Welcome to the “Understanding Blockchain Technology” video lesson. This lesson is the first of three in the “Blockchain Basics” series, which covers the fundamentals of blockchain technology and its applications in Bitcoin and cryptocurrencies. This lesson will define blockchain and explain how a transaction works, as well as highlight the benefits and downsides to this new technology. Viewers should gain knowledge of why blockchain technology could be beneficial in various fields, as well as understand why it serves as the foundational technology to Bitcoin and altcoin.