Just like most of the world’s encrypted communication, the blockchain uses a method called asymmetric communication. This means that you have a public key that allows others to communicate with you, but you also have a private access key that is known only to the rightful owner. In the crypto sphere you need those keys to access your funds. If you lose your keys, you will never recover the funds again. There are applications called wallets that save those keys for you, but those are generally considered riskier than keeping the private keys safe by yourself.
You can learn more about blockchain and its applications to financial services in other videos here: https://financeunlocked.com/blockchain-1-4-key-concepts/
Igor is the author of “Blockchain Babel: The Crypto-Craze and the Challenge to Business.” The book was a Financial Times Book of the Month and a finalist in the Bracken Bower Prize. He has published more than 50 articles on blockchain and financial technology. Moreover, Igor is the Head of Marketing and Product Management for BNP Paribas Personal Finance in Austria.
You can find more of Igor Pejic’s videos here: https://financeunlocked.com/expert/igor-pejicfinanceunlocked-com/
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