What are the opportunities we have in blockchain?

[jatin729]

Now a days we have seen world is thinking about implementation of blockchain technology. Because it is one the secure technology in the world and it very much difficult to hack. Now lets talk about opportunities :-
Being a student we have to take Blockchain as an opportunity because it is in initial stage and development is running on it. For clearling opportunity concept i want to go to past when internet was invented, It was used in universities on single server and only those universities  students could be accessed internet and then people came up with an idea Web2.0 and we would able to used host server for access websites from anywhere for example - I could easily browse internet website from far away place
NOTE - You know when internet invented it was decentralized

Now Block chain opportunities -
You know there are only few people who knows about blockchain technology and how it is technically work and how blocks are created.
Crypto currency is only one of the application that was gone viral in 2009.
blockchain can be used for maintaining the record on any person or any entity.

Guyz Share your thinking and idea so we can explore more about blockchain

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[onnz423]

One of the major advantages I think is not actually the payment system potential, but the functionality that smart contacts offer.

Bitcoin is definitely lagging behind in this area, as it will either require a few forks, or sidechain implementation to approach the smart-contract functionality offered by its rivals, but once it gets there, decentralized applications and decentralized file storage systems are only a matter of time.

[franky1]

avoiding 'currency' usage:
voting
law creation
land registry
identity
credit rating
school qualifications
manufacturing/supply control
asset audits
public notaries
patent timestamping
time limited licence application/renewal/acceptance

the list goes on

[onnz423]

avoiding 'currency' usage:
voting
law creation
land registry
identity
credit rating
school qualifications
manufacturing/supply control
asset audits
public notaries
patent timestamping
time limited licence application/renewal/acceptance

the list goes on

Bitcoin isn't capable of most of these with its limited smart contract functionality, which is why it probably wont succeed as the number 1 crypto forever.

I think that most of these are covered by individual altcoins, but a truly functional smart-contract system would allow for all of these to be handled by a single coin, NEO and EOS are approaching that level of sophistication, ethereum is lagging behind.

[franky1]

Bitcoin isn't capable of most of these with its limited smart contract functionality, which is why it probably wont succeed as the number 1 crypto forever.

I think that most of these are covered by individual altcoins, but a truly functional smart-contract system would allow for all of these to be handled by a single coin, NEO and EOS are approaching that level of sophistication, ethereum is lagging behind.

topic title is about "blockchain" not "bitcoin"..

but anyway it doesnt really need sophisticated smart contracts for the list i done.
also smart contracts are not about blockchain technology, but about transactional tech

sophisticated smart contracts can make things happen even if the owners node is switched off as they are self activating after the fact, on the network
however even just using <bitcoin address><value> people can make bitcoin wallets that react in many different ways. without neding smart contracts at all so the list is not something which cannot be done today

as for the future, ANYTHING is possible and the list would be too big to write

but here goes sticking purely to blockchain tech
sidechains -  instead of one chain/archive of data. there can be many regional archives of data that are then archived by a ultimate chain
hashchaining - instead of blocks of transactions/ cleartext data, blocks of hashes which separately/offchain has meaning/utility
command chaining - instead of transactions. commands can be chained

[Morgann]

The biggest opportunity in blockchain is that security to our coin and money why. The blockchain has or using a 256 encrypted mix password or privatekeys. And base on my research it is not easy to hack and no one this earth can do it now. Maybe next few decades if they decrypt it.

[oni4an]

Application of blockchain is so huge, that could find applications in any field, in my opinion, the most promising are finance, trade, security and medicine.

[Zendalet]

Blockchain is not the only interesting technique of cryptocurrencies. There's the p2p networking, the actual cryptography, the consensus algorithms like proof-of-work and proof-of-stake, privacy features like zk-snarks and ring signatures.

[yraskk]

We have several opportunities with blockchain, such as Supply chain management, Quality assurance, Accounting, Smart contracts, Voting etc.

Only a few blockchains (from different coins) have the opportunity to create smart contracts. You can not create it on bitcoin.

