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Summary

These days, it seems as though something related to blockchain technology is always making the news, whether it’s the latest highs or lows of the cryptocurrency market or some futuristic sounding tech company. Regardless of what you are interested in specifically, it’s safe to say that if you are interested in being on the cutting edge then blockchain is the place to be.

If you are having a hard time making sense of what all of the fuss is about then Blockchain Simplified: A Comprehensive Beginner's Guide to Learn and Understand Blockchain Technology is the book you have been waiting for. 

Every blockchain is basically a decentralized database that stores data in a very specific way that allows it to be seen but not touched by anyone who needs to access it. When you take into account that it is also extremely secure, it isn’t hard to understand why experts are already calling it the most important new technology since the creation of the Internet. Despite its great potential, less than half the population can offer up a succinct definition which is why this book was created. 

In this book, you will find a complete breakdown of the ins and outs of the technology, including how it works, why you would want to use it, and how it can best be used to turn a profit, regardless of the industry you are in. Furthermore, you will find a detailed look at the things you need to consider in order to ensure the technology is the right choice for you right now, as well as mistakes to avoid in order to ensure the setup process is as smooth as possible. 

As with any new technology, it is safe to say that blockchain is going to catapult a few early adopters to great heights, while most will get in too late to make any real difference in the market. The good news is that it’s not too late for you to ride that initial wave if you hurry. So, what are you waiting for? Take control of your financial future, and buy this book today!

Inside you will find:

  • A complete breakdown of every part of the blockchain and what you need to know about each
  • The ways in which businesses are already taking advantage of blockchain and how you can too
  • Easy ways to tell if blockchain technology is the right choice for what your company wants to do
  • Blockchain projects to watch
  • And more!
©2018 Colm Gordon (P)2018 Baquial Publishing

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Suprisingly good. Gordon is a strong thinker

There are two main components that make up a blockchain. The first component is a decentralized network. This network facilitates and verifies the transactions that are made. Being on a decentralized network means that the software is not limited to one computer system. It can be controlled on multiple computer systems. It also means that it is not controlled by the government.

There can be many contributors involved in any blockchain. Any of the contributors can control the information being entered into the ledger. Because all transactions are processed securely and given a permanent time-stamp, it becomes very difficult for another contributor to alter the digitized ledger in any way.

This technology can be used for a variety of computerized and internet based applications. One of those is smart-contracts. Smart contracts allow businesses to automatically verify and execute agreements that function independently in a safe and secure environment. Blockchain technology acts as the middleman in executing all business deals, agreements and programmed exchanges of information in smart contracts.

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The concept is great

Smart contracts run on a variation of the original blockchain code that is broadly referred to as blockchain 2.0, in addition to offering enhancement when it comes to scalability and transaction speeds, it allows for the use of more complicated code to be compiled into a given block. This feature has given rise to the smart contract. A smart contract is simply a piece of computer code that can be activated once certain conditions are met as determined by the blockchain as a whole. The smart contract can then do things like transfer funds between individuals or make a trade once these conditions have been met.

Smart contracts utilize applications created on the platform they are a part of to do things like contract facilitation and negotiation. The benefits of these contracts are that the blockchain makes it easy to enforce and verify them, though they are not, in the strictest sense, enforceable under the law like traditional contracts. Their decentralized nature also makes it very difficult to censor them or instigate any type of fraud while using them as they are based on binary conditions that anyone with access to the blockchain can easily confirm.

When it comes to dealing with the legalese that fills most traditional contracts, it can be difficult for those without a law degree to make heads or tails out of who owes what to whom and how these clauses will come into effect. Smart contracts have the potential to cut through this legal red tape in a big way by automating parts of the process based on communal blockchains. They can ensure that x happens only if y happens first and is verified through the appropriate third party. There would be no need for this boilerplate type of content simply because it will all be handled automatically.

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What the future holds

For quite some time, blockchain projects of all shapes and sizes were perceived by those in the know as little more than a feckless gamble. Admittedly this is with good reason as the industry as a whole was still in its absolute infancy making it difficult to determine where anything would end up and how it would all shake out. While blockchain technology is still not anywhere near the mainstream, more than a billion dollars has been invested so far and some of those investments are starting to pay off in a major way. While most blockchains are currently confined to the financial sector, that is not where they are going to stay for long and developers and investors from around the world are already considering new ways that its unique benefits can be put to use. Regardless of their individual success, it is safe to say that blockchain technology has serious infrastructure implications when it comes to things like identity protection, intellectual property, energy, supply chain management, bureaucratic red tape and more. The rest of this chapter includes a variety of projects that are worth keeping an eye on.

