was helpful!

@Monica-70 2 жыл бұрын

This topic gave me a headache and with your demonstration, I completely understand now, how this works. Thank you!

@SimplilearnOfficial 2 жыл бұрын

You're very welcome!

@choudhurymaqsurat2035 2 жыл бұрын

Just amazingly described ... I wonder how much beneficial this technology is going to be! Thanks for making me understanding the initial knowledge of Blockchain..

@SimplilearnOfficial 2 жыл бұрын

Our pleasure. Happy to help!

@eugenewilliams920 2 жыл бұрын

Thanks for that simple, complete, understandable explanation. Will be sure to share it with my friends..

@SimplilearnOfficial 2 жыл бұрын

Glad it was helpful!

@victorstephen9404 2 жыл бұрын

I really need to know more about blockchain

@michaelmitchell155 2 жыл бұрын

I was looking for a stripped down explanation of blockchain, and found it here. I get it at it's core. Thank you so much. You're right, that was one expensive meal.

@SimplilearnOfficial 2 жыл бұрын

Thank you for the appreciation. You can check our videos related to various technologies and subscribe to our channel to stay updated with all the trending technologies.

@ajaysukhdial4379 3 жыл бұрын

The best explanation for a novice that I've seen to date. Kudos to the creators if this video!

@SimplilearnOfficial 3 жыл бұрын

We are glad you found our video helpful, Ajay. Like and share our video with your peers and also do not forget to subscribe to our channel for not missing video updates. We will be coming up with more such videos. Cheers!

@devpakhring8989 2 жыл бұрын

@NewHorizonsjules Жыл бұрын

fantastic video, it explained EVERYTHING PERFECTLY. THANK YOU❤❤❤❤❤❤

@SimplilearnOfficial Жыл бұрын

Hello thank you for watching our video .We are glad that we could help you in your learning !

@williecharles5098 2 жыл бұрын

I appreciate this video This is exactly what I need as motivation.

@SimplilearnOfficial 2 жыл бұрын

Glad it was helpful!

@ajaxp7176 2 жыл бұрын

Best explanation video so far. I just wished that there will be an in-depth discussion on the mining part. But all in all, this is great. Will definitely recommend this one to my friends. Thanks

@SimplilearnOfficial 2 жыл бұрын

Glad it was helpful!

@sawsix1823 3 жыл бұрын

Thanks for that explanation. I’m going to watch it again. I recently started investing in cryptocurrency and I was unfamiliar with all the terminology. Your brief explanation opened my eyes more to the future of blockchain technology.

@SimplilearnOfficial 3 жыл бұрын

Glad it was helpful! Thank you for watching!

@jaredwii123 2 жыл бұрын

How did it go?

@lizamathur3748 2 жыл бұрын

I am completely new to the concept of blockchain.. and even bitcoin... I just thought that I won't be able to understand this.. but thanks to this video... this is the first video I watched for understanding what is blockchain and I have understood 100% of the information given in this video.. thanks to your channel. Keep it up.. 🙂

@SimplilearnOfficial 2 жыл бұрын

We are glad you found our video helpful. Like and share our video with your peers and also do not forget to subscribe to our channel for not missing video updates. We will be coming up with more such videos. Cheers!

@JordanAlexochannel 2 жыл бұрын

Finally starting to understand this a bit more. It has been a slow process, need to rewatch it again. Thanks!

@SimplilearnOfficial 2 жыл бұрын

Keep learning with us .Stay connected with our channel and team :) . Do subscribe the channel for more updates : )

@TheAexo 4 жыл бұрын

Very clear explainations! Good.

@SimplilearnOfficial 4 жыл бұрын

Greetings! Thank you for your kind words. Spread the word by liking, sharing and subscribing to our channel! Cheers :). You can also explore our playlists for more Blockchain: kzfaq.info/get/bejne/r9uSra2oldvNdWg.html.

@celiwemalindi 3 жыл бұрын

Thank you for the explanation. It is very easy to understand.

@SimplilearnOfficial 3 жыл бұрын

You are welcome! Thanks for watching!

@aymaneelhoudaigui 2 жыл бұрын

After many researches you are the one who explained the blockchain to me ! Thank you

@SimplilearnOfficial 2 жыл бұрын

Glad it was helpful!

