Topic: Capability of Blockchain (Read 183 times)

Smart contract
Smart contract - blockchain technology
Smart contracts are digital contracts written on a blockchain basis, which can be automated and allow parties to exchange virtual assets, services, stocks, etc. transparent way without the need for intermediaries or intermediary services.

Since it's a pre-installed program, smart deals can do everything themselves when the conditions are met. For example, if you rent my apartment and pay with a virtual currency, you will receive an online bill of lading indicating that only when you send money will I give you the unlock code. So, if I or you send a key or money before the date of the contract, the contract will automatically retain the key / money and transfer to the two parties on the date of appointment. Once everything is done, the contract will go away, and the code itself can not be modified by any other party. Intelligent contracts can be used in all services such as insurance, payment, debt financing, legal ... Large deals with bills of lading, papers and arbitration Prolonged management can be completely lost with automatic contracts in the future.

Decentralized cloud computing
Decentralized cloud computing - blockchain technology
Storj, a startup from Atlanta Tech Village, has begun to emerge from the middle of the year with its business model never before seen: Airbnb of the cloud.

Storj says that the cloud storage model of the big servers of Google, Amazon, Microsoft, Dropbox, and others are expensive, obsolete, and insecure. As the data is concentrated at the servers of these companies, you risk losing your data if your server is hacked. What happens if you can store cheap, high-speed data in the redundant "repositories" of the computers globally safely?

Based on blockchain technology, this startup provides a platform for users to make money by leveraging extra hard drive space and bandwidth and "selling" them to parties in need. In return, cloud tenants are also entitled to services that are not only cheaper, but also more secure and have faster download speeds. The reason is that the files will be encrypted (only new ones have open source code) and split into several pieces to scatter into the repositories of different "hosts"; No individual or company can access the entire file or control the download. Completely downloaded files from different repositories should speed up; It will also be merged from the original piece when downloaded from the cloud. With a commitment to download speeds up to 10 times faster and cost only 50% of cloud services, Storj has attracted 18,000 users and raised $ 30 million through the issuance of STORJ virtual currency via Initial Coin Offering (ICO).

Micro grid system
We are familiar with the traditional grid leading energy from hydropower plants, thermal power, ... in residential areas. However, this grid system is at risk in the event of storms, floods, earthquakes, etc., and power lines are cut off.

Brooklyn Microgrid (BMG), a grid-start smart grid project implemented in Brooklyn, New York, is experimenting with a very interesting solution: setting up micro-grids with clean energy generated. in the residential area of ​​your residence.

BMG microbial grid system - blockchain technology
BMG micro grid system model

To do this, BMG mobilizes households to use solar panels but does not consume all of the electricity they emit (especially in the summer), turning away the excess energy they accumulate. a micro-grid to sell to households in the region through a blockchain platform. Households wishing to use cheap clean energy but do not have the option of installing solar cells can choose to buy electricity from the households with this excess electricity.

This is done very quickly through a smartphone application that allows you to schedule the amount of electricity you can pay and "bid" the vendor. BMG's blockchain meter will also help them pay their bills automatically and transparently.

As a result, when joining the BMG grid, households have the choice of either power supply (from the micro grid or traditional grid), budget management as well as availability of backup power in the area. when disaster strikes.

Applications such as the micro-grid also once again reinforce the potential for break-up of the shared economy - a model that Uber and Airbnb pride themselves on can now be applied to unmatched services. come.

Other applications

In addition to intelligent contracts, cloud computing, capital mobilization, etc., blockchain is also used in many areas such as online voting (pioneered by the Liberal Alliance of Denmark with the first blockchain voting system on the world), asset management and supply chain
Source: internet

Really.

First, Blockchain is a technology and it can have/already has many practical implementation. It is distributed ,decentralized ,digital public ledger.  (although you can create variants of it , according to the need.)
Even government that are not promoting bitcoin or thinking of banning it are themselves exploring the use of blockchain for the welfare of the people.

https://qz.com/1148361/budget-2018-indias-government-wants-to-kill-bitcoin-but-it-loves-blockchain/

While I think the benefits far outweigh the negatives, you can't ignore the dangers of blockchain technology and cryptocurrency.

When jumping into the cryptocurrency world, you are taking full responsibility of your money.

