Bitcoin Forum

which is the best application for blockchain?

Since you're asking this question on Bitcoin forum, many people would answer Bitcoin.

From my point of view, the best application of Bitcoin would be when countries implement blockchains for voting and deciding on each an every law that is being passed by the country. That way, the political power is decentralized from the hands of the politicians to the hands of the people.

Bitcoin is the best and only sensible application for Blockchain:


This is also the reason why commercial 'blockchain solutions' with proprietary blockchains make no sense. Because you need decentralized mining which is best incentivized by receiving money for your energy expenditures. So, the blockchain needs Bitcoin. The blockchain was made for Bitcoin and sure, you can try to build other things on it, but people will prefer Bitcoin over a currency that tries to do 10 other things on the side.

Depends what you mean, care to elaborate what you mean by "application". Since that could mean a whole lot of different things, but I'm assuming your asking about storing your Bitcoin? I.e a wallet that you can deposit, and withdraw your Bitcoin from?

However, if you are just asking what's the best way to apply the Blockchain, then your answer is absolutely going to be Bitcoin. There are other real world scenarios which you could apply it too, and this has happened, I know of several different universities which are using it for various different things, but the Blockchain while having other uses, was primarily developed for Bitcoin to be used as a currency, and the Blockchain to transparently show every transaction, and tie in with the Proof of Work model that the miners use, to verify each transaction that is broadcast to the network. So, really it's ideal application would be Bitcoin.

One possible application for a distributed ledger could be an application in which multiple entities participate and update their own records. The entities could be the government or other institutions such as banks or financial services firms. They all have the same ledger but they could update it independently.
Another example would be to track the logistics of shipping. This would allow us to trace the amount of imports into the country as well as what is actually being sold. Blockchain would allow for transparency, which is the big advantage of blockchain over other technologies.

Blockchain has large scope so better clarify what you are asking so that you can get a direct to the point answer since actually its hard for us to give an answer while you didn't give any specification on what you really want to ask from us. But I hope you get some ideas on what other members answer since its quite good to read their opinion and make it as a good basis to learn something new.

You're describing things that can be and are already, done by databases. Of course, you can play a game with virtual collectible cats on a blockchain, but it's like asking if you can play games on a semaphore, I guess you can, it has buttons and lights, but should you? Probably not. It's not made for it.

The question is what's the best application for blockchain [technology] and this is clearly Bitcoin. It's not about 'what other random shit can we throw at it which can run on the Bitcoin scripting language'.

I support implementing blockchains for electoral process. Using blockchain for voting process will make the election more transparent and avialable to the public domain. There cannot be any form of external interference or rigging because the blockchain is a transparent ledger that cannot be altered.

But what will secure that blockchain? Miners? Then it needs to have a coin associated with it as well, like in Bitcoin. This coin also needs a large community of node operators and lots of miners / high diff, otherwise it can be easily attacked from large coins' mining pools, like Bitcoin mining pools. There were already successful attacks on BSV, BCH etc...

Apologies for having an answer similar to others but I think it is Bitcoin. So count this as +1 to saying that the best application for Blockchain is Bitcoin.

Blockchain could be used in so many things; in agriculture, medicine, medical records, shipment, election, textile business, transportation, gaming, governments, banks, elections, and everything, you name it. But it is simply different to have a currency built on a truly decentralized blockchain.

Transferring value in a censorship resistant way is the best application for blockchain technology. People have tried to build blockchain based gaming and digital art certificates (NFTs) but despite all the hype these things remain very niche because there are already centralized options that work very well. Besides Bitcoin you could make an argument for DeFi but what we are mostly seeing are scams and useless tokens.

Not mostly, but they are all useless. Any token has always been used for fund-raising whether it is called ICO, NFT, DeFi or any other name they have come up with or will come up with. The token phenomenon is a short term hype that will pass exactly because they are useless. They are  currently extending its lifetime by changing the name and some details.

There are plenty of answers here and different field to utilize blockchain but for me the best one is peer to peer usage. So when bitcoin introduced to everyone, and how its being used is one way to use it very well. Peer to peer, is really an alternative to traditional aspect of finance trading, whether its for small enterprise or business level. Now p2p is being useful in a time like this especially in covid times.

This is a very technical question. The best application for block chain should be in government leadership. We now leave in a society where no one trust the leadership of day. They get funded for different projects but end up not executing them for me it would be more appreciated in how funds are been allocated to projects and how this projects are been carried out so we get quality representation

I would offer here the Internet of Things (ioT).Blackchain technology can provide greater security by storing passwords and other data on a decentralized network instead of a centralized server.Additionally,it offers protection against data tempering since a blockchain i practically immutable.