Bitcoin Forum

Does the blockchain ultimately have more potential? :-X :-X :-X

The blockchain has near infinite potential/applications beyond Bitcoin, if banks are trying to get in on it, it's safe to say that it's very solid tech. Also, Satoshi was nominated for a Nobel Prize for his work on Bitcoin and usually they only award these for truly game-changing achievements. (In the end, they decided Satoshi was not eligible since his identity is not known.)

Dint know about that Nobel for satoshi. That's shame that he missed it, just because he was anonymous. They should have given that price anyway, putting money aside the prestige would do a lot of good for adoption and media reception.

Op may want to check some examples of non-bitcoin applications : http://www.edelman.com/post/blockchain-technology/  There is much, much more.   

Yes you are correct actually blockchain tech have lot more potentiality than only bitcoin or any coin based on blockchain. Bitcoin have also potentiality in terms of global payment method where as blockchain tech could be implemented in different real life application specially in book keeping. So obviously blockchain have lot more space to grow and can be used in different field.

just see few countries now developing blockchain technology for their own digital currencies,that's mean they already find out the potential,maybe blockchain will be primary system in digital currency in the future, both digital currency and physical could be used together by its function
that would be great

The Blockchain can be used for many things other than the token for a currency, and one of those are Smart contracts. You can also use the Blockchain to register votes in a election and to monitor and

control the fairness. {In process} ... Some people have also digitized land deeds for archival purposes. So yes, it has a lot more potential and even banks are trying to steal the concept to improve on

their own outdated legacy FinTech systems. The future looks much brighter with these other uses than just for the currency token.  ::)

Potential to do what?  Any given blockchain has only as much potential as its intended use, software code and userbase permits.  It's like asking if a database has more potential.  Some blockchains will be inherently more secure than others.  Some will be private and centrally maintained, while others will be open and public.  Blockchains can be used in any number of different ways, all with varying potential.  People are already working on variations of the blockchain, like tangles (http://bravenewcoin.com/news/in-brief-the-tangle-and-the-blockchain/), but again, the ultimate potential will depend on the users, the code and what purpose it is designed for.

Blockchain technology seems the best which doesn't have specific usage. It can be used in most of the sectors with small variations. The digital currency network have used it much for which it gained a name as the backing technology for bitcoin and other digital currencies following it. Possibly with the potential the technology got we can expect implementation of Blockchain technology in more and more sectors in the future.

Fore sure blockchain is the big new invention and there are tones of possible ways to use it.
But imho a bockchain is only good if it is decentralized. People need to have an incentive to be part of it. I think there are only two ways to achieve that.
One is to force them, which is probably hard and not a good idea anyways.
The other way is by monetary reward of some kind.
And that's why i think that a good blockchain will always be some form of money/commodity. 

I generally disagree with most private 'implementations' of this technology. A private database system loses the intrinsic values that a blockchain has, e.g. immutability, censorship resistance and whatnot. I think that the banks are trying to paint a picture in which centralized implementations of blockchain technology can be similar to, if not superior to, decentralized ones.

I'm going to assume that you randomly used the wording "small variations" in this context.

Correct. It loses several aspects that give value to Bitcoin as soon as it loses its decentralization. Just imagine if Bitcoin was centralized, it would just be a inefficient system of transferring value.

The main purpose of the blockchain and its most disruptive use case are enabling a decentralized currency and payment system like Bitcoin. All other uses are secondary and not essential for the concept to be successful. You have to keep in mind that Bitcoin uses a blockchain not because the blockchain is such a cool, fancy and efficient concept, but solely because it is a necessity to ensure decentralization.

Therefore, use of the blockchain for any additional services makes only sense, if the aim is to establish some kind of decentralized trust / verification. That is not the case for bank / government controlled blockchains - for these use cases a blockchain is a waste of resources, since the system is centralized anyway.

Basically there are myriads of imaginable third party services that may use the Bitcoin blockchain as a secure timestamp-verification system. However, Bitcoin as a decentralized currency will be successful without any such additional uses. In fact, developers should monitor blockchain use carefully to ensure that the blockchain doesn't get bloated and that Bitcoins' payment function remains the top priority.

ya.ya.yo!

Yes, we could have a bit of a PR battle if the banksters start promoting bankchains to the public.  Obviously we all know that an open and public blockchain is superior, but the wider populace will need educating in this regard.  Although it's possible they might just use them for inter-bank settlement and not advertise bankchains publicly at all.  They could decide, if they draw too much attention to blockchains, people might just realise on their own that they can cut out the pointless middleman and get a better service.

Of course it is, Blockchain is just like the main source for the technology. Blockchain is not just about Bitcoin, it can be use for another thing. And there so many great useful thing that has been made with Blockchain, and I believe there will be more.

Not really...but I think it widely recognized globally and securely save for all using it...it earns trust..

Blockchain is being used by some big corporations already, I am not sure how much bitcoin will be used worldwide but I can assure you the blockchain technology will be the next logical step in many applications and transactions required things in business world, not long time from now but it already started and especially huge wall street investment guys will be using this in no time which will just have dripping effect and everyone will be using it before 2020, the technology is amazing and it works for a lot of things, can't be missed.

Within 5-10 years pretty much all banks will use proprietary blockchain or "distributed ledger" ledger systems for interbank settlements that are currently laboriously performed by hand. So if you have a back office job doing that kinda of work now you're going to be hashed out of a job soon.
 
btw why do you think Mike pissed off and started the R3 consortium? ;)

blockchain has huge potential to be honest and this whole thing is going to grow only

Okay, I believe with that and that's real until the bank is wanna for using the blockchain technologies and we will see a various development of the blockchain system and we can see the various result for that in some years later after this.

I've heard that the system blockchain very nice. even if bitcoin is as famous and popular as possible blockchain would be like microsoft? is it possible ?

Microsoft is continuing to support bitcoin and blockchain technology within its infrastructure. Just recently, ConsenSys and Microsoft have collaborated and there the tech giant company has revealed that Excel 2016 will support Bitcoin’s currency format within the MS Office suite. So it may be possible.

I think so, especially if you take into consideration the blockchain applications that are to come.

It might sounds bizzare today but Adolf Hitler was nominated for the Nobel Peace Prize in 1939. A lot of strange and odd individuals were once 'nominated' for Nobel Prize.
Nobel nomination is nothing fancy, you can be nominated because someone in Swedish Parliament likes you.

Blockchain has bringed all the companies into researching and creating their own blockchain, banks, Disney, Microsoft and for sure much more companies are working under the shadows to get their projects around it.
Bitcoin has this as the main resorce to handle unlimited transactions and make it work, did you imagined a country using blockchain allowing people to check where the money is being spent? This should happen one day.

blockchain has more potential in that its globally recognised and used...its safety is noted and convenient..... so easy and free to use at anytime.... than others....I love blockchain

I believe so. Banks and other companies have already tried to recreate the blockchain, all without success in my opinion.
Why else would banks be trying to copy it? It is useful and banks are scared they are going to fall behind on money transactions and they should be.

The blockchain is the most powerful means of recording things ever invented. It is 100% transparent, contains every single move made and is pretty much unhackable.
Humans would never have come this far if they didn't record stuff to pass down to the new generation. The world we know today can be viewed as the result of a blockchain of events/experiments/knowledge etc (similar to Bitcoin's blockchain of transactions).
The blockchain can literally be applied to everything in the human world.

Yes. Since the blockchain doesn't have any specific, targeted usage, it is open for limitless potential.
The cryptocurrency is an invention and a result of technological advancement and will most likely continue to progress even further. With these, they can be redesigned to fit whatever is needed/wanted.