@jayxcrypto4898 2 жыл бұрын

The knowledge I just acquired is a billion times more than the Amazon gift card. Keep the good work. Nice tips for entrepreneur and coders

@SimplilearnOfficial 2 жыл бұрын

Glad it was helpful!

@testme5337 2 жыл бұрын

Hit me up

@abhiramp1067 4 жыл бұрын

Like a station wise assembly in a manufacturing company. Every station has certain work they have to follow . Each station is regularly checked .

@SimplilearnOfficial 4 жыл бұрын

Nice example!

@sufyanarif2577 3 жыл бұрын

And they are rewarded bitcoins.

@agraniabha6151 3 жыл бұрын

This is the most informative video I've ever watched !

@SimplilearnOfficial 3 жыл бұрын

Thanks for watching our video and sharing your thoughts. Do subscribe to our channel and stay tuned for more. Cheers!

@welexteamblockchain661 2 жыл бұрын

Never seen an explanation this detailed, nice work you doing here your videos have really helped me

@SimplilearnOfficial 2 жыл бұрын

Awesome, thank you!

@georgeevreniadis2377 2 жыл бұрын

great description of blockchain not only for cryptocurrency but very very very interesting description for applications in the logistics and supply chain industry. Many thanks, you have given me so many great ideas....

@SimplilearnOfficial 2 жыл бұрын

Glad it was helpful!

@user-cq4jj7rn8q 2 жыл бұрын

See this is great bc it gives me an initial scenario versus just starting into a blockchain definition. Thank you!!

@SimplilearnOfficial 2 жыл бұрын

Thanks for watching our video and sharing your thoughts. Do subscribe to our channel and stay tuned for more. Cheers!

@stocksandblocks9661 4 жыл бұрын

Our mission is to inform people about bitcoin. You are doing a great job!

@SimplilearnOfficial 4 жыл бұрын

WooHoo! We are so happy you love our videos. Please do keep checking back in. We put up new videos every week on all your favorite topics. Whenever you have the time, you must also check out our blog page @simplilearn.com and tell us what you think. Have a good day!

@115-mayurisadaphal5 2 жыл бұрын

Thank you sir!.. Truly non technical student could also have a fast learning by your videos in simple form

@SimplilearnOfficial Жыл бұрын

You are most welcome

@mdanarul9629 2 жыл бұрын

This is an amazing explanation of blockchain, thank you so much Simplilearn! I have shared this with all my friends.

@SimplilearnOfficial 2 жыл бұрын

Much appreciated!

@Anna-sj4ut 2 жыл бұрын

Clear and concise explanation; you're a great teacher! If I may suggest something, is have the answer(s) to your quiz in the details section?

@SimplilearnOfficial 2 жыл бұрын

The contest is over and winners have been announced in our community and also mentioned in the top comment of the video as well. Thanks for your participation. Explanation: Answer: A (Public Distributed Ledger) The concept of public distributed ledger ensures that everyone on the Blockchain network has a copy of the ledger. Thus, no single person can make changes in the ledger as everyone else will flag this as invalid.

@babuOOabc 4 жыл бұрын

miners part i didnt understand pls explain how does miner validate the criptografy. and why this is specially need in cryto currect crypto does all cryptografy need so much processing power? bit coin transaction will be slow to?

@SimplilearnOfficial 3 жыл бұрын

Thanks for watching our video and sharing your thoughts. Do subscribe to our channel and stay tuned for more. Cheers!

@meenakshiraman25 2 жыл бұрын

What an explanation!! Clearly understood.Thank you sir✨

@SimplilearnOfficial 2 жыл бұрын

Most welcome!

@Onz.m 7 ай бұрын

You’re method of explanation is supreme thank you so much i watched others but yours nailed it !

@sara104015 4 жыл бұрын

Hi, I have a test on business disruptive technology tomorrow and I would like to know about P2P network in an easy way and how to illustrate or draw a diagram for an example for blockchain.

@SimplilearnOfficial 4 жыл бұрын

Hi Sara, you can refer to our Blockchain 101 video where we have used an example and explained the P2P network in a simple way: kzfaq.info/get/bejne/jalnbJd63LXZfGQ.html.

