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For example, a crop insurance application that’s dependent on an outside weather feed.
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Three types
With this new technology out in the wild, ethereum advocates might feel electrified by the thought of decentralizing “all the things.”
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Hey people! Ready for more Grabity?
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Ethereum is unique in that it attempts to wield the blockchain as a way to correct what its designers believe is a problematic part of the internet’s design.
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Centralized data systems based on the client-server model are faster and less expensive… for now.
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If this database requires millions of dollars to secure lightweight financial transactions, then there’s a chance blockchains are the solution.
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But if existing IT infrastructure featuring accounts and log-ins is not sufficient for the security of digital identity, then the problem might be solved by blockchain technology.
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Manual data entry also has human limitations.
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Many groups have created flowcharts to help a person or entity decide between a blockchain or master copy, client-server database.
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This is, perhaps, because it is so easy to imagine high-level use cases.
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There are times when third-party control is totally appropriate and desirable.
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Manual data entry also has human limitations.
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Many groups have created flowcharts to help a person or entity decide between a blockchain or master copy, client-server database.
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This is, perhaps, because it is so easy to imagine high-level use cases.
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One contract would use outside data to determine the weather, and another contract could settle the bet based on the information it received from the first contract when the conditions are met.
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4. Store information about an application, such as domain registration information or membership records.
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The language is ‘Turing-complete’, meaning it supports a broader set of computational instructions.
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By contrast, ethereum replaces bitcoin’s more restrictive language and replaces it with a language that allows developers to write their own programs.
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In this case, the user would create a contract, and push the data to that contract so that it could execute the desired command.
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Put differently, smart contracts are programs that execute exactly as they are set up to by their creators.
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