Blockchain was not only meant for crypto

hatshepsut93

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Quote from: jamesde on December 26, 2020, 04:54:43 AM

Before the word blockchain was given its place, the word bitcoin became popular, and this made most people think that bitcoin is a blockchain rather than a blockchain, instead of bitcoin.

Bitcoin is implemented and most of the cryptocurrencies that we know today are created over the blockchain structure, because cryptocurrency became blockchain's first application, it does not mean that blockchain is only meant for cryptocurrencies. There are more applications.

You can try to use blockchain for whatever you want, it's a free world, but originally, blockchain was just a part of Bitcoin protocol created by Satoshi. And Satoshi never called it "blockchain technology" or talked how he can use blockchain in other fields. To him, it was nothing more than an implementation detail of Bitcoin. So, blockchain quite literally was meant for Bitcoin only.
Only later other people came and claimed that they can make something other than cryptocurrency with it, but they are actually yet to prove that. There a ton of hypothethical blockchain uses and very little finished and successful products.

Husires

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Blockchain was not used effectively except when used in digital currencies.
You can use it for records and other things, but it will not be as efficient and effective as it is used in digital currencies.

Specifically, trust in transactions has been transferred from one or two persons or central bodies to completely decentralized bodies and far from being distributed.

Satoshi was the first to find this highly efficient use.

jamesde

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Before the word blockchain was given its place, the word bitcoin became popular, and this made most people think that bitcoin is a blockchain rather than a blockchain, instead of bitcoin.

Bitcoin is implemented and most of the cryptocurrencies that we know today are created over the blockchain structure, because cryptocurrency became blockchain's first application, it does not mean that blockchain is only meant for cryptocurrencies. There are more applications.

yemight600

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Quote from: jaresmerel001 on December 17, 2020, 06:05:15 AM

Bitcoin is far more popular than its core blockchain technology, which is usually mixed between the two. Blockchain allows peer to peer or P2P transaction throughout the network to be recorded on a distributed ledger. Bitcoin is a cryptocurrency that can be directly exchanged without the intervention of third parties such as banks.

I guess this is where the problem comes from. When the son is more popular than the mother. Most people must have heard one or two things about "BTC" but very few know what blockchain entails if they've ever heard about it self. More awareness need to be created and people need to be enlightened about this. Blockchain is bigger than any coin or token

Chris Barth

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I liked it! It was very basic. This has made it to easy for one to understand. I hope that newbies find this thread very useful, rather than asking elsewhere...

jaresmerel001

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Bitcoin is far more popular than its core blockchain technology, which is usually mixed between the two. Blockchain allows peer to peer or P2P transaction throughout the network to be recorded on a distributed ledger. Bitcoin is a cryptocurrency that can be directly exchanged without the intervention of third parties such as banks.

Nelkel007

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Honestly I never knew about this, I was thinking the other way round, all this while. This is indeed an eye opening, this forum keeps tutoring me as time goes on. today I learnt that block chain isn't just for crypto currency. Now I know block chain is so big and vasatile.

hatshepsut93

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Quote from: samputin on December 13, 2020, 05:00:03 AM

There is one about blockchain which can be possibly used by citizens to have a small-scale production of renewable energy. I was actually shocked to know that because I only hear blockchain when the topics involve crypto. I didn't know that it could be used that way. Well, that just shows that nothing is impossible and blockchain is no exception.

That's just some scam, blockchain has nothing to do with renewable energy. Ever since ICO became a thing, scammers were creating "projects" with all sorts of applications - VR, gaming, medical records, renewable energy, now they even do something about covid, but guess what, it's always the same - just a whitepaper with technobabble and nothing more - no one is spending not a second of their time to develop any of that crap.

samputin

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Quote from: jossiel on December 08, 2020, 03:43:27 PM

Yup.

It's true that blockchain isn't only for crypto. And there are certain companies and industries that have actually trying to adopt it through their internal systems or even offer an upgrade through this technology.

~

I second that. Blockchain is not limited to crypto alone. I was doing my homework for Alternative Energy Sources where we we're tasked to look for energy innovations. And while I was searching, I came across this website named i'mnnovation where I saw different innovations.

There is one about blockchain which can be possibly used by citizens to have a small-scale production of renewable energy. I was actually shocked to know that because I only hear blockchain when the topics involve crypto. I didn't know that it could be used that way. Well, that just shows that nothing is impossible and blockchain is no exception.

yemight600

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Sorry, but traditional database is more efficient if they don't bother use public permission-less blockchain. Blockchain on banking won't let the users have more/full control over their money or better transparency. Voting on blockchain have privacy/transparency trade-off concern.

I'm really confused. I will really like it if you can explain why you think blockchain is not transparent and traditional way of banking is more transparent and how user have full control over his or her asset with traditional mode of banking much more than blockchain. This is something that is very obvious, is it the fastness, security or transparency. Blockchain beats traditional banking in every way

eucalyptus

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In 2009, when Blockchain technology first came into use with Bitcoin, four different sciences came together. Monetary Theory, Game Theory, Database Theory and Cryptography. All of these sciences existed, but using them all together made Bitcoin revolutionary. In my opinion Blockchain is being developed with crypto coins. Of course, many companies are also trying to develop Blockchain.

According to a large-scale report by Switzerland-based Credit Suisse, Blockchain is used in many areas, not just for digital currencies or financial services. According to a survey by the World Economic Forum, 58% of executives estimate that 10% of global Gross National Production will "be on the Blockchain before 2025". This year is specified as the year of maturity according to the report. Currently, this technology is among the prototype and experimental stages.

Image Source: https://www.businessinsider.com/bitcoin-technology-blockchain-only-halfway-through-its-evolution-2018-1?r=DE&IR=T

DdmrDdmr

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There are lies, damned lies and statistics. MTwain

The thing is to apply Blockchain not where applicable, but where it’s application makes proper sense. The essence behind is built on its immutability and transparency (be it public, or delimited in scope for a certain business area), which lead to applications in the field where trust is a core value to guarantee.

Many corporations dedicate resources to investigation and innovation, and Blockchain is one of those areas being looked into. That does not mean that these corporations will, in effect, eventually end-up using Blockchain further than an in a pilot project, and some overdo marketing the use of Blockchain in projects where there is no real benefit in it in relation to developing a solution based on more conventional software.

pakhitheboss

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Yes, any industry can utilise the power of open ledger but, what has been the success rate after implementation of the blockchain technology. As per my understanding it has been a success when used in cryptocurrency space, banking and finance. It has been also implemented in medical and transportation but the success rate have been not so good. Big companies like IBM, Oracle and Microsoft are now only testing it and in the future we should see some good innovation coming out from them.

jossiel

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Yup.

It's true that blockchain isn't only for crypto. And there are certain companies and industries that have actually trying to adopt it through their internal systems or even offer an upgrade through this technology.

One known company is IBM. They even have it on their official website.

https://www.ibm.com/blockchain

yemight600

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Blockchain technology is vast and cryptocurrency is only a branch of the so many aspects of blockchain. Almost real aspect of life can be transferred to blockchain and not only money (fiat to crypto). I guess people have this wrong idea because cryptocurrency is arguably the fattest growing aspect of blockchain. Thanks for the wonderful reminder

Obi theo

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This topic has being in this forum before but I don't think it was in the beginners & help category,.we are limited to the idea of blockchain been created for only crypto transaction , but it not the blockchain is more broad than we all think.
Look on here and be informed
Source http://graphics.reuters.com/TECHNOLOGY-BLOCKCHAIN/010070P11GN/index.html
The blockchain is open for all don't be limited.

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