@amolthikane 4 жыл бұрын

Nice video, concept made easy to understand. Blockchain technology can be used wherever there is work or process flow to correctly identify source of issue.

@SimplilearnOfficial 4 жыл бұрын

Hey Amol, thank you for watching our video. We are glad that you liked our video. Do subscribe and stay connected with us. Cheers :)

@dee_giah001 Жыл бұрын

This video is really comprehensive and the best video that really explains blockchain and am able to understand the concept behind it, thumbs up for a great job.

@SimplilearnOfficial Жыл бұрын

Glad it was helpful!

@shubobtv 2 ай бұрын

Just came across your channel. Exactly what i wanted. Simple to the point and clear. Thank you so much!

@swapnilchauhan966 4 жыл бұрын

Amazing explanation... Really Loved It. Thank You!

@SimplilearnOfficial 4 жыл бұрын

Hey Swapnil, thank you for appreciating our work. We are glad to have helped. Do check out our other tutorial videos and subscribe to us to stay connected. Cheers :)

@InSearchOfForever 4 жыл бұрын

Expensive dinner!

@SimplilearnOfficial 4 жыл бұрын

Hehe! True that!

@aandm7772 3 жыл бұрын

hahahahahha

@billlyque3105 3 жыл бұрын

Hahaha

@jomniharuna7237 2 жыл бұрын

Yes that's true

@clarajoe4052 2 жыл бұрын

Bitcoin is really profitable at this stage.

@BlackMambaInland 2 жыл бұрын

Wow.. Such a simple way to understand blockchain. Kudos to this guy. ❤️

@SimplilearnOfficial 2 жыл бұрын

Glad you liked it

@vijaym1906 2 жыл бұрын

You make complex topics sound easy. I've subscribed your channel on just watching 2 videos. Thanks a ton. Appreciate if you can make a video on Ripple

@SimplilearnOfficial 2 жыл бұрын

Thanks for the sub!

@yusrashahina3444 3 жыл бұрын

You guys have elaborated it very nicely keep adding such content to your channel. Looking forward for more such videos P. S:answer is hashing algorithm

@SimplilearnOfficial 3 жыл бұрын

Sure 😊

@meenakshijha9281 Жыл бұрын

Fruitful video with time saving and better understanding! 🌺

@SimplilearnOfficial Жыл бұрын

Glad it was helpful!

@HDsignatures 2 жыл бұрын

Wow, this is such an eyeopener, where the world is heading to, i am really happy i came across your video, your explanation are soooo beginners and very understandable. Thank you

@SimplilearnOfficial 2 жыл бұрын

Glad it was helpful!

@kyawphyolwin4137 2 жыл бұрын

Thank you. This video explains a lot and it's very easy to understand.

@SimplilearnOfficial 2 жыл бұрын

Glad it was helpful!

@testme5337 2 жыл бұрын

Hit me up

@ittoakimbo 2 жыл бұрын

The answer is A, good explanation, I think I’m starting to get what blockchain is, many thanks

@SimplilearnOfficial 2 жыл бұрын

"Hi, you got the right answer. Kudos. The contest is over and winners have been announced in our community and also mentioned in the top comment of the video as well. Thanks for your participation. Explanation: Answer: A (Public Distributed Ledger) The concept of public distributed ledger ensures that everyone on the Blockchain network has a copy of the ledger. Thus, no single person can make changes in the ledger as everyone else will flag this as invalid. "

@ittoakimbo 2 жыл бұрын

@@SimplilearnOfficial I know, im just interested and somewhat intrigued with the technology, thanks for the great explanation

@SayzChannel 2 жыл бұрын

Now I understand what is Blockchain

@SimplilearnOfficial 2 жыл бұрын

Great to hear that Simplilearn is helping you learn better .

@harshitbhangre 6 ай бұрын

Thank you, the session was amazing 🤩

@chaitanyakrishna707 2 жыл бұрын

This is the best Blockchain explanation video on KZfaq. This cleared all my doubts. Thank you.

@SimplilearnOfficial 2 жыл бұрын

Glad it was helpful!

