Topic: Questions About Blockchain (Read 317 times)

Talk about the future of blockchain technology
Better Security Risks
More transparent
Cheaper Transactions Because Without Third Parties
Superfast Transaction Process

Bitcoin has a lot of flaws itself: slow transactions, f.e. Blockchain, on the other hand, can be used as a base for different projects solving this problem. For instance, Ripple. Their transactions are almost instantaneous. So, between those two, I would say, blockchain is has much more prospects

To be fair, plenty of companies seem to see the blockchain's potential. I mean, it's probably not as good as most people here say, and it definitely doesn't solve anything like ICOs would have you believe, but it has niche applications that are unique to it. We haven't really seen any of it in practice yet though, so I guess it's alright to be skeptic.

I dont think its blockchain that is revolution, bitcoin is. Without bitcoin blockchain is almost useless because who would put up database (blockchain) with need of securing it with computing power worth tens of millions of dollars at first to actually semi secure'ly use it? Noone.

With blockchain technology the transactions that have been carried out will be recorded in detail, and this will be very beneficial for developing countries. Hopefully in the future blockchain can be used in many large countries.

The Future of blockchain will be bright because it has really help to bring about new development into the world. Blockchain are use for creativity they also help to solve problems and challenges people are facing all over the world.
Misconception about the technology..... Some people are comparing blockchain system with banking system while mean they are not the same. The way bank system work is entirely different from the way blockchain work. 
Today's blockchain and its future...... People are now making use of  blockchain to perform different things....  Some use it in their day to day transactions, job opportunities, storing of datas and valid information, trading..... With these achievement we believe blockchain will continue to grow and develop.

Blockchain technology is getting more and more recongnized and adopted, so its impact on our life will probably be like the one of creating a PC and inventing WWW.
Some say it's a ponzi scheme, which is totally ungrounded and ridiculous. Others say that the technology is not cheap enough (btc transactions sure are cheap now) and that it's very slow (indeed, it's not very suitable for huge amounts of simultaneous transactions, even though some options are being developed.
Today blockchain is mainly used to create cryptocurrencies for trading, retail, monetization of projects. New features (like smart contracts that weren't always around) are improving the absense of need to trust anyone.
Potentially, it's a universal database to store any type of data (not only financial transactions) where it's important to have chronological order, impossibility to change previously inserted elements and impossibility to fake data. There are projects exploring its potential for copyright, genuine tickets, games etc.

The future of blockchain technology is marvelous. Now many company uses this as their ledger system.A lots of alter coin transaction run on blockchain.In future block chain with AI (Artificial Intelligence) will make revolution in our world.

You are right mate the blockchain technology is going to roll our future in all sectors like baking and more because of the blockchain technology is adopting advance countries like USA China Japan and more, I am sure the blockchain technology is going to change our future ecosystem.

Blockchain technology is limited in extent of cryptocoins only is the biggest misconception most people have and this is why the potential future of blockchain is assumed not bright. This is not true. Blockchain is an amazing technology which can be used in almost everywhere ranging from small scale to giant enterprise. Everyday we learn about new innovative projects are launching in different fields such as banking, finance, gaming, airline, technology and what not. And this is just the beginning.

There is no way to say what will happen to a particular technology. However, Blockchain will be adapted in the business system and it will help with the progress of economical developments. The greatest misconception about Blockchain is that people often think of it as something that can replace the banking system, where it is nothing but a technology.

The technology Blockchain offers a lot of potential sure but, the technology is still fairly in it's new stages. For the potential of the technology to be realized it'll take time for it to mature and fix some of it's shortcomings in some aspects. A misconception we see nowadays is that people expect block chain technology replace the banks primary system when the best decision would be to implement it in such a way that it fortifies the foundation further rather than replacing altogether. As of right now all we can do is speculate but in the future we'll see first hand it's true potential.

Blockchain is a wonderful invention by which the cryptocurrency is run and maintained. Though it is now being solely used for crypto, but its possibility is much more than that. It might emerge as the main economic system too.

