Benefits of using Blockchain - Discussion

Blockchain and Bitcoin 101
#791

overall blockchain as it is transparent, secured, consensus network: is about how to make a good social impact, and disrupt the establish commerce: the current economy is based on the racketeering of the middle-man, those who, in any industry, just tax the producers and end-consumers:
Can coffee growers benefit to direct sell to consumers: blockchain is a potential solution.
less fees on remittances? blockchain is a potential solution:
can I get a loan to buy house without mortgages companies pyramid scheme payments? : blockchain can help.
improving democracy and voting systems? blockchain can be a potential solution with programmable network
https://futurethinkers.org/industries-blockchain-disrupt/

then we can identify the technical needs of a blockchain to allow all of our social and global needs to happen! PoS, PoH, PoW, sharding, staking, etc.

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#792

https://academy.moralis.io/lessons/bitcoin-blockchain-overview - in this video Ivan said youi can copy anything that is centralized and you cannot copy bitcoin?
So how to copy Pounds on my Bank account?
how to copy anything on Backend side, server side of wesite?

#793

In this section the use case was made for using blockchain to track things like food ingredients so people know exactly what their food contains and where it comes from. I was wondering how the inputting of this data would work in a way that we ensure the data is truthful? Couldnā€™t someone input false data?

@ivan

#794

Yeah, anyone can put false data but the network would be able to trace where he/she bought/get the product, Since it is all done on the blockchain with crypto exchanges and loggingā€¦ there would be no way for him/her to not be found out and since the information would be available to everyoneā€¦ therefor he/she is incentivized to play by the rules.

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#795

In the videos we learn that each node of the blockchain has a local copy of the blockchain and every transaction is verified by all nodes of the network against their local copies. In the homework article https://www.ibm.com/blogs/blockchain/2018/02/top-five-blockchain-benefits-transforming-your-industry/, however, I am reading that ā€œblockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copiesā€¦ā€. What the IBM article states vs. what I learned in the videos sounds contradictory to me. Could someone please clarify it?

#796

:slight_smile: ā€¦ for sure that itā€™s all described already ā€¦ in any case, blockchain is a game changer, since can solve very critical social problems, like corruption, etc value creation centralization. Beeing transparent, secure, decentrlized are the most important characteristics in my opinion as the genesis of all others spread by the upper layers.

#797

Blockchain works 24/7 365 days a year and it is reliable.
Transactions are very faster and no bank involve,peer to peer anytime anywhere
Fees are low
It is physically cashless only digitally.

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#798

immutable , secure, decentralization, transparent

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#799

Its more immutability, decentralisation, secure privacy is more protected

#800

Blockchain technology provides several benefits for provenance (tracking the history of ownership and transfer of assets), including:

  1. Immutable Record-keeping: Blockchain creates an immutable and tamper-proof ledger of all transactions, ensuring that the data cannot be altered, deleted, or corrupted. This means that the provenance information stored on the blockchain can be trusted as accurate and reliable.

  2. Transparency and Traceability: Blockchain allows for the transparent tracking of ownership and transfer of assets, providing a clear and auditable trail of provenance. This feature is particularly useful in supply chain management, where stakeholders need to track the movement of goods from one party to another.

  3. Improved Efficiency: Blockchain technology eliminates the need for intermediaries and manual processes, reducing the time and costs associated with provenance tracking. This efficiency can benefit a wide range of industries, from art and luxury goods to pharmaceuticals and food.

  4. Increased Security: Blockchain provides a secure and decentralized system for storing and sharing provenance data. By distributing data across a network of nodes, it is less vulnerable to hacks, breaches, or system failures.

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#801

Very Good :slight_smile:

#803

Blockchain is the future for record keeping.

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#804

Why are there so many blockchains that ust do the same thing?