@jabibgalt5551 3 жыл бұрын

I get bitcoin now, but when I didn't, I wish I had this video to explain what bitcoin and the technology behind it (blockchain) are. Thank you so much.

@SimplilearnOfficial 3 жыл бұрын

Hey Jabib, thank you for appreciating our work. We are glad to have helped. Do check out our other tutorial videos and subscribe to us to stay connected. Cheers :)

@JambalaX 3 жыл бұрын

Perfect for a quick understanding of the concept before deep-diving into it. I was wondering in relation to the Walmart example if blockchain also describes the system of tracking damage when engaging in carsharing. Hereto, when you take pictures and note potential damage to the car before and after use, for the company to track when the damage to the car has occurred?

@SimplilearnOfficial 3 жыл бұрын

Thanks for watching our video and sharing your thoughts. Do subscribe to our channel and stay tuned for more. Cheers!

@OnlyTop10ss 3 жыл бұрын

Great video, very simple and easy ways to explain and understand blockchain. Thank you!!

@SimplilearnOfficial 3 жыл бұрын

Glad it was helpful!

@malaychakrabortty5079 3 жыл бұрын

Thanks for the video, it's informative & concise...Answer is option-A (Public Distributed Ledger)

@SimplilearnOfficial 2 жыл бұрын

@praveennarayana6200 2 жыл бұрын

The answer for the last quiz you gave is option D - Hash encryption . Because whatever input item we have in whatever length , it will be as the same output item in a fixed length . So there is possibities of alteration .

@SimplilearnOfficial 2 жыл бұрын

"Hi, we are sorry to say that you got the wrong answer but in any case, we are glad seeing your participation in the contest. The correct answer is Answer: A(Public Distributed Ledger) The concept of public distributed ledger ensures that everyone on the Blockchain network has a copy of the ledger. Thus, no single person can make changes in the ledger as everyone else will flag this as invalid. "

@nitsujanimations7212 2 жыл бұрын

The concept of public distributed ledger ensures that everyone on the Blockchain network has a copy of the ledger. Thus, no single person can make changes in the ledger as everyone else will flag this as invalid. but what if all of the people alter the ledger ? is that possible?

@SimplilearnOfficial 2 жыл бұрын

@nomoremrniceguy007 2 жыл бұрын

Huge thank you for clearing that up for me.

@SimplilearnOfficial 2 жыл бұрын

Glad to help!

@nailsthatstunt3665 2 жыл бұрын

I almost gave up on my curiosity of blockchain glad I watched your video. Now I get it. 😊 Thanks.

@SimplilearnOfficial 2 жыл бұрын

Glad it was helpful!

@Nftss-ep2kr 3 жыл бұрын

Looking at this I would say blockchain is definitely the future

@SimplilearnOfficial 3 жыл бұрын

True that!

@SweetPeachannel 3 жыл бұрын

yesss

@munimmorshed5742 5 жыл бұрын

D; hash encryption

@SimplilearnOfficial 5 жыл бұрын

Hi Munim, thanks for your reply! However, without your email id, we won't be able to give you the prize and neither would your answer be counted as valid. So comment your email id down below now to get back in the contest!

@namatullahyousafi 2 жыл бұрын

The answer to the question is option A. Thank you for your simple explanation about Blockchain. İ am a Math and İT teacher. İ am sharing your vid with my students as well.

@SimplilearnOfficial 2 жыл бұрын

@sheetaluniyal8605 2 жыл бұрын

Finally, I got this ! You made this easy thank you.

@SimplilearnOfficial 2 жыл бұрын

Glad it helped!

@SimplilearnOfficial 5 жыл бұрын

Please share your feedback below and don't forget to attempt the quiz at 05:19 (by commenting your email id and answer) to be one of three winners who can win amazon vouchers worth Rs.500 or $10 (depending on your location). We will give out the answer and announce the winners on Monday, 11th March 2019 in this same comment! Happy Learning!

@Cardioak 5 жыл бұрын

Simplilearn Email: baygald@yahoo.com Answer: hash encryption

@SimplilearnOfficial 5 жыл бұрын

Hi, thanks for your reply! We will give out the answer to the quiz on Monday, 11th March 2019. If your answer is right, you could be one of the 3 lucky winners to grab Rs 500 or $10 worth Amazon voucher. Stay Tuned!

