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Author Topic: How justified will it be to use a blockchain without a cryptocurrency?  (Read 252 times)
Hovhannes
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January 27, 2018, 04:12:52 PM
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 #1

Now very often statesmen and bankers talk about a blockchain without a cryptocurrency. They do not explain how much this will be useful and what expenses will be required. I think that a blockchain without a cryptocurrency will be very expensive and useless.

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January 27, 2018, 04:18:44 PM
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Now very often statesmen and bankers talk about a blockchain without a cryptocurrency. They do not explain how much this will be useful and what expenses will be required. I think that a blockchain without a cryptocurrency will be very expensive and useless.

I don't think such a thing can happen, by a currency operating on the blockchain it in essence becomes a cryptocurrency, therefore FIAT currencies could not do so.

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January 27, 2018, 04:26:19 PM
 #3

The effectiveness of the blockchein depends on the number of users who are interested in the existence of this proiect and ready to support it with their capacity. Those who make their own conclusions as to the effectiveness of blockchain based on the success of cryptocurrency, but they do not take into account the fact that users are financially interested. What the government can offer? They can only take the latter.
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January 27, 2018, 04:33:22 PM
Merited by bill gator (1)
 #4

Now very often statesmen and bankers talk about a blockchain without a cryptocurrency. They do not explain how much this will be useful and what expenses will be required. I think that a blockchain without a cryptocurrency will be very expensive and useless.

Any proof of stake blockchain does not need a coin. Not all coins are dependable on the blockchain and cryptocurrency could survive without it just with different standards. The problem lies in the loss of many different positions in the chain. For example- The word miner would lose its meaning in the crypto world. Interesting concept of the blockchains without the coins is explained in the link below.

https://medium.com/@pavelkravchenko/does-a-blockchain-really-need-a-native-coin-f6a5ff2a13a3

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January 27, 2018, 04:45:55 PM
 #5

Blockchain isn't only used for transactions. The blockchain technology can be used to vote, it can be used to verify rolls , like they do in provably fair gambling. You don't need a coin being transferred to do that. Bankers are already looking for ways to adapt blockchain to be able to use it to verify normal fiat transfers. This way the whole process can be automated and they'll be able to get rid of some employees thus making it cheaper and faster. I believe that blockchain technology will be a much bigger hit than BTC itself, because it can be made to work in the current financial system and improve it without the need for people to choose if they like this or that.
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January 27, 2018, 04:56:13 PM
 #6

Blockchain isn't only used for transactions. The blockchain technology can be used to vote, it can be used to verify rolls , like they do in provably fair gambling. You don't need a coin being transferred to do that. Bankers are already looking for ways to adapt blockchain to be able to use it to verify normal fiat transfers. This way the whole process can be automated and they'll be able to get rid of some employees thus making it cheaper and faster. I believe that blockchain technology will be a much bigger hit than BTC itself, because it can be made to work in the current financial system and improve it without the need for people to choose if they like this or that.
But for such a system to function, it will require large investments. Will these costs be justified?

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January 27, 2018, 06:22:13 PM
 #7

Should, the government and the bankers be ashamed of their actions, they simultaneously firmly and vehemently deny the existence of bitcoin, while the technology is adopted or may be stolen by them. To me, blockchain is a great system, blockchain is able to accurately record, and speed up transaction processing that occurs, with blockchain, transactions can be done easily, without a presence of a third party.

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January 27, 2018, 06:31:47 PM
 #8

Should, the government and the bankers be ashamed of their actions, they simultaneously firmly and vehemently deny the existence of bitcoin, while the technology is adopted or may be stolen by them. To me, blockchain is a great system, blockchain is able to accurately record, and speed up transaction processing that occurs, with blockchain, transactions can be done easily, without a presence of a third party.
Not totally a surprising thing which government would really have the plan take advantage and might claimed that they did make that technology which they are really trying anytime to re-divert on its actual first usage which is on cryptocurrency and now they are seeing its total usefulness into other things which it is really applicable and a good innovation if its being applied.For now it is already being considered and I'm sure it would really be used on upcoming years,blockchain just like a backbone on where all transactions do happen.


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darkangel11
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January 27, 2018, 07:17:02 PM
 #9

Blockchain isn't only used for transactions. The blockchain technology can be used to vote, it can be used to verify rolls , like they do in provably fair gambling. You don't need a coin being transferred to do that. Bankers are already looking for ways to adapt blockchain to be able to use it to verify normal fiat transfers. This way the whole process can be automated and they'll be able to get rid of some employees thus making it cheaper and faster. I believe that blockchain technology will be a much bigger hit than BTC itself, because it can be made to work in the current financial system and improve it without the need for people to choose if they like this or that.
But for such a system to function, it will require large investments. Will these costs be justified?

