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
Topic: How would you define Blockchain Technology in a single phrase? - page 2. (Read 614 times)
January 13, 2020, 09:23:35 AM
January 13, 2020, 07:28:55 AM
maybe I prefer to call it a blockchain to record decentralized financial transactions.
because if we look at the current blockchain needed along with the need for concise business processes, because it is transparent and efficient so it is widely used in industry to facilitate business.
because if we look at the current blockchain needed along with the need for concise business processes, because it is transparent and efficient so it is widely used in industry to facilitate business.
January 13, 2020, 07:09:16 AM
In just a single phrase I can say that Blockchain technology is the secured database platform in which we can avoid government tracking and being a dummy or puppet of the government. Blockchain technology is one of the better technology we can ever had on the near future so we must just better to be familiar on this so that in the near future we will be able to campaign it to be accepted by our own government and country.
January 13, 2020, 07:05:27 AM
Safe and irreversible decentralized record storage.
January 13, 2020, 06:44:05 AM
Decentralized recording of financial transactions.
Not only financial transactions but any sort of data can be stored on the blockchain that can’t be altered later. Thats the biggest strength of blockchain.
My one phrase, The Most secure way of storing data over a distributed database.
Not only financial transactions but any sort of data can be stored on the blockchain that can’t be altered later. Thats the biggest strength of blockchain.
My one phrase, The Most secure way of storing data over a distributed database.
January 13, 2020, 05:01:00 AM
Blockchain offers a new economic order. It aims to build trust among people so that their money will not lose value. Leaving aside speculative price movements. With Blockchain there is no need for many intermediaries.
January 12, 2020, 06:11:19 PM
The initial construction of the Blockchain was to make it easier for users to view transaction history. Every transaction on the Blockchain is not overwritten with each other. Therefore I voted "Decentralized recording of financial transactions" because it was most relevant from my point of view.
January 12, 2020, 05:57:12 PM
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 12, 2020, 05:48:16 PM
Feel the security and being free of government tracking systems
January 12, 2020, 05:18:02 PM
A solution for a corrupt government!
Well, since everything in blockchain are being recorded I just think that this can be a good reason for us to see the real transparency and this might be a big threat in some politicians. Blockchain is the best system so far, but they don’t support this one because of this reason.
Well, since everything in blockchain are being recorded I just think that this can be a good reason for us to see the real transparency and this might be a big threat in some politicians. Blockchain is the best system so far, but they don’t support this one because of this reason.
Yes, if designed openly and transparently, such as Bitcoin: Free and Open Source software, then sure, certain applications could make for better governments. But, most initiatives are not done this way. See, if you deploy such a system, everyone should be allowed to run their own nodes, etc. Electronic voting comes to mind, it could be made possible if properly designed. And then people could just vote from home directly about many issues more frequently, rather than representatives every few years.
But, politicians don't like that stuff. People governing themselves are too risky, then they could lose their jobs...
January 12, 2020, 05:13:18 PM
A solution for a corrupt government!
Well, since everything in blockchain are being recorded I just think that this can be a good reason for us to see the real transparency and this might be a big threat in some politicians. Blockchain is the best system so far, but they don’t support this one because of this reason.
Well, since everything in blockchain are being recorded I just think that this can be a good reason for us to see the real transparency and this might be a big threat in some politicians. Blockchain is the best system so far, but they don’t support this one because of this reason.
January 12, 2020, 04:54:12 PM
"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.
January 12, 2020, 02:24:29 PM
The "data" that you input in this "database", is made to fit only with the previous entry. So your entries are encrypted and matched in this fashion, so that once subsequent entry is written you cannot alter it anymore. Trying to replace the data from an earlier entry (block) would make it mismatch all those that comes afterwards.
This is perfect when you want an application where entries, once written, cannot be modified (tampered) afterwards. Of course you need decentralization for redundancy and security because otherwise it would be trivial to replace the whole thing.
It definitely is a database or ledger, but it does not have to be of financial nature. You could store mundane things like vote (something you don't want tampered). You can also make a centralized insecure blockchain, residing in a single server or only a couple of nodes in a datacenter.
So lets just say its a secure distributed immutable database.
This is perfect when you want an application where entries, once written, cannot be modified (tampered) afterwards. Of course you need decentralization for redundancy and security because otherwise it would be trivial to replace the whole thing.
It definitely is a database or ledger, but it does not have to be of financial nature. You could store mundane things like vote (something you don't want tampered). You can also make a centralized insecure blockchain, residing in a single server or only a couple of nodes in a datacenter.
So lets just say its a secure distributed immutable database.
January 12, 2020, 02:09:25 PM
I can define as; good bye to old fashion financial system.
January 12, 2020, 01:09:10 PM
Well, maybe, The largest peaceful protest to overturn the traditional banking system.
Or just "Most secured distributed financial ledger"
Or just "Most secured distributed financial ledger"
January 12, 2020, 01:06:46 PM
So I'd extend the definition the following way: Blockchain a consensus-protected secure, decentralized database.
For me Blockchain technology is defined as below,
"Decentralized database of records"
It seems you both got the finest definition of blockchain for this modern generation of technology. "Decentralized database of records"
Totally agree with it, blockchain isn't limited for one feature only.
As I said in my previous post, they already adapting it to different aspects meaning it doesn't limit one feature thus the technology itself can innovate for more technology development.
January 12, 2020, 12:54:32 PM
I think the first definition is the broadest one on the list, so that's why I chose it. It does not limit Blockchain to the financial sector or, even narrower, to cryptocurrencies. But I think that it's more than a secure database, it also has other key features that should be included in the definition. For instance, decentralization seems like a crucial part of it to me. Another thing not to miss is that it has a certain consensus system that protects it.
So I'd extend the definition the following way: Blockchain a consensus-protected secure, decentralized database.
So I'd extend the definition the following way: Blockchain a consensus-protected secure, decentralized database.
January 12, 2020, 12:38:00 PM
Blockchain: A type of distributed database that is made of segments of data called "blocks" which are validated through external nodes.
Blockchain technology: associated applications which utilize a blockchain in some way, shape or form.
Blockchain technology: associated applications which utilize a blockchain in some way, shape or form.
Decentralized recording of financial transactions
For me its a distributed ledger technology that records each and every transaction after all nodes verify that transaction.
The mother of all cryptocurrency who is widely recognized and accepted worldwide.
For me its a distributed ledger technology that records each and every transaction after all nodes verify that transaction.
The mother of all cryptocurrency who is widely recognized and accepted worldwide.
For me Blockchain technology is defined as below,
"Decentralized database of records"
I won't necessarily combine the blockchain with cryptos or financial transactions only because it has much bigger use! Blockchain can be used where chronology of the data is important! It can be financial but I see its bigger use in land records! Whenever a land parcel is sold, we need to produce the "chain of agreement" where the record of all previous owners are preserved. I indeed see a global use of blockchain here! Coupling it with financial transactions, will only reduce the scope of blockchain!
"Decentralized database of records"
I won't necessarily combine the blockchain with cryptos or financial transactions only because it has much bigger use! Blockchain can be used where chronology of the data is important! It can be financial but I see its bigger use in land records! Whenever a land parcel is sold, we need to produce the "chain of agreement" where the record of all previous owners are preserved. I indeed see a global use of blockchain here! Coupling it with financial transactions, will only reduce the scope of blockchain!
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