Blockchain, smart contracts and federated learning technologies have revolutionized the way transactions are conducted and data is protected. However, many people may find it difficult to understand these concepts. For this reason, this article will explain one of these technologies in a simple way using an example.
The blockchain is a decentralized tool used to secure transactions. To illustrate this, here is the story of how children in a schoolyard solved their problem of insecure transactions through the use of blockchain.
At first, the children exchanged cards and stickers with each other peacefully and everything worked well. But as time went on, problems such as forged cards and theft began to appear, which meant that some kids were getting hurt.
An older bully at the school decided to take advantage of the situation and offered his services to secure the transactions. He would collect the cards and stickers and hold them until the trade took place. However, the bully began to demand a tribute (half a sandwich) in exchange for his services and the kids were not happy about having to pay someone just to be a middleman, so they figured out how to solve the problem.
So, in order not to depend on the bully who charged them commissions, the children sought help from the ESO students, and they came up with a solution. The students gave them a notebook for the ESO students to make a public record of the transactions. Each ESO student wrote down the transactions they saw and recorded them in the notebook. However, with more and more transactions, the notebooks began to go astray.
To solve this problem, the children decided to add the points from the previous transaction and subtract the points from the new transaction. The transaction was considered good only if the majority of the passbooks recorded the same result. In this way, the children achieved a secure and reliable system for their transactions thanks to the use of the blockchain. Transparency and decentralization ensured that no one could manipulate or cheat the system.
From then on, the children at the playground could rest assured that their exchanges would go smoothly. They were all happy to have found a solution to their problems thanks to the use of blockchain technology.
And so, they lived happily ever after, knowing that their transactions were secure and fair.
The moral of this story is that, together, we can find innovative solutions to the issues we face, and that technology can be a powerful tool to achieve a fairer and more equitable life for all. By using blockchain to ensure secure and transparent transactions, the playground kids demonstrated that even young people can have a positive impact on society and solve complex problems.
References:
YouTube video on GREEN’s channel
