Benefits of using Blockchain - Discussion

Hi keen to educate my self

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Thank you for everything you have done and are continuing to do in this space. I am a strong believer in this technology moving forward.

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Decentralized (as long as one node still exists all records are still intact), transparent (open source code and public ledger), secure (encryption), faster transactions than conventional avenues, eliminates the middle-man.

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Watching the Provenance lecture. It’s very exciting to see this because I work on data collection via CMDB using network discovery. We associate computers to applications and then associate cost to the relationship model and then do projections on impact management. So, say if we can determine that a relationship between the hosts and the hosted applications generates $1,000,000 in revenue in a week and the system is about to be impacted by running out of memory, disk space or CPU utilization then we can predict the cost of this model being down per minute, hour or what ever. This then gives us a very good model of priorities and trends where we can bring online a copy of that system but with more resources, duplicate the data and prevent an outage and hence the loss of revenue. I can see crypto currency playing a big role in this in the near future. I am still being laughed at in meetings by mentioning this but that’s because I am surrounded with people that have no vision. I can see that this group does have this vision and I am excited to get on the langskip or knƶrr (what ever it takes) and conquer those lands.

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I am only a few videos into this but the idea of bringing transparency and provenance to governments and corporations is all very exciting! Ivan you are an amazing teacher. I am also curious to learn more about individual privacy and what this aspect of ā€œdon’t trustā€ could entail culturally in the long term. On the one hand there is this amazing and inspiring revolutionary potential with blockchain when it comes to wealth inequality, power, and businesses that is already being adopted. And as a musician and artist, the very idea of truly owning and being able to control our my own IP and hold value in the digital world literally makes me tear up. But I’m very curious, culturally, what this could really mean for humans on a massive scale long term. To give a small, but real world example, when Venmo came out and I could just see everyone’s little day to day money transactions (if they never made their account private), I could totally see the relationships between friends and partners and their lifestyles in a completely different way. Would I really want every single money transaction I ever made in the future tracked and exposed (and judged)? And what would this intense exposure to my private life do to my relationships on a human level? Sometimes knowing everything or having records of everything doesn’t actually make our human experience better when it comes to people. I know that this is the way the world is going and has been for some time, but I wonder if any of you wonder these things as well? Does blockchain offer us as humans and individuals to get out of the grips of the social media giants and potentially even have more control of our own digital identity too? Or will they be able to use blockchain to become even more powerful? I’m still at the beginner level of understanding these concepts and will probably learn much more about privacy and blockchain in the coming episodes as I continue the course, but I’d love to hear what anyone reading this comment thinks about these things and themes! :nerd_face:

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I like how blockchain can be used for different industries where contracts, transactions, and the currency which is a medium used for the exchange of goods is transparent.

Blockchain offers transparency,security,increased efficiency and speed,
which reduces cost.
All the above is created because blockchain is trustless and based on verification .and consensus of the network of Miners,full nodes,and nodes

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Interesting thoughts! believe that any kind of technology could be use for this or that. Like a stone to a murderer or an artist: we as humans do with things whatever our personality is inclined to do. Despite the fact that we cannot control what others do with techs, at least I am sure I have the power to decide for myself. As anyone else should feel in my believe. It’s kinda deciding from which companies we consume, which people we vote for, or what do we have for breakfast. The degree of engagement and how active we are in those topics of our lives determines the grade of influence we, as individuals have in society.
I love the fact that you think big! Probably creating a blockchain solution that helps society to evolve would be of your interest (?). Like a new voting mechanism!
What say you? Is there any problem in society that you would like to solve?

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I believe that blockchain technologies have the potential to bring power back to the people when combined with other technologies and attitudes in people. Another wave of change for humanity where, if involved and if we as humanity get educated, we could make better decisions for our present and future.
In my understanding, a simple technology is not a benefit in itself, but is in the creativity of the people where the possibilities lie, where life gets benefited from.
Blokchain tech to me it’s kind of a new era or ā€œchanceā€ for the internet. I remember those days long ago wen I used to google something and I use to get web pages from all over the world, all that knowledge at the palm of the hand! We all know what happened later, but the idea here is that when something revolutionary comes, humanity is in the position of making something great or to get worst; and to me it will depend on our level of consciousness as species if we succeed to greatness.
Because of its characteristics (which have been discussed thoroughly in this post), I see a benefit in using blockchain for developing a more efficient voting system. Project that I am very interested to work on.

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the benefits of blockchain is as listed below.

  1. transparency in transactions
  2. since you can only add and can not delete from the blockchain , its therefore impossible for manipulation
  3. since its an open source ledger where series of verification is made , it eliminates fraud
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The main benefits I appreciate more are the properties of decentralization and manipulation resistance.

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I believe the benefits are:
Decentralized
Trustable.

But i’m here to learn exactly that :smiley:

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1.Decentralized
2. Trustless
3. Secure
This is possible because of its transparency, immutability, and traceability

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@cryptologist yes I’m passionate about creating things that help let people get out steam and be inspired, educated, and moved <3 I love how music and art has the power to emotionally affect people. Ken Lui has a great sci-fi short story that takes the idea to the extreme when combined with big data and tracking capability, it’s called ā€œReal Artistsā€ and it’s a fascinating read! In this world, they have the ability to track emotions and calculate human responses and psychology so far that their system can generate the ā€œperfectā€ entertainment for humans and eventually assumes no more real need for human artists/screenwriters etc. I won’t spoil the story for anyone who wants to read it but I enjoyed it. He’s one of my favorite sci-fi writers and comes from a programming background so some of you might love his work if you haven’t heard of him!

The tracking capabilities of blockchain are so insanely powerful for many positive reasons, the more I’m learning about it. I do also wonder if it could go terribly wrong when combined with authoritarianism… Any thoughts on how this could be prevented?

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Decentralization / Transparency / Security

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Democratic. Will allow a rebalance of power in our unfair world.

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I pretty much second everything everyone has said in this post reply. Blockchain is the next level of global communication as we know it. Trustless, immutable etc.

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Blockchain benefits immutability, transparency, trustlessness and openness.

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It is the future. So try to understand it as soon as can.

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Many centralized systems can become decentralized and more secure . Like logistics, e-commerce , banking , voting , structure of corporations , politicians and their commitments could become smart contracts , charitable organizations could become more transparent and be able to be trusted if all transactions where put on a open blockchain , government could do same with its budget and tax dollars coming and GDP going up and so on . Making the world a better place

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