@adeeba8423 5 жыл бұрын

Option A

@vartikarana5378 5 жыл бұрын

Email: vartikarana2000@gmail.com Ans: Hash encryption

@SimplilearnOfficial 5 жыл бұрын

Hi Adeeba, thanks for your reply! However, without your email id, we won't be able to give you the prize and neither would your answer be counted as valid. So comment your email id down below now to get back in the contest!

@behroozsayah1679 5 жыл бұрын

The best answer would be A. Because everyone know about the numbers and you can realized and find out the problem.

@SimplilearnOfficial 5 жыл бұрын

Hi Behrooz, thanks for your reply! However, without your email id, we won't be able to give you the prize and neither would your answer be counted as valid. So comment your email id down below now to get back in the contest!

@stevehenry9826 2 жыл бұрын

Vary interesting. I was talking to one of my freinds who is up alot on the tech of the future. I was asking him about Bitcoins and that's when he also mention Blockchain but he had to get back to work so he did not have time to explain. Your video cover it vary well. Excellent video!

@SimplilearnOfficial 2 жыл бұрын

Thanks for watching our video and sharing your thoughts. Do subscribe to our channel and stay tuned for more. Cheers!

@karthikrk3149 2 жыл бұрын

Just Loved the way you explained Brother.

@SimplilearnOfficial 2 жыл бұрын

Thanks a ton

@TheLally7 3 жыл бұрын

Question, so what happens in the time it takes for someone to validate your transaction, ie, the miner? Are we talking few seconds or hours?

@SimplilearnOfficial 3 жыл бұрын

Hi, Simplilearn provides online training across the world. We would be happy to help you regarding this. Please visit us at www.simplilearn.com and drop us a query and we will get back to you! Thanks!

@pussycla 2 жыл бұрын

Best blockchain explanation on KZfaq. Thank you

@SimplilearnOfficial 2 жыл бұрын

Glad it was helpful!

@anshul9680 2 жыл бұрын

I have been searching for days an easy explanation of Blockchain technology. Thankyou

@SimplilearnOfficial 2 жыл бұрын

Hello thank you for watching our video .We are glad that we could help you in your learning !

@Firedragon-wm6bq 2 жыл бұрын

You saved me for my project thank you so much!

@SimplilearnOfficial Жыл бұрын

You're welcome!!

@e4s7 3 жыл бұрын

I'm quite new into the Blockchain technology, and I have a question on the part where you say "public distributed ledger", where all Phil's friends have a copy of the ledger and know how much bitcoin Phil has left (1 bitcoin left at minute 2:56). In this case, does it mean people who have a common copy of your ledger will always know how much "money" (bitcoin for example) you have in your account? Apologies if it is a dumb question, kinda new here 😅

@aadiluddin 3 жыл бұрын

The ledger (blocks) are encrypted, so no one can see how much Phil has in his account.

@SimplilearnOfficial 3 жыл бұрын

They would, but they would also have to know Phil's wallet address. Without out, they wouldn't know how much money he has. Thank you for watching!

@karthik6278 3 жыл бұрын

Public distributed ledger.. And thank for this video ☺

@SimplilearnOfficial 3 жыл бұрын

@ritc1839 2 жыл бұрын

Surely the answer is public Distributed Ledger.

@562prabhassatti2 2 жыл бұрын

Public distributed ledger

@aroopmukherjee951 2 жыл бұрын

Blockchain can be used in production areas like steel and power plants. It will help them in development and transition of built in quality product

@SimplilearnOfficial 2 жыл бұрын

Thanks for watching our video and sharing your thoughts. Do subscribe to our channel and stay tuned for more. Cheers!

@aandm7772 3 жыл бұрын

This was so helpful, thanks

@SimplilearnOfficial 3 жыл бұрын

Glad it was helpful!

@nicolasleo5572 Жыл бұрын

Very interesting content, i would also be glad if anyone here can explain a few things for me, this is 2022 and I believe it's my time to invest and shine for a better future

@SimplilearnOfficial Жыл бұрын

Thanks for watching our video and sharing your thoughts. Do subscribe to our channel and stay tuned for more. Cheers!