Blockchain is a fairly new technology but already has a big impact on financial industries. It is the future of digital world and online transactions. The possibility of this technology is endless if implemented right.

A really useful knowledge.
Thank you for sharing this helped me understand more about Blockchain.

1. a blockchain does not need to be a single strand of chain which everyone needs to validate and hoard
o-o-o-o-o-o-o-o
it can actually be multi stranded where different clusters/regions/ethnicities/departments/nations validate and hoard their own section
O-O-O-O-O-O-O
|   |  |  |  |  |   |
o  o  o  o  o o  o
|   |  |  |  |  |   |
O-O-O-O-O-O-O
(imagine a network where one strand is the US currency residents and another strand is the euro residents and the main middle strand is the IMF master chain of SDR)
(imagine a network where one strand is the identity ledger, another strand is the financial ledger and the main middle strand community ledger)
.. i could go on. but you get the idea (thousands of possibilities)

2. misconceptions: that code can change the world
code is just code. it has no arms, legs or voice. it needs people to use it. people to get other people to use it. people to lobby governments to change laws and stop using old out of date databases and use blockchains. people to get thir businesses to use it.
2 misconceptions: that blockchains can solve every database using service/business/government.
many private businesses and database owners dont need diverse validation/hoarding. they dont need public ownership. they dont need outsourced resources.
2. misconceptions: closed network distributed ledgers are blockchains
blockchains fundamentally are just blocks of data chained together by including a identifier of the previous block in the current block to link them togther. but the ethos of blockchain is for decentralised utility of no central point of failure.
networks that are limited to a certain permissioned group do not pass the ethos test of the purpose of a blockchain. and so for closed network versions. these are deemed and buzzworded as DLT(distributed ledger technology)
in short open decentralised ledgers are blockchain. closed distribution ledgers are DLT

3. most of todays blockchains are just copy and paste idea's with little tweaks. the future will see an endless amount of idea's that will function for an endless amount of possibilities

4. endless

*future of blockchain. The blockchain technology is an innovation that has amazing advantages ranging from transparency, protection of identity to fast , cheap and easy transfer. They future is quite unpredictable but if the development continues and new ideas are brought in. the future of blockchain is bright

*misconception of blockchain...misconceptions of the blockchain technology are from those that are not cryptocurrency inclined or just share ignorance. The system is not just an idea but a reality. Most criticism is a regards to if the blockchain technology is a threat to traditional means.  The idea is to improve on the traditional means since the world is fast modernising why not the way we do transcation follow suit.

*todays blockchain technology and the future... For those that are crypto inclined you would notice that more and more initial coin offering icos comes out to state there claims of being the answers to a particular sector ranging from medicine,sport,justice and so on. Although most are just make believe some has actually achieved there target which goes to show that blockchain technology has affected some sectors positively and if this goes on improving it would achieve more.

*the possibilities of blockchain technology. Blockchain technology compares of endless possibilities. The blockchain technology can be the answers to
1.poverty alleviation
2. Corruption
3. Hurdles of transactions
4. Identify theft and so much more.

We just have to tap into those possibilities

Block chain is a technology that has a huge impact on the financial industry. And it is mandatory to say that this impact is mostly considered to be ‘disruptive’. But before getting into the ability of block chain and its far-reaching effect in the future of humanity let us first delve into the matter of what blockchain actually is. It is not to be confused with cryptocurrency. It is rather the process or method in which cryptocurrency is created; such as: BTC and ETH.

Blockchain has the potential to miraculously change the way we do things each day. Such as: voting, going on a trip and even listening to music. Prior to diving deep into the impacts of blockchain we firstly need to dismiss some misconceptions that we have about blockchain.



Misconceptions encircling blockchain

• Blockchain is in no way a single inseparable platform. There can be many types of blockchain platforms. An experienced developer who has sufficient skill can create any type of small or large blockchain system that might be necessary for private, public or any other type of use. Each blockchain is necessarily different from the other.

