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Topic: 🔴[BOUNTY] 🔥🔥GRABITY🔥🔥 🚀NEW PARADIGM OF INTERNET🚀 💰350,000,000GBT💰🔴 - page 32. (Read 9855 times)

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There are times when third-party control is totally appropriate and desirable.   Shocked
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Should or can the data be controlled by a central authority?

There remain many reasons why a third party should be in charge of some authentications and authorizations.
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So, if the data and its history are important to the digital relationships they are helping to establish, then blockchains offer a flexible capacity by enabling many parties to write new entries into a system of record that is also held by many custodians.   Angry Grin
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 Kiss Manual data entry also has human limitations.  Kiss
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But, if the data is in constant flux, if it is transactions occurring regularly and frequently, then paper as a medium may not be able to keep up the system of record.  Grin
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 Roll Eyes Like etching something in stone, paper documents have certain permanence.  Roll Eyes
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 Grin Is the data dynamic with an auditable history?

Paper can be hard to counterfeit because of the complexity of physical seals or appearances.
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Many groups have created flowcharts to help a person or entity decide between a blockchain or master copy, client-server database.
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 Smiley But, with all the talk of building the digital backbone of a new transactional layer to the internet, sometimes blockchains, private cryptographic keys and cryptocurrencies are simply not the right way to go.  Wink
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By formalizing and securing new digital relationships, the blockchain revolution is posed to create the backbone of a layer of the internet for transactions and interactions of value.
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And simple as that:

As a result, it enables the creation of new digital relationships.
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Blockchain technology offers new tools for authentication and authorization in the digital world that preclude the need for many centralized administrators. Shocked Cool
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Wink But, the technology has also been closely examined: millions of dollars have been spent researching blockchain technology over the past few years, and numerous tests for whether or not blockchain technology is appropriate in various scenarios have been conducted. Wink
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This is, perhaps, because it is so easy to imagine high-level use cases. Grin
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Why use blockchains?

As the implications of the invention of have become understood, a certain hype has sprung up around blockchain technology.
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The Ethereum Virtual Machine then executes smart contracts in ‘bytecode’, or a series of ones and zeroes that can be read and interpreted by the network. Cheesy
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The Ethereum Virtual Machine then executes smart contracts in ‘bytecode’, or a series of ones and zeroes that can be read and interpreted by the network.
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Running each contract requires ether transaction fees, which depend on the amount of computational power required.  Wink Wink
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One contract would use outside data to determine the weather, and another contract could settle the bet based on the information it received from the first contract when the conditions are met. Grin
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