Topic: What is the true potential of Blockchain and decentralisation? (Read 215 times)

The blockchain has a huge power of revolutionizing the working of many fields, not just payment and financial sector. Most of the uses of blockchain are available in the form of smart contracts. With the help of blockchain technology, smart contracts can be made more secure. Since blockchain technology can guarantee the accuracy of data, it can be useful in many Artificial Intelligence (AI) applications, for entering the data into the AI systems and for recording the results from them. Financial institutions spend a great deal of money to meet the KYC norms. In this case, the blockchain technology would allow the organizations to access the individual verification of each other’s clients. This will reduce the administrative costs.

It's the best way to utilize the power of every user out there and on the top of that, it not only reduces the cost but also increases the transparency and efficiency regarding the entire system and that's why blockchain is the only element on which government and crypto users are on the same page in terms of benefits. In fact, some countries are trying to implement blockchain technology in multiple sectors, there are some banks which are testing Blockchain to optimize their work process.

Decentralization will be the trend in my opinion. However, right now with most cryptocurrencies and even just decentralized economic projects in general, there is not enough adopters in the user base to actually make any sort of impact.

Once this user base starts to grow, that's when the potential can be realized for decentralized cryptos.

If we're strictly talking about crypto, then it definitely has huge advantages over fiat currencies in my opinion. But the problem is people don't actually realize that there is something wrong with fiat, that it is centralized and depreciative. Cryptocurrencies, especially BTC, can potentially even replace conventional fiat money in the coming decades.

Blockchain technology opens up new trends in areas such as banking and finance, logistics, electronics, accounting and auditing. Not only that, Blockchain is also the core of the Internet (IoT). Electronic devices can communicate in a safe and transparent way. Unintentional efforts in the Internet world will not work, and more. There are now a lot of companies and corporations that are building their own Blockchain network. So we will soon see that this can create a wave for the future.

Blockchain has the potential to decentralize the way we store data and manage information, potentially leading to reduce the role of middleman. It also enables the creation of decentralized currencies, self executing digital contracts and intelligent assets that can be controlled over the internet. This is good because no one control them and no infrastructural central point of failure.

Although block chain labeled the "distributed books", "to trust network", "go to the center structure" and so on all kinds of labels, but they tend to be a summary of the technical properties of rather than the potential value of generalization. As the first large-scale social class application of the block chain, bitcoin itself is the epitome of the value potential of centralised banking institutions. The technical basis for realizing this function consists of two aspects: the chain timestamp design based on the hash calculation, and the consensus principle based on the calculation force comparison. The former ensures that any data recorded on the chain is difficult to tamper with, while the latter makes it possible for all nodes in the blockchain network to reach consensus and achieve consensus on the transaction information recorded.

The future opportunity for this technology is incredible, literally it's as broad as one's imagination to use this new technology. Much like the future uses of the internet back in 1995...some in the community think it's novelty, others see the next 50 years of possibility.



Everything you've mentioned is viable.

Blockchain will transform how business (like corporations) do business, how they do accounting, inter-company transactions, etc.

This industry breaks wide open when the focus of ICOs shifts from people that just heard about Bitcoin last year and are trying to get rich to projects that genuinely want to transform the way we do things. We'll get there, it's just going to take more time.

What's the coolest idea you've heard?

I think futurists and historians lack capital incentives and job opportunities. There isn't much money being thrown at them by anyone. In many cases they're reduced to utilizing their academic degrees towards pushing anti-capitalist agendas as paid advertisement spokes persons. The movement against capitalism could be motivated by a desire to rid people of the rights to own property, patent ideas, start businesses. A movement aimed at depriving people of many of the freedoms they enjoy under capitalism which those in socialist nations do not enjoy. History shows capitalism is the best framework for harnessing the ingenuity and innovative spirit of a nation. America used to be one of the most innovative and inventive nations in the world due to capitalism giving americans the freedom to start businesses like google and apple in their garage.

Decentralized community movements are already occurring all over the world. We have brexit with the UK breaking away from the EU. There's are major independence movements in catalan and elsewhere. In mexico we have entire cities seceding. They need protection from drug cartels and the government is too corrupt to provide them with it. Mexicans are seceding from the state and focusing on protecting themselves in cases where the government is unable to.

If I remember right, youtube isn't very profitable, if it is profitable at all. Youtube could operate at a loss with video bandwidth being expensive proportional to the amount of revenue which can be generated via advertisements. Google has shown itself to be extremely good at innovating up to the present. Eventually someone younger, smarter and hungrier could come along out outdo them both. That's one area of capitalism fat cats do not enjoy. A transition to socialism would have potential to eliminate competition and maintain the status quo which may be one reason why there is such a powerful agenda behind the pro socialist movement by current elites.