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Reveals so many aspects of blockchains

This is an absolutely brilliant book in the middle of hype
There are several more useful things that blockchain technology can do. The first deals with supply chain management. Blockchain benefits supply chain management by being able to trace goods while being cost effective. An example of this is sending a package through the United Parcel Service from one business to another. In the old days, a person had to call to find out where their package if hadn’t arrived when it was supposed to, but now you are sent a tracking number straight to your email. Through this tracking number, you can tell where the package you sent or are waiting for is in transit which creates a blockchain. This wonderful technology makes it easier for businesses to do business together because it has simplified the transfer process, production process, verification and payment method used from business to business. The second benefit of using this technology is quality assurance. Let’s be honest, mistakes happen in business and it is not always easy to pin down how this mistake or error occurred. With a blockchain, errors can be traced back to the point of origin in which the error was made. This not only makes it easier to investigate errors made, but it also saves time and money. It also makes it easier to perform the necessary actions to make the error right. Another benefit of blockchain technology is in voting. Voting requires a level of trust in that the votes aren’t rigged in some way. Blockchain technology is currently being tested in some places to decrease the chance of voting fraud from occurring.


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It covers the essential and a bit more.

Really well structured course. The material is ideally prepared, perfect amount of explanation given.
Example for you. One time somewhere near the end of the course. I caught myself on a thought that I don't fully understand the example given, that I need more info. Usually at this moment I either try to replay the lecture or search on the Web. But the author gained my trust and I decided to give them a chance to explain it later. And they did! In the very next lesson!
If you are looking to either structure all the knowledge you might have heard somewhere about blockchain or start from a scratch, it is an excellent course for you.
In addition, the language is very clear and easy to understand if you are not a native speaker like me and have some concerns about that.

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Let’s start with the term itself.

Blockchain technology is simply a way to keep track of any money or trading exchanges you engage in online. It is like your accountant that keeps track of all the money you spend. At the moment it is mostly used to handle any type of situations that deal with cryptocurrency such as Bitcoin.

Example: When you make a transaction using Bitcoin, that transaction is processed through the blockchain. Before the transaction is complete, you or someone connected to your Bitcoin account has to verify that the transaction is legitimate. Once the transaction is verified, it is then recorded and saved to a ledger controlled by blockchain. No one can change or alter the transaction in any way. Only you or the people who have access to your account can verify transactions.

Blockchain technology is controlled by a decentralized network which means it is not controlled by the government. With today’s politics being what they are, it is hard to imagine that there are things they have yet to gain control over. By running on a decentralized network, it is easier to conduct business transactions. It is also more private because you have no federal bank holding your money or other assets. Everything is strictly done by you and your company. To understand how important decentralization is, let’s take a look at centralization example and a decentralization example.

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Way of the Future

Many experts believe blockchain technology is the wave of the future, and what follows is a number of compelling reasons why this may be the case.

Cryptocurrency is vastly growing due to the fact that people want to put their money somewhere it will not only be safe and secure, but it will also gain value just it would if it were in a savings account. Savings accounts, however, are not as secure as a society would like then to be. In late 2017, future markets had already been created for the cryptocurrency site Bitcoin. The year 2017, was also the year the finance industry saw an increase in Initial Coin Offerings (ICO). ICO’s gained more money than venture capital investments.

While cryptocurrencies continue to progress in their abilities to process transactions faster, they will eventually compete against credit card companies processing of transactions.

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This has had a big impact on businesses.

The ways of making money for businesses is changing in today’s society. People no longer pay attention to ads because on television they can fast forward through them and online they can ignore them plus the money generally goes to the site where the ad is placed. That is why blockchain is important in adding value regarding monetization because it solves the problem. It solves the problem because every part of the content created for ads is recorded on the blockchain which is how content creators are rewarded through cryptocurrency or fiat currency.

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The future is here

An extremely readable introduction to blockchain. Aside from a few minor editorial oversights an extremely readable book on the fundamentals of this important technology. The author did a very good job of avoiding being overly technical.

I loved the lay explanation of the concept of blockchain technology. Alan explanation is very comprehensive. I will like to listen to more on the topic and would surely follow the issues around as it develops. This book is well written, topics are ordered beautifully, the explanations are comprehensive and simple!

I would recommend anyone interested in blockchains, regardless the level of interest, to buy this book, many aspects of blockcahins, technical and nontechnical are explained simply.

If you care about your future, the future of business, of governance, or the future of money this is a Must Read.

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The economics, technology and business of ........

Public blockchains are created by the public and anyone can participate in the creation, confirmation and recordation of the content put into the chain. There is not one person in charge of overseeing any transactions that go on in this type of blockchain. Since no one person is in charge of this type of blockchain, decisions are made by many decentralized agreement tools such as proof of work, which is a computer algorithm used by cryptocurrencies. Public blockchains are open and crystal clear in content, so anyone who looks at them will understand what they are and can do. Private blockchains are privately owned by an individual or an organization. These blockchains differ from public blockchains in that there is a designated person in charge. While there can still be several contributors to this type of blockchain, all final transactions are approved/disapproved then recorded by the person in charge. Consortium blockchains, also known as federated blockchains, the purpose is to remove the only autonomy given to just one contributor by the use of private blockchains. In this type of blockchain, there is more than one contributor in charge. Instead, there are a group of companies or individual people that gather and make decisions that benefit the entire network.

