Blockchain: Understanding Its Uses and Implications (LFS170)

Blockchain technology is changing how business is executed. It’s important to understand why blockchain is different and how it works in comparison with technologies of the past.

The first segment of this course covers all the main concepts of what Blockchain is. It discusses how it began as a triple ledger system first introduced for the administration of the cryptocurrency Bitcoin, and how it is now applied to all aspects of business including government, banking, supply chains, and a host of other industries.

It also analyzes the concept of transparent ledgers, both public and permissioned, and focuses on using cryptography to achieve consensus, immutability, and governance of transactions. This is all part of Blockchain’s ability to provide “trusted data from untrusted sources,” disrupting traditional accounting methodologies and international trade.

The course then dives into the various methods of blockchain governance that currently exist in the marketplace as well as how consensus fits into governance. It explores how to reach consensus through proof-of-work or proof-of-stake.

Other aspects of the course include examining the very specific features of blockchain that solve problems that have been difficult to overcome in the past with more centralized architectures.

The final part of the course takes a deep dive into the various use cases of blockchain, complete with analyzing real examples of how different industries are executing the technology and improving their business. Examining a problem, and then depicting a blockchain use case that solves the problem, will help gain an understanding of how blockchain is applied to real-world situations.