It's even worse. They are basically buying votes with our money. I can see it in so many European countries that are turning more and more into socialist states. It looks more or less like this:
collect taxes > spend taxes on the biggest groups of voters. For instance you have a lot of old people in the society, tell them that if they vote for you you'll increase their pensions, as a result you've just bought yourself a lot of votes with other people's money. Now once you're elected yoy increase the taxes, especially by taxing the wealthy, because there's not many of them so they don't have much voting power in a democratic society. But you have a lot of poor people, give them money for free and you'll get even more votes, and so it goes. We have to end this charade once and for all by being in control of our money.

I think that today is the day, that the Bitcoin is completely stoled!
All coins going down, many rumours, governments, asic machines centralised in China and sold out with any discrepancies about the ecosystem... but the most evil movement, it was the IP of Bitcoin - Exchange... this is exactly what it does means: Backs to centralisation.
The Blockchain history is starting a new movement, where the bankers and the governments will take the control...

https://www.coindesk.com/the-winklevoss-brothers-have-won-a-crypto-etp-patent/

And...

https://blokt.com/news/jp-morgan-chase-files-patent-for-applying-blockchain-technology-in-financial-settlement-and-reconciliation

"JPMorgan Chase Files Patent for Applying Blockchain Technology in Financial Settlement and Reconciliation
JP Morgan Chase & Co will soon be using Blockchain technology to clear interbank financial transactions and settlements."

This is the reason why Mt. Gox moved 8200 BTC from their cold wallet today!

Let's see whats happening now...

I hope that some Hackers save the cryptocurrency.

I'll keep my response brief, since I could go on for pages.

Economic freedom, Economic security, Economic Integrity, True Free Market an extreme shift in the political landscape and so many other things. You ask about the possibilities, but it is almost as if we have started a new concept that will change the way trade is conducted. Decentralization gives the possibility of universal acceptance.

Nobody feels like we should be trusting the government with our money, yet we continue to allow them to dictate and control the currency we use. We allow them to take their cut to control how and what we earn.

Blockchain technology has various advantages. The first one is the one named a couple of times before me - decentralization. It is true indeed that in long-term perspective the center of any system becomes the hindrance for further progress. It cannot control everything anymore but tries to do that, spreading the agony of dying among the new and healthy parts of this system. Blockchain is a way to do things without the center. But it's not just that. It is also a great contribution to making it impossible to fake any kind of data. Infallible verification is likely to be very valuable in the future, because there will be too much of various information and the lack of time to check it.
The potential of blockchain is almost unimaginable, but it doesn't mean that humanity will manage to turn it into reality.

Blockchain technology is the more secured technology it will not easy to hack but decentralisation is more favourable in investors but it will not supporting to government so many regulations are possible or some countries are banned in decentralized cryptocurrency. But this is advanced technology in the world so it will never failed in future. 

I believe that decentralized software will completely replace the traditional systems in banks, government, communications and other areas where the security and speed of information processing is high enough. At the same time, the current hype around blockchain will probably go down and it will be used only where it really is necessary and useful, there won't blockchain for the sake of blockchain just to raise money. At the same time, this will increase trust to the technology itself as the overall share of successful and honest projects will be significantly higher.

Blockchain technology and with the used of decentralization is absolutely a futuristic revolution for human being around the world. Wth this revolutionary invention of man that drives us through modern world with having global transparency. Decentralization is one of the key for all of us to move forward from traditional into new forms if generation. All of these changes that happens now is the beggining of our new era.

this technology (Blockchain) will be the leading technology in the future and will be used by banks to speed transact.

Undoubtedly true, I think the power of decentralization is about moving away from the centre of the power and control and building your own state of success. Decentralization is indeed a revolutionary act in which allows people to make their own way to survive and to success I guess is that we choose to live traditionally which limits the capabilities within ourselves to become extremely different from the government who almost regulated everything.

Gold is universally accepted investment & most liquid (convertible to cash) asset. I was able to sell 100% pure 3 ounces Silver coin without a buyer's receipt. I have also sold 2 ounces of gold without purchase receipt. That is the trust bullion dealers have in 100% pure gold and silver.

Gold is preserve of wealth. After 100 years of industrial revolution, Gold has seen and survived many wars, economic crashes, 9/11 terrorist attacks, economic booms, technology revolutions and more..

Pretty much everything but I think the greatest achievement blockchain can bring human kind is a transparent government(a ledger showing government transaction logs(via block explorer) to help prevent corruption. Another great achievement crypto can bring to us is the transparency in institutional records so that employees can be rest assured that there aren't any shady dealing within their organization(although I still don't know how blockchain can achieve it).

The true power of the blockchain is absolutely revolutionary. It is having unique ability to finally present a practical method for individuals to increase their freedoms and increase efficiency in the process and tackle problems such as distributed access to medical records in underdeveloped countries, various payment services and methods of transferring value.