Technology, CTO Insights

Atom CTO: What is the Blockchain?

May 28, 2020

In this podcast, Atom CTO founders Bhairav Patel and Sam Noble go over the basics of blockchains before getting into more detail about its intricacies and uses. We discuss what exactly a blockchain is and what makes up its components, why different companies should and want to use blockchains and when is the best time for them to do so, and why there are so many different types of blockchains and how they are different from one another when their purposes are largely the same.

We chat about how blockchains decentralise trust in transactions by acting as digital ledgers to keep verified records of each step and the situations where this is most useful, how you can trust the blockchain network and how it creates a consensus to authenticate and verify processes, and what smart contracts are and how they are used on the blockchain to completely autonomise certain actions in the transaction process.

Main Topics

  • Blockchain
  • Decentralising Trust
  • Governance over Data and Information
  • Validity of Data on Blockchains
  • Best Blockchain Features

Main Questions

  • What is blockchain?
  • Why are there so many different types of blockchains?
  • When should companies use blockchain?
  • What key features of blockchains should companies look to exploit?
  • What are smart contracts?
  • How do you trust that the data on the blockchain is valid?

An Interesting Point

  • A key feature that many big businesses should look to take advantage of with blockchains is the decentralisation of trust. If there is an issue along a process and you need to assure that none of the data has been manipulated or changed to show a false trail, or know that you can’t trust everyone involved in the process, you need something in place to decentralise that trust and find out what went wrong.