Beginners are at a high risk of losing their money through simple mistakes. They're at an even higher risk to lose it to scammers and hackers.

There will always be scum trying to steal their way to the top rather than earn it. All we can do is give out useful and helpful information while we wait for the super developers to make everything bulletproof

I think that blockchain technology can really harm people. This damage is primarily caused by the mining of cryptocurrency. A lot of electricity is consumed. Electricity is used to produce electricity. This can cause environmental damage to nature.

Most money launderers nowadays consider using bitcoin and other cryptocurrencies as a getaway medium for their heinous crimes. and while that doesn't seem to be appealing and do any good, it'll stay there, just like there are billions and billions of dollars being laundered in fiat as well. As for the blockchain tech, the innovation seem to have the positive side outweigh any negative implications for it. Automation is the first good thing I can think of when using the blockchain, next is security and transparency. Negative implications? I don't see anything bad for a blockchain tech really.

The full capability of Blockchain tech is a complicated question to answer. There are pros and cons to the technology but that is mainly dependent on the intentions the possessor wants to use the tech for. There are big positives to the tech such as the peer to peer transaction capabilities, cutting out third parties such as banks, governments, etc, from the transactions and the capabilities to have an irrefutable record of transactions between people recorded into the Blockchain. There are negatives such as the anonymity of some coins making them a transaction tool for criminals but with the eventual regulations that are soon to be imposed by some governments, that might become less of a problem. There are many more points to cover that would prompt a lengthy discussion.

Its a great innovation in terms of how we interact with each other and trade but it all depends on its use

Best case , blockchain is an incorruptible ledger so you are sure of previous entries.

Worst case, Big Brother uses it to track your every purchase and everything you do and then uses AI to hit you with criminal penalties because according to their analysis ,
you are about to commit a crime in the Future , even thru technically you have yet to commit one.  
https://en.wikipedia.org/wiki/Minority_Report_(film)
https://www.youtube.com/watch?v=pVZ4k2fbK2Q


 

Well, now the question that comes to mind, what might you do if the incident really happened? I do not imagine if we are in such a situation. because in fact, sooner or later we will definitely experience it

1. Irreversible transaction
2. Psuedo anonymous
3. Scammers can take advantage because of its psuedo-anonymity

I'm not sure though about the cost of maintaining a blockchain ledger. If its costly then I think it could be considered as one downside as well.

Blockchain is best known for being the technology behind cryptocurrencies like Bitcoin and Ether (the currency of Ethereum), but blockchain is much more than an instrument of finance. It’s an encrypted database of agreements, so to speak. This means once a “deal” is made, neither party can go back and rewrite the terms. Blockchain serves as a bookkeeping platform or ledger that is incorruptible, enforces transparency, and bypasses censorship. By tackling issues of financial, political and institutional corruption, this has the potential to create massive social change—and greatly protect the human rights of every individual.

I think blockchain technology is a revolutionary project aims to  decentralised factually every sector of human life. Blockchain network is secure, safe and fast

They probably won't need to use a blockchain to do that But yeah, I totally think that this is going to happen in the somewhat near future with many countries. Not even just totalitarian states, but I doubt people in even the most liberal democracies will care enough to gather up the political will to stop such situations from unfolding.

True. But can you scam online through cash? Pretty difficult as you need to expose certain information to receive physical cash. Crypto though? Significantly easier.  Swap the coins/tokens to Monero via shapeshift then what. You're pretty much clean.

If we imagine a totalitarian state with the extremely regulated Internet where a blockchain is being used in order to track all transanctions between individuals, that would be an absolute hell.

Cash is anonymous too. Even more anonymous than BTC.

BTC is somewhat anonymous, but you can be easily tracked, unless you use a coinmix service.

Technology in general always has it's downsides. On blockchain however, the downside is right infront of you. Due to the pseudo-anonymous nature of most cryptocurrencies, there are a lot of hackers and scammers that are taking advantage of this characteristic. Causing them to get away easily with huge heists if they do their opsec right.

I've heard a lot about how blockchain technology could benefit our world, but I've never heard of people saying how blockchain technology could be a harmful thing to our world. Why is that? For example, a gun can be used for food hunting or defeat enemies, but it can also be used for murder or violation. What is blockchain technology really capable of?
Can anyone name any?