Blockchain: Identity, Payments & Marketplaces Explained Simply
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About this video
We explain the core functions of blockchain technology. Blockchain is used for identity verification, handling payments, operating marketplaces, and coordinating hardware. We cover each application with simple examples for easy understanding. #Blockchain #Web3 #Crypto #Decentralization #BlockchainTechnology #Bitcoin #Ethereum #Identity #Payments #Marketplace #NEARprotocol
Transcript
91 wordsCaptions as YouTube publishes them, usually machine-generated, so product and people names can be misheard.
- 0:00
So fundamentally what blockchain is for is for identity, payments, marketplaces and coordination. Those are effectively the roles blockchain place. So at every level there is some job to be done. So for example, if we're talking about coordinating hardware, right? You need identity. So somebody wants to register a new node, they need to check in on blockchain to register it. Uh you need payments to pay for the hardware. you effectively created a marketplace of
- 0:30
hardware where like oh I need this model I need this much capacity etc.