If you're asking about using blockchain to verify gambling bets it's already justified and wan't expensive to implement. People are doing such things basically for tips and allowing others to use the code for free. If we're talking about banks it should pay for itself because once it's ready the system can run for the next 20 years without the need for improvement. Think of the money a team of bank clerks would demand to do the same thing.
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January 27, 2018, 07:34:50 PM
 #10

Well I think you should know that the technology of blockchain is used in our daily lives without even noticing, we all are a part of it and that's just something everyone should know about, blockchain is mainly helpful for documentation, it's used in banks , hospitals , Schools and that's not really expensive .
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January 27, 2018, 07:35:00 PM
 #11

It's called private blockchain and mostly preferable for government or public records that needs approval like health records, credit records etc. Some companies started using private blockchains and we will see more use scenarios in future...

In Waves me trust Smiley
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January 28, 2018, 03:35:36 PM
 #12

Now very often statesmen and bankers talk about a blockchain without a cryptocurrency. They do not explain how much this will be useful and what expenses will be required. I think that a blockchain without a cryptocurrency will be very expensive and useless.

Blockchain have a lot of applications and don't always require that it be used for financial transactions. A very obvious use for example is land registry. Once loaded into the chain, it would be hard for the records to be destroyed or falsified. There are a lot of other applications as well.
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January 28, 2018, 03:50:04 PM
 #13

Now very often statesmen and bankers talk about a blockchain without a cryptocurrency. They do not explain how much this will be useful and what expenses will be required. I think that a blockchain without a cryptocurrency will be very expensive and useless.
Don't focus yourself on cryptocurrencies alone if we're talking about blockchain technology, it is designed to function from general usages to different types of fields and perspectives, it can be used for real estates, healthcare, different types of systems and programs, schools, advertisement platforms and other fields which need to work decentralized or for the one who needs the  peer to peer feature of it, blockchain is a flexible solution to those who need its features for their own purposes.

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January 28, 2018, 04:22:00 PM
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Blockchain has many applications-- it's perfect for wherever decentralization is helpful. Currency is one example. Storing health or credit data are two others. There are probably more use cases outside the blockchain.
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January 28, 2018, 04:44:51 PM
 #15

I don't think without cryptocurrency Blockchain will become useless Smiley). Cryptocurrency is just a product of blockchain technology and it's not everything of blockchain technology, it seem like an example for the advantages of this technology. Because of the quickly development of cryptocurrency in few recent years, it make a lot of people pay attention to this technology Smiley. In the future I think it'll become the most important part of the economy all over the world even without cryptocurrency Smiley

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January 28, 2018, 07:59:26 PM
 #16

There is one question, the costs of maintaining a "blockchain" and the benefits of this "blockchain" without a cryptocurrency. I mean that the blockchain without a cryptocurrency will be too expensive.

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January 28, 2018, 10:05:27 PM
 #17

It seems that very few people understand that the real conceptual revolution is not bitcoin, but the blockchain.
Out of cryptocurrencies, it has so many potential applications that it will change completely our life, in the same way internet did 20 years ago.
Probably more.
So, even in case that there won't cryptocurrency, blockchain existence will be totally justified.

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January 29, 2018, 06:50:17 AM
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Now very often statesmen and bankers talk about a blockchain without a cryptocurrency. They do not explain how much this will be useful and what expenses will be required. I think that a blockchain without a cryptocurrency will be very expensive and useless.

Here is a quick rundown of how bankers can utilize the blockchain for their current needs, along with the existing challenges of migrating to a blockchain-based system:

https://www.forbes.com/sites/bernardmarr/2017/08/10/practical-examples-of-how-blockchains-are-used-in-banking-and-the-financial-services-sector

One other example of non-crypto blockchain use is Dubai's planned land registry, and other possible government projects in the future:

https://www.coindesk.com/dubai-land-department-launches-blockchain-real-estate-initiative/

It's a common misconception that blockchain = cryptocurrency, but the blockchain is a revolutionary technology that has been turning heads for its potential. Bitcoin is more popular than the tech it's built on right now, but who knows, the blockchain technology might reach mainstream adoption before Bitcoin does lol.

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January 29, 2018, 07:04:21 AM
 #19

Now very often statesmen and bankers talk about a blockchain without a cryptocurrency. They do not explain how much this will be useful and what expenses will be required. I think that a blockchain without a cryptocurrency will be very expensive and useless.

The blockchain is just the platform on which we can mod the things really. For example, with the help of smart contracts based on blockchain we can create big ICO projects and thus the related coins with simple mods in the codes itself.

Whether it is crypto currency or not the blockchain still remains the same at all time. As I said its just the platform on which we can play at our will. If banks would have been in the favour of decentralised chain then could have implemented it already and things could have been faster for the blockchain in terms of the development as traditional swift tech would had blended itself with it. Its just my assumption, reality could be different.

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January 29, 2018, 08:34:15 AM
 #20

That can never be possible. You already given yourself the right answer, it will be useless. What usefullness is blockchain without the cryptocurrency? I don't even think a thing like that will ever exits because without cryptocurrency there is no blockchain. The evolution of blockchain revolves around the digital currency. Even looking at the new coins that are emerging through ICOs, they need the blockchain to become what they are. Though, I do like to see what it will be like having a blockchain without a currency.
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