Bitcoin Forum

 
 I was talking with one my friends and he told me 'blockchain will be commercial' .What does this means?Can anyone explain?

He most likely was talking about private blockchain technology, not bitcoin's blockchain.
You see, every financial institution: banks, credit unions, insurance companies, mutual funds etc. are investigating blockchain tech.
They realized that introduction of this tech could increase their profits by lowering cost of data storage, speed up transaction times and at the same time increase security.

Banks are very interested in blockchain technology for a long time now and they are exploring and testing the ways how it could be implemented in their business. So if banks accept blockchain technology it will be no longer reserved for cryptocurrency, it will be widely and commercialy used for their own profit.

They are doing their testing now with some versions of a proprietary blockchain with transmittance from center to data center.
It is on the way so be prepared for the new banking system in a city bank near you. :-\
But what I hear their banking system was going to be the first to do it but now it seems they are reneggating
what they told to the public:
http://bitcointalk.org/index.php?topic=1798911
Instead of co operating with blockchain technology they are asking for government intervention.

Banks right now are investigating the blockchain technology and what your friend meant about blockchain will be commercial is that it will be used by banks, institutions, and many more in the future to lessen their expenses and minimized their profit. It might also be used by money sending services in the future to ease their money transfer. If this happens though crypto-currency will not be the only one using blockchain tech, and those people who use bitcoin for easy transfer might switch into using banks and money sending services again.

Blockchain also has potential applications far beyond bitcoin and cryptocurrency. Blockchain is, quite simply, a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network. The major innovation is that the technology allows market participants to transfer assets across the Internet without the need for a centralized third party.

From a business perspective, it’s helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, promises the ability to improve the business processes that occur between companies, radically lowering the “cost of trust.” For this reason, it may offer significantly higher returns for each investment dollar spent than most traditional internal investments.

Financial institutions are exploring how they could also use blockchain technology to upend everything from clearing and settlement to insurance.

So, as an individual we want privacy for an affordable cost.We also want speed.... Action --->Stimuli---->Reaction.There may be trend, you can understand and gues the next trend....You can vote....Democracy, so no need for representatives anymore????? You can have a share of many assets and do not need to have any tangible assets.

Blockchains will be commercial, the cost will increase...A very interesting asset to invest in.

With a blockchain you will have a share of all you need but you will not own anything :).

I think so. blockchain tech is getting popular in banks, institution, etc community because they see the excess or the good things of blockchain, and of course it will increase the feature of their companies, so they will use it for some commercial benefit.

The blockchain is truly something new and innovative. Banks and other financial institutions will for sure do their best to gain from blockchain technology. Weaknesses of blockchain is the fact, that it needs a lot of computing power (and thus loads of electricity) to function properly. Also it kinda needs decentralization to reach it's maximum usefulness.

Bitcoin itself will never hopefully go "commercial" aka centralized currency controlled by a financial institution, because it would completely destroy the reason bitcoin was created for. However, I do hope that blockchain technology gets used in many more places, and the already great technology will be developed even further.

I agree with this. The blockchain of bitcoin cannot be changed by just anyone at will. Everybody will need to work together just to some changes. The blockchain is truly an innovative technology bitcoin has brought to the world. Now commercial banks will be developing their own blockchain technology that they will implement for their business.

Yes, that is probably the private institution and in fact,  some are now adapting and harnessing the importance of blockchain technology to their company. I could say that this technology is a game changer and detrimental to the success of company / business.

Would you enlighten me whether miners or rigs will still be used? Does the investment to block chain means new data centers working with new algorithms specific to commerce?

Yes, you are right blockchain technology implemented in all spheres of life. This is done in order to improve people's lives. And for the use of this technology will be the company to borrow money. This is a commercial activity

Blockchain technology is not exclusive to bitcoin though bitcoin is the most well-known application of it. Like many here has posted, it simply is a public ledger. I'm reading the news and yes several banks have started researching about it. The most interesting article I've come across is using blockchain to keep land registry titles. http://www.forbes.com/sites/laurashin/2017/02/07/the-first-government-to-secure-land-titles-on-the-bitcoin-blockchain-expands-project/#7d8d213348b2 

If you think about it, it makes a lot of sense that something as important as land would be on a blockchain to make sure that the transactions are recorded and kept safe. Coming from a country where may things are not digitized yet, I've seen what happens when a land registry office burns down.

Yes very true, banks and financial companies are planning to release a commercial version from the service like blockchain. This technology attract them to use it because it is very profitable. Mostly from them ensure blockchain service products that commercial will sell well in the market in 2020. But some have already started to implement this in 2017.

At first, read this
https://blog.ethereum.org/2015/08/07/on-public-and-private-blockchains/

And then you will see the private and public blockchain. Your friend was saying if the blockchain will be commercial and it means if the blockchain will have used by the commercial activities of a various institution.

And then, you must see some of the parties(bank, companies, etc) are researching the blockchain).

It's mean the blockchain will have used by the commercial parties in the future.

That's is really the way to go for blockchain because of the technology advantage that it gives. Banks are definitely the ones who are among those interested in such a technology which would make transacting more efficient especially for institutions that have a huge volume of daily transactions in their operations.

Thank you all.I got it.

This means that blockchain technology could be used in commerce and trade. There are already big companies in shipping that are considering to use bitcoin in their system. Another thing if bitcoin could be used in the mainstream in all commercial establishments then what your friend will be coming true. What he said is his prediction of the usage of blockchain technology and it will come true in the future.

maybe he was talking abut those project that you can run on the blockchain? some of them are running a business and they are categorized as a commercial activity


i don't think you can mine those private coins with those private blockchain if that what you mean, probably those private blockchain will make a distribution based on a ico to distribute the coins

Yes the investments into infrastructures will incrase as well. Some will incrase the size fo their data centers, while others will start to jump into it.
For exemple IBM blockchain. see their solutions they do offer to theirs clients https://www.ibm.com/blockchain/for-business.html People can take adavntage to build applications anf for many industries like Manufacturing, Retail, ect.. Walmart use it for the traceability of the meat in China for exemple..
IBM is a VIP member of  the Linux Foundation's Hyperledger Project (ironic isn't ? IBM and Linux)