Topic: How would you define Blockchain Technology in a single phrase? (Read 614 times)
Blockchain is a distributed database existing on multiple computers at the same time.
January 16, 2020, 07:31:14 AM
We have to understand that Bitcoin is just an instance of Blockchain Technology. Blockchain technology is neither conclusive, nor inclusive of what Bitcoin offers. It's a cocktail of various features and Bitcoin used some of it and mixed it with others to use the same as payment interface. It is very much possible to mould blockchain into something entirely different.
It's really wrong to view Bitcoin as just an instance of blockchain, because this blockchain hype was born of Bitcoin, if Satoshi didn't create the original cryptocurrency, there would be no blockchain technology today. And the main reason why people talk about blockchain is because it's sort of a get rich quick field - there's a ton of startups who try to sell their blockchain solutions for huge amounts, and big companies like to tell how they do blockchain to see their stock value go up. This hype is there because Bitcoin had tremendous growth in price, and blockchain simply tries to replicate it. But the difference is that Bitcoin is working and blockchain technology is always either theoretical or in some trial/early phase.
January 15, 2020, 10:35:06 AM
"Vaporware"
It has been hyped for 5 or more years already, and it's still not used in serious applications aside from some small-scale trial runs. And when it's used, it's quite centralized with some companies managing their blockchain and the network itself being private and small. There are some interesting projects that are truly decentralized because they are built on top of networks like Ethereum, but still they don't get much traction, so there's nothing that could have justified talking about blockchain as some game-changing technology of the future.
It has been hyped for 5 or more years already, and it's still not used in serious applications aside from some small-scale trial runs. And when it's used, it's quite centralized with some companies managing their blockchain and the network itself being private and small. There are some interesting projects that are truly decentralized because they are built on top of networks like Ethereum, but still they don't get much traction, so there's nothing that could have justified talking about blockchain as some game-changing technology of the future.
Don't know about others but here in India, Government trying its best to use the features of blockchain to solve real-world problems, one such example is this:
https://inc42.com/buzz/npci-launches-blockchain-based-vajra-platform-to-secure-payments/
We have to understand that Bitcoin is just an instance of Blockchain Technology. Blockchain technology is neither conclusive, nor inclusive of what Bitcoin offers. It's a cocktail of various features and Bitcoin used some of it and mixed it with others to use the same as payment interface. It is very much possible to mould blockchain into something entirely different.
the answer will determine the future of blockchain ? thats cool but why ?
You actually misunderstood what I was trying to imply. What I was trying to say is that, blockchain technology is highly dynamic. Ethereum came and disrupted everything with new concept of Smart Contracts. Similarly, it is possible that we will see some new form of blockchain technology in future. Bitcointalk is one place where lots of creative mind enthusiast about blockchain share their new ideas and thoughts. The sole purpose of this thread was to learn if anyone having any such disruptive idea for future of blockchain.
January 14, 2020, 11:54:53 AM
Most of the people had their first encounter with blockchain technology only after they started using cryptocurrencies like Bitcoin. Many of the crypto users are still buying/selling or investing in cryptocurrencies without having slightest idea about what blockchain technology is and how it works.
In my opinion, every forum member should learn and understand about blockchain technology and thereafter contribute to this decentralized revolution by building something new. Why should we all stop at Bitcoin, right?
But more importantly, I want to know how you guys treat Blockchain Technology. The answer to this very specific question will determine what the future of blockchain tech will be. So vote in the poll. If you have any other definition then feel free to elaborate in a reply.
In my opinion, every forum member should learn and understand about blockchain technology and thereafter contribute to this decentralized revolution by building something new. Why should we all stop at Bitcoin, right?
But more importantly, I want to know how you guys treat Blockchain Technology. The answer to this very specific question will determine what the future of blockchain tech will be. So vote in the poll. If you have any other definition then feel free to elaborate in a reply.
To define Blockchain technology, you will do it with the word: innovation
And I believe that blockchain technology is the technology or information coding system that is behind the virtual currency and that supports its entire structure.
January 14, 2020, 11:51:11 AM
The simplest way to describe blockchain technology that
" blockchain technology is a decentralized form of database"
The decentralized nature makes it easier for people to easily access transactions make on the network or system.