1 person found this helpful

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  • Dollie Ring
  • 29-05-20

Can block chain scale? This book might tell you.

You will learn about the two primary types of blockchain, those that are based on a proof of work model and those that are based on a proof of stake model and what the differences could mean for you. You will then learn about the many ways you can tell if blockchain technology is right for you right now, and the mistakes to avoid if you do end up deciding to implement your own blockchain for your business. Finally, you will learn about some of the most interesting blockchain projects that are currently on the horizon.

Although blockchain is a complicated technology to understand, it is not hard to use. The purpose of this book is to help simplify how this technology works so that you can start using it in your business. You will also learn how other companies have already invested in blockchain and how it has helped these companies improve.

Blockchain technology can also be used by the individual everyday person. As a matter of fact, you have probably already used this technology and didn’t even realize it! This technology is the wave of the future being that it is a digitized form of currency type transactions.

24 people found this helpful

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  • Sidney
  • 01-06-20

Now I get blockchain!

If you are looking to form a new business based around blockchain technology, then the best way to get started is to work with as many different blockchains as possible. This will not only help to improve your grasp of the technology but will also help to make the technology more mainstream, which is what is needed in order for new blockchain companies to really takeoff. If you ever hope to break into the mainstream via blockchain, then you are going to want to do everything in your power to ensure blockchain becomes as mainstream as possible.

It is important to keep in mind that it is likely going to be a tough road to hoe, however, as many of blockchain’s greatest benefits are only going to be available to companies who already have the existing infrastructure to take advantage of them as fully as possible. As such, the most realistic forecast for the rise of blockchain technology is that there will be a handful of new companies that are going to come along and grab a share of the spotlight, while the rest of the room at the top is taken up by the members of the old guard who are able to get their acts together and make a move on blockchain technology before their competition has a chance to.

This is not a knock on blockchain technology, this is simply the way new technology is often assimilated into the mainstream. Remember, understanding this tendency is the best way to circumvent it and find the success you seek.

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  • Willie Garcia
  • 02-06-20

Two thumbs up for this good read!

There are three major types of blockchains. They are public blockchain, private blockchain and consortium blockchain.

Public blockchains are created by the public and anyone can participate in the creation, confirmation and recordation of the content put into the chain. There is not one person in charge of overseeing any transactions that go on in this type of blockchain. Since no one person is in charge of this type of blockchain, decisions are made by many decentralized agreement tools such as proof of work, which is a computer algorithm used by cryptocurrencies (like Bitcoin).

Public blockchains are open and crystal clear in content, so anyone who looks at them will understand what they are and can do. Private blockchains are privately owned by an individual or an organization. These blockchains differ from public blockchains in that there is a designated person in charge. While there can still be several contributors to this type of blockchain, all final transactions are approved/disapproved then recorded by the person in charge.

16 people found this helpful

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  • Terry
  • 03-06-20

Technology behind the hype made easy

Today’s society basically runs online. We rely on the World Wide Web to run not only our personal lives but our business lives as well. With the rise of business being done online, contracts being signed and created online has risen as well. Blockchain applications have started to become very popular in the medical field as well. Researchers are investigating these applications dealing with digital identity, medical records and insurance records. If you live in a big city, than you have probably already participated in one of these studies. A lot of medical offices now use some kind of digital machine, like a palm scanner, to verify that the information they have on file is in fact your information. One of the biggest problems people are faced with today is the thought that all their information could be hacked. That is because most all of our information is digitized, and it seems like it has become way too easy to access, copy or tamper with by a complete stranger, yet it is still a risk we all take despite the increasing probability of being hacked. The blockchain technology was created to help make sure that doesn’t happen or in the very least make it a lot harder to try. In order to hack the blockchain system, a person would have to go back and change every single chain. That would require a lot of patience and effort because there could be thousands to billions of blockchains linked that a person would have to go through and change. Changing just one or two will automatically show that the system has been hacked. This is one of the many reasons people are loving this technology!

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  • Sam
  • 20-08-21

Large sums of money and transactions are in play.

Everyone has trust issues with something in their lives. A lot of people even have mistrust in inputting their information on the internet, but that has not stopped them from doing it. One purpose of blockchain technology is to help ease the distrust people have with inputting their information on the internet. It is one of the main reason’s companies are investing their money in using this technology.