• Many of us consider block chain to be completely secure. To be perfectly honest, there is nothing that can be called 100% secure. A hacker of a high level of intelligence can actually crack it. But, one of the best things about blockchain is that, it can record everything that occurs within it. So, if a hacker tries to tamper with it most certainly won’t go unnoticed.

• Blockchains can be both private or public. Just because it can be open for public use doesn’t mean it will always reveal all its internal data to everyone. That entirely depends on how it is developed. Another thing to be acknowledged is that, blockchain is not only limited to cryptocurrencies. It can be used in almost every sphere of life. Being a safe medium a storage, it also becomes a cheap alternative to many other expensive and complex software.Whether it be banking, safe storage or any other industrial business, blockchain has its own secure smart contract system that makes a solid documentation which simply cannot be falsified.

Today’s blockchain and its future

• Let us now discuss about the timeless potential of blockchain. The unique design of this technology makes it very ideal for various situations.When it comes to security, transparency and collaboration, blockchain has indeed become almost irreplaceable. In the virtual premise, blockchain has made most transactions almost tamper proof. Hackers are having a very hard time to crack into things as it is almost like a one-way access to data that is highly protected by a hundred guards.

• Besides each block is visible to all members in a trade and it builds up trusted relationships.Besides, any kind of transaction is now possible as secure collaboration between parties is now very much possible regarding any kind of transactions. All these features make block chain very much potent for current time as well as the far-reaching future.

The possibilities of blockchain in the future

Blockchain sheds light on future possibilities as its effectiveness is still unmatched to many other methods on any platform whatsoever. Let’s discuss:

• The blockchain system can indeed be used both in business transactions, marketing platforms and even in the administration process of the government itself. This certainly guarantees the increase transparency between parties, eliminates possibilities of corruption and streamlines bureaucracy. All blockchain related transactions are secure and tamper proof, plus they are practically open to the bare vision of the public. Which means equity can be promised starting from small business agreements to critical national elections.

• Advantages and immense improvement can also be offered in the medical sector as well. Patient health records can be distributed with safety and speed between healthcare institutions and doctors. This will result in effective diagnoses and massive development in holistic treatment measures for each individual patient.

• Sophisticated research regarding remedies, medical research and getting more insight for better treatments will become significantly easier if blockchain is implemented in these sectors.If block chain is implemented properly then current generation plagues like identity theft will surely become a thing of the past. With the combination of blockchain and biometrics personal ID information, passport related security, educational records and even the information included in driving licenses will be securely placed in the blockchain. If this data is infused with biometrics, then any kind of forgery or fraud will become extinct.

Aside from the discussed possibilities, blockchain has the potential to have a huge impact on every facet of our current and future lifestyle.

@OP hope you have found all of you query in a concised version .


Thank you.

I'm no soothsayer,neither do I have powers to predict the future,and I guess 99% of users in this forum are like me,but we can make predictions based on the facts on the ground at the moment,the blockchain technology is barely 10yrs old,considering it's achievements in this short space of time, it's only reasonable to see an absolute mass adoption in the future, more and more companies,industries,establishments and even the government could adopt this technology..
To me the greatest misconception of this technology has to do with its users pitting it against the banking/financial system
What we have to know is that the system wasn't created to replace or as a substitute to our banks(which is impossible),the system was created to complement the bitcoin,and work as a ledger that tracks all transactions and breathes transparency
It could work side by side with our banking system sooner or later

The blockchain is a decentralized distributed ledger,that is transparent and safe to use, it also serves as a technology that stores all the transactions carried out in the system,and this records are unalterable,for now the system is performing it's full course,with a hope of better improvements in the future..

As for the possibilities of this technology,go back to my reply for question one

Blockchain is the main key for the revolution now a days. I am a newbie in this sector , but could guys help me to find qualitative answers of the following questions ? (Of course you don't have to give technical answer)

1. Future of Blockchain technology ?
2. Misconception about the technology?
3. Today's blockchain and its future ?
4. The possibilities of this technology ?

Of course you can give broad idea, but i am happy if have time to do it. Thank you.