Agree 100%. Sidechains is the path to exploit Bitcoin and its blockchain.
I'm reading up now on Bitcoin, found the Wiki, /scripts. It's like a french cook book
Thanks again for taking your time to read my question and answering (twice).
Topic: Record information in the Bitcoin blockchain (Read 250 times)
Agree 100%. Sidechains is the path to exploit Bitcoin and its blockchain.
I'm reading up now on Bitcoin, found the Wiki, /scripts. It's like a french cook book
Thanks again for taking your time to read my question and answering (twice).
Thank you MaryChris, helpful analogy.
While I do appreciate the innovation going on on the Ethereum blockchain I am squarely focussed on Bitcoin as it is truly decentralised. I want to make use of the Bitcoin blockchain for innovation. It's hard. In there lies success.
After some more research I came across a few articles that I believe answer my original question:
1. OpenTimestamps Has Timestamped the Entire Internet Archive
...As a result, almost the entire Internet Archive is now hashed into Bitcoin’s blockchain. Anyone can take any document from the Internet Archive and verify that it existed in its current form four weeks ago. If the hash checks out, the document has not been altered since, nor could it have been created later."
https://bitcoinmagazine.com/articles/opentimestamps-has-timestamped-entire-internet-archive-heres-how/
A different article on the same: https://petertodd.org/2017/carbon-dating-the-internet-archive-with-opentimestamps
2. Embedding custom data in Bitcoin blocks
https://bitcoin.stackexchange.com/questions/18/how-can-one-embed-custom-data-in-block-headers
My conclusion is that it is indeed possible to use the Bitcoin blockchain to record information.
This is GOOD.
While I do appreciate the innovation going on on the Ethereum blockchain I am squarely focussed on Bitcoin as it is truly decentralised. I want to make use of the Bitcoin blockchain for innovation. It's hard. In there lies success.
After some more research I came across a few articles that I believe answer my original question:
1. OpenTimestamps Has Timestamped the Entire Internet Archive
...As a result, almost the entire Internet Archive is now hashed into Bitcoin’s blockchain. Anyone can take any document from the Internet Archive and verify that it existed in its current form four weeks ago. If the hash checks out, the document has not been altered since, nor could it have been created later."
https://bitcoinmagazine.com/articles/opentimestamps-has-timestamped-entire-internet-archive-heres-how/
A different article on the same: https://petertodd.org/2017/carbon-dating-the-internet-archive-with-opentimestamps
2. Embedding custom data in Bitcoin blocks
https://bitcoin.stackexchange.com/questions/18/how-can-one-embed-custom-data-in-block-headers
My conclusion is that it is indeed possible to use the Bitcoin blockchain to record information.
This is GOOD.
Think of a Blockchain as simple ledger or distributed database. Like how inventories and accounting are done prior computers. Yes, some of us are really that old. Now imagine that each line in that ledger is a block. All we have done here is swap the word “line” for “block.” As more blocks are added to the ledger, you get the term Blockchain. The blocks that are added are irreversible or “immutable.” That means a block cannot be deleted, only added to. One of the things that is so exciting about Blockchain technology is that a lot of very
knowledgeable people believe that it will change the way things work in the future. For more information on these you may visit http://www.propthereum.io
knowledgeable people believe that it will change the way things work in the future. For more information on these you may visit http://www.propthereum.io
Hey
What you are saying is infact prevelant in the current society, the blockchain is used for storing information and its nothing related to bitcoins.
Blockchain is different and Bitcoin is different too, they are used to keep records in schools , hospitals and many other places.
I must agree that you are a bad searcher but thanks to you that we can share our knowledge
https://en.m.wikipedia.org/wiki/Blockchain
Even the normal wiki enlists the list of its applications.
Have a look at it.
What you are saying is infact prevelant in the current society, the blockchain is used for storing information and its nothing related to bitcoins.
Blockchain is different and Bitcoin is different too, they are used to keep records in schools , hospitals and many other places.
I must agree that you are a bad searcher but thanks to you that we can share our knowledge
https://en.m.wikipedia.org/wiki/Blockchain
Even the normal wiki enlists the list of its applications.
Have a look at it. 
Very clear, thank you.
On the note of using blockchain for other use cases than Bitcoin, I found these two articles that throw a wet blanket over the blockchain-but-not-bitcoin hype:
"Talking about “blockchain architectures” could actually be a codeword for “MySQL”. Everything that these vendors offer can be done in a MySQL database centrally controlled and secured with GPG. I have described how this would work in a previous essay ."
https://hackernoon.com/why-central-banks-will-fail-at-digital-currency-2a0f47e827cb
"Blockchain consultants have built prototypes for stock trading, asset registry, voting and payment clearance. But none of them have been commercially deployed because they are more expensive than simpler methods relying on established database and software stacks, as the government of Vermont recently concluded."