A study showed that between 2013 and 2016 blockchain-managed money reached a total of $1.6 billion. That was a 1,600 percent increase. An estimated 1.4 billion in venture capital was put into blockchain startups.

The industry that has benefitted a great deal with blockchain is the financial industry. Blockchain has been beneficial in finance because large sums of money and transactions are in play.

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  • Alicia Patton
  • 05-06-20

The one-stop manual to understand blockchain

Whether a person is aware of it or not, he or she conducts business every day, even if that person does not have a job, he is conducting business. How is this possible? Well, it’s possible because everyone at some point gets online and initiates in some type of transaction. Whether it be purchasing something from Amazon or simply buying a song off of iTunes, a person has ultimately engaged in the business of blockchain technology. Even though blockchain technology is a relatively new term, it has actually been around for quite some time. Created by Satoshi Nakamoto, it is a type of digitized ledger or spreadsheet that manages cryptocurrencies and other online trading transactions. This technology is used in cryptography which is how text is coded on the internet. Cryptography is used in blockchain to create distributed trust networks. This allows any contributor of the network to operate the transactions securely without authorization from someone else in the digital ledger. These transactions are then substantiated, approved and then recorded in an encrypted block. This block is saved intermittently. It is then connected to the previous block which in return creates a chain; making it a blockchain.

11 people found this helpful

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  • Ethel
  • 28-09-21

Help me with my blockchain research.

There are three major types of blockchains. They are public blockchain, private blockchain and consortium blockchain. Two main components that make up a blockchain. The first component is a decentralized network. This network facilitates and verifies the transactions that are made. Being on a decentralized network means that the software is not limited to one computer system. It can be controlled on multiple computer systems. It also means that it is not controlled by the government. The second component is the indisputable ledger where all transactions are processed and recorded in a secure location. This security makes it extremely impossible for someone not connected to the chain, to make changes or steal information. There can be many contributors involved in any blockchain. Any of the contributors can control the information being entered into the ledger. Because all transactions are processed securely and given a permanent time-stamp, it becomes very difficult for another contributor to alter the digitized ledger in any way. This technology can be used for a variety of computerized and internet based applications. One of those is smart-contracts. Smart contracts allow businesses to automatically verify and execute agreements that function independently in a safe and secure environment. Blockchain technology acts as the middleman in executing all business deals, agreements and programmed exchanges of information in smart contracts. As with any new technology, it is safe to say that blockchain is going to catapult a few early adopters to great heights, while most will get in too late to make any real difference in the market.

8 people found this helpful

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  • Eric
  • 21-09-21

Rrelevant, up to date, and engaging.

Here anyone can learn about the two primary types of blockchain, those that are based on a proof of work model and those that are based on a proof of stake model and what the differences could mean for you. You will then learn about the many ways you can tell if blockchain technology is right for you right now, and the mistakes to avoid if you do end up deciding to implement your own blockchain for your business. Finally, you will learn about some of the most interesting blockchain projects that are currently on the horizon. Although blockchain is a complicated technology to understand, it is not hard to use. The purpose of this book is to help simplify how this technology works so that you can start using it in your business. You will also learn how other companies have already invested in blockchain and how it has helped these companies improve. Blockchain technology can also be used by the individual everyday person. As a matter of fact, you have probably already used this technology and didn’t even realize it! This technology is the wave of the future being that it is a digitized form of currency type transactions.

7 people found this helpful

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  • Jeffery Anderson
  • 07-06-20

Thanks to blockchain, the future looks like a SciF

Blockchain technology is constructed in such a way that it could conceivably be used to replace traditional notary services. There are already numerous different apps available that allow for notarization of a variety of different types of content. Smart contracts also have the possibility to reinvent insurance in a big way. Rather than deal with insurance agents who have to determine liability in case of a business-related injury, a blockchain would be able to make use of a smart contract that issues payments if a specific interconnected item registers a faulty signal. Blockchain would then allow for a more streamlined claim process that would improve the customer experience and ultimately save the company money. This is because blockchain technology makes it possible for a person or person’s to personally be involved with logistical and financial transactions within the company he or she is working for. Blockchain will make it easier to take keep up with all of these transactions by eliminating outside financial auditors.

7 people found this helpful

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  • Tania
  • 08-09-21

Blockchain & The Cloud

Everyone has at some point used the cloud to back-up data they do not want to lose. The cloud can runs on a blockchain. Experts say that people take this luxury for granted. In the old days, you couldn’t just click a button and automatically save data to a backup site like iCloud and Dropbox, you actually had to take and place in a compact disk or flash drive. Then insert the disk or flash drive to another computer to download the data. While people still can do this today, there is no guarantee that this type of technology will last. Like floppy disks, compact disks and flash drives could one day be obsolete, but internet based saving applications will always be updated. That is because we live in a tech savvy world.

6 people found this helpful