@kunaljr2510 3 жыл бұрын

The answer to the question is A. Also, for an example, using the blockchain by mentioning the quality of a particular goods or service throughout the supply chain would help us immediately identify the origin of defect. As each part of the supply chain would have the knowledge of the quality of that particular goods or service at each stage.

@SimplilearnOfficial 3 жыл бұрын

Hi, you've got the correct answer! Option A! The concept of public distributed ledger ensures that everyone on the blockchain network has a copy of the ledger. Thus, no single person can make changes in the ledger as everyone else will flag this as invalid. However, the competition period is now over. Thanks for participating and watching!

@jollynery 2 жыл бұрын

@@SimplilearnOfficial can blockchain be used in education?

@AndrewSmith00000007 2 жыл бұрын

I don't understand how that would work in real world unless each step in the supply chain does quality check which sounds like a lot of overhead. Besides, if product is found to be damaged in one of those steps while performing quality check, what's the point of letting it shipped all the way to the store let alone put it on the store shelf?

@Tvyoutubeacc 3 жыл бұрын

Everything is clear in this video! But i didnt really get the wallmart explanation. How does it identify where the product got damaged?

@SimplilearnOfficial 3 жыл бұрын

@rgauthie99 11 ай бұрын

It has to be the ledger and that it's composed of all the blocks/transactions or records linked together - I don't the mechanics of transferring a bitcoin but I assume that the blockchain public ledger and how it's governed (programed to not allow for transfer of non-existing bitcoins) to occur. I'm still a little perplexed on how this could help with inventory management - if you don't have the appropriate systems or way of tagging shipments or inventory transfer. In a sense how is block chain different than a unique identifier or bar code on a box (other than the sophisticated encryption that wouldn't allow you to change the bar code or contents of the package).

@SimplilearnOfficial 5 жыл бұрын

Blockchain is changing every industry. Be the first mover and kick-start you career with our latest Blockchain Career Guide. Comment below for your copy. Hi everyone, exactly two weeks ago, we conducted a quiz contest in our Blockchain video. The answer to the quiz is given below: Option: A (Public Ledger) The concept of public distributed ledger ensures that everyone on the blockchain network has a copy of the ledger. Thus, no single person can make changes in the ledger as everyone else will flag this as invalid. Hash Encryption is not the right answer as this is used to maintain users' anonymity and verify their transactions' authenticity. We are pleased to announce the 3 lucky winners who got the right answer for our quiz: 1. Dinesh 2. Noel Philip 3. Vaishnavi Congratulations to all the winners! They've won an Amazon voucher worth INR 500.

@Bamir96 5 жыл бұрын

So someone can alter the data, it would just be pointless? Correct me if I am wrong but this does not strictly answer what prevents alteration - if your answer relies on people flagging the now altered data....

@SimplilearnOfficial 4 жыл бұрын

@@Bamir96 In a way, yes, it depends on the people on the network. But as of now, the concern of the data being altered isn't one we need to worry about since it's never been done. More importantly, the process of altering the data within a block is one that requires a lot of processing power, and by the time this hypothetical process is fulfilled, a new block would have been added to the blockchain. This would render the whole alteration pointless.

@FloresVi 4 жыл бұрын

@@SimplilearnOfficial Furthermore, if by any chance one of the participants successfully alters the Public Ledger, then surely the majority of the participants (51%) will loose confident in the network and the investment value will sharply decline.

@SimplilearnOfficial 4 жыл бұрын

You are right. Thanks for your valuable input!

@apollolwi5370 4 жыл бұрын

Hello, I'd like to know what to write on the address 1 and 2 and what kind of postal code it shld be wen setting up Blockchain?

@fahadfarooq155 5 жыл бұрын

Public Distributed Ledger and Encryption both are the answers I guess.

@SimplilearnOfficial 5 жыл бұрын

Hi Fahad, thanks for your reply! However, without your email id, we won't be able to give you the prize and neither would your answer be counted as valid. So comment your email id down below now to get back in the contest!

@jesusyrosnowin7333 3 жыл бұрын

i went through many sites,vds but only you solved my answers . GREAT APPLAUSE TO U MAN :):):):):):)

@SimplilearnOfficial 3 жыл бұрын

@praveenravi2687 2 жыл бұрын

Hi Team, Thanks for u r valuable time and effort for us. Ans: Hash encryption.