https://www.americanbanker.com/opinion/blockchain-wont-make-banks-any-nimbler
On the note of using blockchain for other use cases than Bitcoin, I found these two articles that throw a wet blanket over the blockchain-but-not-bitcoin hype:
"Talking about “blockchain architectures” could actually be a codeword for “MySQL”. Everything that these vendors offer can be done in a MySQL database centrally controlled and secured with GPG. I have described how this would work in a previous essay ."
https://hackernoon.com/why-central-banks-will-fail-at-digital-currency-2a0f47e827cb
"Blockchain consultants have built prototypes for stock trading, asset registry, voting and payment clearance. But none of them have been commercially deployed because they are more expensive than simpler methods relying on established database and software stacks, as the government of Vermont recently concluded."
https://www.americanbanker.com/opinion/blockchain-wont-make-banks-any-nimbler
The future for niche use cases in blockchain should be sidechains/drivechains (not sure what the difference is between these 2) but the point is, blockchains that are backed by the main bitcoin blockchain and benefit from its hashrate and so on (even tho it could also be mined on its own I think), also no need to create a damn new token each time. Brief explanation by Andreas A here:
https://www.youtube.com/watch?v=5t6ejqkErfU
Very clear, thank you.
On the note of using blockchain for other use cases than Bitcoin, I found these two articles that throw a wet blanket over the blockchain-but-not-bitcoin hype:
"Talking about “blockchain architectures” could actually be a codeword for “MySQL”. Everything that these vendors offer can be done in a MySQL database centrally controlled and secured with GPG. I have described how this would work in a previous essay ."
https://hackernoon.com/why-central-banks-will-fail-at-digital-currency-2a0f47e827cb
"Blockchain consultants have built prototypes for stock trading, asset registry, voting and payment clearance. But none of them have been commercially deployed because they are more expensive than simpler methods relying on established database and software stacks, as the government of Vermont recently concluded."
https://www.americanbanker.com/opinion/blockchain-wont-make-banks-any-nimbler
On the note of using blockchain for other use cases than Bitcoin, I found these two articles that throw a wet blanket over the blockchain-but-not-bitcoin hype:
"Talking about “blockchain architectures” could actually be a codeword for “MySQL”. Everything that these vendors offer can be done in a MySQL database centrally controlled and secured with GPG. I have described how this would work in a previous essay ."
https://hackernoon.com/why-central-banks-will-fail-at-digital-currency-2a0f47e827cb
"Blockchain consultants have built prototypes for stock trading, asset registry, voting and payment clearance. But none of them have been commercially deployed because they are more expensive than simpler methods relying on established database and software stacks, as the government of Vermont recently concluded."
https://www.americanbanker.com/opinion/blockchain-wont-make-banks-any-nimbler
I'm trying to understand if there is a way to use the Bitcoin blockchain to record information. Say I am a business and would like to publish information to my clients through the Bitcoin blockchain; information that would therefore 1) be publicly available, 2) fully trustworthy (rather trustless) since verified and part of the Bitcoin network, and 3) be hashed/illegible to anyone but the client with the right key.
Let's take an example. Is it possible to use Bitcoin for example in a supply chain tracking business?
I guess what I am asking is, is it possible to use the Bitcoin blockchain for other use cases than as output of Bitcoin nodes verifying a new block and locking it to its predecessor?
I tried to search but didn't find anything (or I'm not a good searcher).
Thanks for any help.
Let's take an example. Is it possible to use Bitcoin for example in a supply chain tracking business?
I guess what I am asking is, is it possible to use the Bitcoin blockchain for other use cases than as output of Bitcoin nodes verifying a new block and locking it to its predecessor?
I tried to search but didn't find anything (or I'm not a good searcher).
Thanks for any help.
The blockchain is not really intended to fill it with stuff other than bitcoin transactions, but you can add messages to your transactions. Example:
https://eternitywall.it/
So you could post a link there, or just identify yourself as owner of a certain BTC address and sign messages with your address, but I don't see how you can actually put big walls of text there, let alone attach pictures or other things.
I'm trying to understand if there is a way to use the Bitcoin blockchain to record information. Say I am a business and would like to publish information to my clients through the Bitcoin blockchain; information that would therefore 1) be publicly available, 2) fully trustworthy (rather trustless) since verified and part of the Bitcoin network, and 3) be hashed/illegible to anyone but the client with the right key.
Let's take an example. Is it possible to use Bitcoin for example in a supply chain tracking business?
I guess what I am asking is, is it possible to use the Bitcoin blockchain for other use cases than as output of Bitcoin nodes verifying a new block and locking it to its predecessor?
I tried to search but didn't find anything (or I'm not a good searcher).
Thanks for any help.
Let's take an example. Is it possible to use Bitcoin for example in a supply chain tracking business?
I guess what I am asking is, is it possible to use the Bitcoin blockchain for other use cases than as output of Bitcoin nodes verifying a new block and locking it to its predecessor?
I tried to search but didn't find anything (or I'm not a good searcher).
Thanks for any help.
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