“To every complex problem – there is clear, simple, and right way”
Un-following the patter other have used on the internet, we initially made an approach to the problem it solves, rather than its repetitive definition.
Let`s imagine a scenario: You have a best friend named as Joe who is traveling overseas. On the fifth day of his vacation, he calls you – asking for some money as he is running out of it.”
Your politeness in responses - Sending some right away bro,” and hung up!
Further, you call your account manager at your bank, telling him, “Please make a transfer of $1000 from my account to Joe’s account.”
Done successfully, “said your account manager. He opens up the register, checking your accounts sufficient fund to ensure that you have enough balance to transfer $1000 to Joe. For the reason that you’re a rich man, you have plenty; thus, he received your call and makes an entry in the register
What exactly had happened? You and Joe both relay on third-party - the bank to manage your money. There is no real movement of physical bills to transfer funds. Yet, there needed an entry in the register. Or in a more precise situation, an entry in the register that neither you nor Joe controls or owns.
And there raises the possibility of risks. Something like
Is there is any system that eliminates the need for the bank to transfer money? Is there any method to maintain that register among ourselves instead of depending on someone else to do it for us.
To answer this profound question, we’ll need to drill down further and ask ourselves a better question (after all, only better questions lead to better answers).
Think about it for a second, what does transferring money means? Just an entry in the register. The better question would then be —
Rather than someone else, is there a way to maintain the register among ourselves?
No doubt, thee question worth exploring and the reply - you might have predicted already: The blockchain
It enables you to maintain register ourselves instead of relying on someone else.
Here, several questions have started popping in your mind. We are further continuing with – “how this distributed register works.”
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