Yes, a useful decentralized database that is the main thing in the future." blockchain technology is a decentralized form of database"
The decentralized nature makes it easier for people to easily access transactions make on the network or system.
No one can manipulate the results of the blockchain that's why it is an innovative technology.
And also, with Bitcoin it just proves what is the main purpose of blockchain technology.
January 14, 2020, 11:39:38 AM
The simplest way to describe blockchain technology that
" blockchain technology is a decentralized form of database"
The decentralized nature makes it easier for people to easily access transactions make on the network or system.
" blockchain technology is a decentralized form of database"
The decentralized nature makes it easier for people to easily access transactions make on the network or system.
January 14, 2020, 11:28:42 AM
This might be a good thing to think of.
Blockchain for me in a single phrase is:
"Blockchain is the future of the most secured and efficient book of records"
Mainly because the extent that blockchain provides is suited for systems that require strong integrity, and not just that, blockchain is the most suitable for efficiency of each transactions we make.
Blockchain for me in a single phrase is:
"Blockchain is the future of the most secured and efficient book of records"
Mainly because the extent that blockchain provides is suited for systems that require strong integrity, and not just that, blockchain is the most suitable for efficiency of each transactions we make.
January 14, 2020, 06:14:56 AM
the answer will determine the future of blockchain ? thats cool but why ? if more people know and understand how blockchain work , blockchain will continue evolving ? but i think it will always continue evolving once people use and understand bitcoin and cryptos but that may seem to be inapropriate if you will not take a look on the history of cryptos and will only jump on the conclusion of using a crypto . for me blockchain means decentralized in a single word .
January 14, 2020, 06:10:18 AM
I was going to use the word "Innovative", but I think the word "Disruptive" would be a better fit for Blockchain technology. Blockchain takes a simple problem that plagues traditional methods of accounting and record keeping for ledgers and completely flips it on its head. Instead of keeping ordinary logs were one could cook the books, the transactions are logged on not only on a publicly available ledger but are transparent, tamper proof and decentralized..
January 14, 2020, 05:35:58 AM
In my view blockchain is a huge data set in where one set of data is connected with
another set of data in chronological by making up a chain and linked together in a single list.
For making up such kind of linkage it used various nodes but no need to use any middlemen between transactions.
another set of data in chronological by making up a chain and linked together in a single list.
For making up such kind of linkage it used various nodes but no need to use any middlemen between transactions.
January 14, 2020, 12:13:09 AM
You know why? because bitcoin is the face of blockchain so technically using bitcoin is using blockchain which I really admire to see when the mass is using it. I've been in a crypto startup/meeting once and what they first introduced was the blockchain coz it is the heart of the project and is necessary. Teaching how to fish is indifferent to educating what to fish.
I can understand it, because it's easier to tell people about bitcoin rather than explain what blockchain is.
Good analogy, I respect your POV. But for me, blockchain more like fishing in that analogy.
Money is a sensitive thing for people. The formula for most conservative people is money+internet=scam.
We should use different way to introduce cryptocurrency or blockchain I think.
With the wide cover of internet and technology, it seems like research is the most powerful weapon now towards ignorance and scams. It's 2020 already, a decade with bitcoin, cryptocurrencies became common with our generation and almost every one who have access to the internet knows what crypto is and what it does.
In my country (Indonesia), Internet = Social Media. They make sh*t gone viral almost everyday.
You can check how Instagram, facebook, and youtube full of Indonesian.
They dont have time to research or even read.
January 13, 2020, 02:25:28 PM
I can't really define blockchain as I am actually that noob who uses crypto and doesn't know how it works. But it is the basis of all crypto to me. And I guess at some point I will learn more about this sucker 
January 13, 2020, 12:38:01 PM
Supertechnological thing and I do not understand until the end how it works. Something like that.
January 13, 2020, 11:56:35 AM
People more interested on bitcoin or cryptocurrency rather than the root, which is blockchain. I can see it by the fact that most of people interested on event like meetup from crypto startup rather than a blockchain event that mainly focusing on education.