@SimplilearnOfficial 2 жыл бұрын

@shabarishgudisi5456 5 жыл бұрын

I saw your video today and I am sad as I couldn't participate in the quiz ☹️

@SimplilearnOfficial 5 жыл бұрын

Hey Shabarish, don't worry! We have more quizzes coming soon! Stay tuned by subscribing to our channel! :)

@shabarishgudisi5456 5 жыл бұрын

@@SimplilearnOfficial i have subscribed on the 1st day i saw this cryptocurrency video of yours

@Tonchbonoan 2 жыл бұрын

Hi! Thanks for the video. I think the answer isn't public distributed ledger, but instead it is proof of work or proof of stake depending on the type of coin/network being used. In a public distributed ledger, the data can actually be altered because of the rule of majority. So if a majority of the group of users decide to be fraudulent and make a even longer list of blocks in the blockchain, then the network will consider that to be correct as it deems that whetever is longer is correct. In this scenario, they can make changes to the data in the blocks. If the question was "what is the concept of blockchain that ensures data cannot be altered by any SINGLE user within the network, then the answer could be public distributed ledger since 1 persons work will not outwork the majority of the people who are validating blocks using proof of work/stake. Id say the closest answer is proof of work/stake as it is a way of validating blocks in the block chain. Once a block is validated, then it becomes permanent. Would you agree? Thanks!

@SimplilearnOfficial 2 жыл бұрын

@Tonchbonoan 2 жыл бұрын

@@SimplilearnOfficial hi thanks for the response! Yes, no SINGLE person can make a difference. But the question stated that users cannot make a difference which is wrong cause they actually can if they gain majority of the users. If you put the words no single user can, then that would be correct. But that is not the case in the question so the closest answer is proof of work.

@laibaishfaq5564 Жыл бұрын

You explained so well ... Thank you for saving my time

@SimplilearnOfficial Жыл бұрын

Thank you for choosing us as your learning partner. We are thrilled to hear that you enjoyed your experience with us! If you are looking to expand your knowledge further, we invite you to explore our other courses in the description box.

@omkarkajle1736 Жыл бұрын

The video help me understand the basic about the blockchain

@blackwalls8126 2 жыл бұрын

No, I have never wondered if there's an easier way to complete transactions. Swiping my debit card was never difficult. I feel like the most difficult part of a money transaction is actually getting the person to pay you.

@SimplilearnOfficial 2 жыл бұрын

You got a point but blockchain is all about secure transaction and decentralization.

@werd2182 2 жыл бұрын

I still can't figure out what "problems" this is actually solving (other than putting everyone further into slavery). So now you have to work for the money you're already spending transaction by transaction? Review a ledger and validate each transaction? Sounds more burdensome than anything.

@reenathakur3073 4 жыл бұрын

It's amazing...... Blockchain is very safe for transitions

@SimplilearnOfficial 4 жыл бұрын

True that!

@sarfarazsurkhi557 2 жыл бұрын

I have a question Blockchain developers should know the coding or no ? If they should know the coding, which coding is required ?

@jack2813 2 жыл бұрын

this is an amazing explanation. Thanks for the effort

@SimplilearnOfficial 2 жыл бұрын

You're very welcome!

@mortaltoxic6688 3 жыл бұрын

the video seems to be very useful for the future generation.

@SimplilearnOfficial 3 жыл бұрын

Glad you think so!

@jaypeters4852 Жыл бұрын

jack is balling

@nxsmotorsports 2 жыл бұрын

Excellent method of education. Thank you! Subbed.

@SimplilearnOfficial 2 жыл бұрын

Awesome, thank you!

@Sarah7asan Жыл бұрын

Thank you for the explanation I still not sure I get it correctly. So the whole demand supply is inscribed to the Blockchain but how is this different from supply chain management systems. Also, if all the parties have the ledger won't this overwhelm the network and cause delay in saving and retrieving the data and cause duplication

@SimplilearnOfficial Жыл бұрын

Thanks for watching our video and sharing your thoughts. Do subscribe to our channel and stay tuned for more. Cheers!