Ryan Tregaskes: Blockchain Technology and Carbon Offsets | How Does it Work

Today, we’re talking with Ryan Tregaskes about blockchain technology simply explained, understanding blockchain & how does it work. Using blockchain to disrupt business from fund raising for non-profits to NFT’s for car’s, jewelry and real estate. Blockchain and NFT’s could easily replace the legal documents you use to show you own your car, home or artwork. Blockchain is a digital ledger verified by third parties that assure everyone involved in the transaction that there is no fraud. Proper blockchain ledgers creates a web of decentralized trust.

Blockchain is a distributed ledger technology that was originally designed to manage the transfer of digital currencies, such as Bitcoin, and can be used for recording transactions and storing data. Blockchain has since evolved to be applicable to any type of data transaction, including financial transactions, supply chain management and other areas where a permanent, transparent and unalterable record of the transaction is needed.

As a digital ledger of transactions that are grouped into blocks, blockchain is a decentralized system where each transaction is recorded and verified by the network of computers, creating an immutable record of every transaction. The blockchain technology was invented to support Bitcoin, which was the first decentralized cryptocurrency. Blockchain is also a technology that has the potential to change many aspects of our lives, from how we do business, to how we vote.

The blockchain is a decentralized and distributed public ledger that records transactions in chronological order. It allows market participants to keep track of digital currency transactions without central recordkeeping. There are two types of blockchain: Public and Private. Public blockchains are open for anyone to join and participate in the consensus process. Private blockchains restrict participation to known participants and require permission for new members to join.

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A smart contract is just like any other contract in that it defines the obligations and legal standing between two or more parties. The difference lies in what constitutes legally binding agreements in the first place. In traditional contracts, laws are enforced by governments through courts of law. With smart contracts, this enforcement happens automatically through computer code. Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to the previous block, timestamp and transaction data. By design, blockchain is inherently resistant to modification of the data.

The Convergence Podcast is an Audio and Video podcast series hosted by Derrick Mains. We'll cover and explain all things in the emerging Web 3.0 ecosphere. From Blockchains, NFTs, DAOs, and more, join us every week as Derrick learns from some of the industries leaders in the space.

To find out more about our show, please go to
https://www.theconvergencepodcast.com/

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