Voting? Where have you seen that? It can only be created with a smart contract, so.. it can not get done with bitcoin.

[michkima]

There are too many to mention. You can see it in the projects around the crytocurrency space. Even here on the forum, you can see that there are a lot of application of the blockchain technology. It is not merely limited to recording transfers of coins or tokens, it has a lot of applications in the real world scenario.

For example, it can be used in health care where you can record every details, tests done, previous histories, etc. of a patient on the blockchain, so when it is needed it would be easily be pulled out by any authorized personnel in any hospital or health care provider anywhere in the world. That is something that should be a million dollar idea, but it really needs more support. I forget what was the name of the project, which I saw around the forum. Maybe someone can supply the name here.

[jonloner011]

It’s true that this is obviously the future technology. Best things about Blockchain technology are – it is decentralized, there is no third party involved. Hacking is pretty much harder. So, it’s huge secured and Transparent. Cost will also be saved in this technology.

[Direwolve735]

From a practical point of view, blockchain is an opportunity for members of the community to direct their resources very quickly to those projects that seem appropriate with low risks. This is an alternative system for financing science, education, medicine, the social sphere, development not through trust institutions of experts, but through community consensus.

[inanilujimi]

blockchain technology is very beneficial to everyone in the world.
even for the future one of the most useful blockchain technologies you can read in my signature.

[Wind_FURY]

As franky1 said, those are the possible uses for a decentralized blockchain. But how would those uses be efficient and who pays for the costs? Will they have token rewards for the maintainers?

It might be cheaper to run a centralized database than a decentralized, append only ledger.

[Telybin]

One of the key advantages of using blockchain is the opportunity to eliminate intermediate units, increase efficiency and speed of operation. The challenge for startups, however, is to understand the nature and operation of blockchain and to look at how to manage effectively when investing or moving to a new technology. From the government block, banking-finance, supply chain, e-commerce, high-tech agriculture ... and there's no denying that a blockchain is being used more in every way.

[followmenot]

Blockchain technology is the best decentralization technology I suppose following internet and torrent later on. Some people say its overrated (my regular IT guy friend) But I think it will be used in many industries after 2025 or 2030?

[BruceBanner1]

There is no doubt, that a decentralized network like blockchain is going to revamp the world, mostly the public sectors where transparency and authenticity is must needed. Moreover there are lot of companies working on same tech, to specially mention here there are few countries too who are trying to blend their current public sector platforms with decentralised network.
Also as Frank1 mentioned the list, those are just few startup sectors the list will go increases with time.

[Anti-Cen]

Nothing much good about the block chain that won't scale and most of it was taken
from bit-torrent and re-hashed anyway and is not the word of god like many of the
faithful here like to preach.

Lot's of opportunities in Bitcoin including getting out without having to take a loss
on your gamble if your not too greedy but to many burger flippers that would be the
end of a dream so they will stay in until someone turns the lights off.  

[badakjawa]

yes, today's, blockchain has attracted many people to use the blockchain system. part of industries can already see the opportunity to combine with the blockchain system. DNC is a cryptocurrency whose value is equal to 4.25 grams of gold and then saved in a blockchain system.

Chinese insurance companies have also used blockchain. the prince of the Dubai state wants to secure state of documents by using the blockchain system. and now the blockchain system has expanded to all aspects of life.

but, sometimes blockchain is also used as a tool to commit the crime by manipulating blockchain, such as blockchain onecoin system.

[nidacoinlove]

avoiding 'currency' usage:
voting
law creation
land registry
identity
credit rating
school qualifications
manufacturing/supply control
asset audits
public notaries
patent timestamping
time limited licence application/renewal/acceptance

the list goes on

It's a great idea to have these all records maintained through the blockchain. But as far as I have the knowledge of blockchain technology, it is a peer to peer network which avoids third party's concerns. There are many things that needs to be publicly available not only between two individuals.
As I am not technically sound with IT therefore I may not have a good understanding of blockchain and its various uses. My interest in the blockchain is concerned only upto the cryptocurrency.