You know why? because bitcoin is the face of blockchain so technically using bitcoin is using blockchain which I really admire to see when the mass is using it. I've been in a crypto startup/meeting once and what they first introduced was the blockchain coz it is the heart of the project and is necessary. Teaching how to fish is indifferent to educating what to fish.IMO, without focusing on blockchain when you tell people about cryptocurrency, people will think that we tell them about another online business, or ponzi that can make them lost.
Blockchain need to be the focus when we educate people about cryptocurrency.
January 13, 2020, 11:54:35 AM
Pardon me if I got this wrong but blockchain does not necessarily mean decentralized. A lot are equating the two when they are actually not synonymous. It is very much possible for a blockchain to be centralized. Blockchain is always distributed, though. It is a distributed ledger, after all, regardless of whether it is decentralized or centralized.[1] So for me, blockchain is a distributed ledger.
[1] https://www.finra.org/sites/default/files/2017_BC_Byte.pdf
[1] https://www.finra.org/sites/default/files/2017_BC_Byte.pdf
That's true. There are centralized altcoins that use a centralized form of blockchain like XRP. If we are talking about Bitcoin blockchain, The Blockchain, we are talking about a decentralized database of all Bitcoin transactions, open for the public and traceable, but there can be another blockchain. Currently there's over 1000 blockchains in use, many of which are centralized, anonymous and untraceable.
A blockchain, not the blockchain, is an online record of operations, that can be used not only to transfer funds, but also to verify identity and ownership of those funds.
January 13, 2020, 11:41:44 AM
Secure database is just fitting among the choices given. But seriously you would have to say more before one could actually understood it. Some people will not thoroughly understand blockchain separately from bitcoin because most discussions online doesn't include blockchain discussion when it comes to luring people to buy or invest BTC all they care is just buy to profit.
January 13, 2020, 10:59:40 AM
People more interested on bitcoin or cryptocurrency rather than the root, which is blockchain. I can see it by the fact that most of people interested on event like meetup from crypto startup rather than a blockchain event that mainly focusing on education.
IMO, without focusing on blockchain when you tell people about cryptocurrency, people will think that we tell them about another online business, or ponzi that can make them lost.
Blockchain need to be the focus when we educate people about cryptocurrency.
IMO, without focusing on blockchain when you tell people about cryptocurrency, people will think that we tell them about another online business, or ponzi that can make them lost.
Blockchain need to be the focus when we educate people about cryptocurrency.
January 13, 2020, 10:54:17 AM
I believe that blockchain is one of the safest forms of a database, once it stored no one can modify or delete it. I still hope that blockchain can be developed more widely, not only in the financial sector but in other fields. I'm thinking about Blockchain can be developed for the election system, it will be more secure than the system that we have right now, it's also will cut the cost.
January 13, 2020, 10:23:39 AM
Most of the people had their first encounter with blockchain technology only after they started using cryptocurrencies like Bitcoin. Many of the crypto users are still buying/selling or investing in cryptocurrencies without having slightest idea about what blockchain technology is and how it works.
In my opinion, every forum member should learn and understand about blockchain technology and thereafter contribute to this decentralized revolution by building something new. Why should we all stop at Bitcoin, right?
But more importantly, I want to know how you guys treat Blockchain Technology. The answer to this very specific question will determine what the future of blockchain tech will be. So vote in the poll. If you have any other definition then feel free to elaborate in a reply.
Blockchain technology is the future.In my opinion, every forum member should learn and understand about blockchain technology and thereafter contribute to this decentralized revolution by building something new. Why should we all stop at Bitcoin, right?
But more importantly, I want to know how you guys treat Blockchain Technology. The answer to this very specific question will determine what the future of blockchain tech will be. So vote in the poll. If you have any other definition then feel free to elaborate in a reply.
Not only it is what we're gonna be using in the future days to come but it will also generate the new generation of banking and investment. Amidst being less acknowledge nowadays, if we would carefully speculate the things it will do and the things it offers to the world, we can see how it will change the world and make everyone benefit from the convenience it brings. More innovation will surely be made in it so that it will fit to the needs and requirements of being a global monetary system.
January 13, 2020, 09:35:59 AM
If I were to define it in a single phrase, it would be "An underrated technology". Because blockchain technology is still underrated until now. We still need more recognition from people before we can finally make use of its advancement and benefits. This technology can give us more and can help us in a lot of ways yet they are still sleeping on blockchain.
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