Blockchain Not Just About Bitcoin

[boled]

Blockchain not just about bitcoin and virtual currency, at least this is happening in my country (Indonesia), the latest news that the General Directorate of Taxes provides taxation services by adopting blockchain technology. They believe that blockchain technology can be a more transparent taxation solution in Indonesia.
In my opinion, bitcoin with its blockchain technology has many positive impacts on the world economy. Technology blockchain banks in the world is only a matter of time. Banks that have implemented Blockchain on their systems include the Royal Bank of Canada (RBC). They developed a distributed ledger technology (DLT) system based on Blockchain technology, and named Hyperledger.
Bank OCBC has also used Blockchain technology to transfer funds between OCBC branch offices in Singapore and Malaysia. The money transfer process takes only about 5 minutes.
Bank Santander. The British bank has also started using Blockchain technology in its services. Bank Santander uses Blockchain technology to service payments abroad, through new applications.
This means the world has unconsciously received the presence of Bitcoin. Due to evidence of security and speed of blockchain technology brought by Bitcoin. I believe that bitcoin has a bright future, and countries in the world will simultaneously recognize and legalize bitcoin.
Let's discuss this, share information about the development of bitcoin and blockchain you know, and express your opinion about it here, the results I expect from this discussion, can reinforce the existence of bitcoin.

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[dothebeats]

This has been discussed before: blockchain would be the tech that would change how the world handles things. If we think that computerized ledgers and databases are already advanced and secure, what more if we would be able to integrate a transparent yet pretty darn secure tech on the way we handle our records? This would be a cost-effective record keeping technology if implemented perfectly, and it's just one application of the tech. It could be implemented literally in almost every banking and finance services alongside automation processes in the private and public sector.

This means the world has unconsciously received the presence of Bitcoin. Due to evidence of security and speed of blockchain technology brought by Bitcoin. I believe that bitcoin has a bright future, and countries in the world will simultaneously recognize and legalize bitcoin.

They see bitcoin as the first true application of the blockchain technology and it proved to be successful. However, I think that there still wouldn't be a paradigm shift towards bitcoin as everyone is still busy cuddling their fiat and banks. People would gladly accept the tech but bitcoin? It still has a long way to go IMO.

[Hydrogen]

Blockchain not just about bitcoin and virtual currency, at least this is happening in my country (Indonesia), the latest news that the General Directorate of Taxes provides taxation services by adopting blockchain technology. They believe that blockchain technology can be a more transparent taxation solution in Indonesia.

That is an interesting train of thought. I think they might be right on that although a big part of it will depend upon details of implementation and whether it will be possible to use things like VPNs, proxies or TOR to anonymize certain aspects of transactions to some degree. Of course there is plenty of theft, fraud, money laundering and market manipulation in regulated markets. An introduction of blockchain technology could actually decrease the amount of fraud and crime in regulated markets as many things would be logged and transparent for the world to see.

Have banks really deployed blockchain technology en masse? I think that article confuses small scale test runs of blockchain technology utilized by banks for full scale support. It is doubtful banks have embraced or rolled out blockchain technology this quickly.

[timerland]

Of course blockchain isn't just bitcoin.

But bitcoin is the first currency that uses blockchain technology. That's why there are so many people who swear by it and are willing to put money into it. But that doesn't mean that blockchain technology is only limited to bitcoin, or even transaction making.

Lots of governments are currently launching their own blockchain/cryptocurrency programs, where they aim to have more direct control over the economy and taxation. Blockchain in this instance is applied in a completely different way than bitcoin, since it is centralized.

[boled]

This has been discussed before: blockchain would be the tech that would change how the world handles things. If we think that computerized ledgers and databases are already advanced and secure, what more if we would be able to integrate a transparent yet pretty darn secure tech on the way we handle our records? This would be a cost-effective record keeping technology if implemented perfectly, and it's just one application of the tech. It could be implemented literally in almost every banking and finance services alongside automation processes in the private and public sector.

This means the world has unconsciously received the presence of Bitcoin. Due to evidence of security and speed of blockchain technology brought by Bitcoin. I believe that bitcoin has a bright future, and countries in the world will simultaneously recognize and legalize bitcoin.

They see bitcoin as the first true application of the blockchain technology and it proved to be successful. However, I think that there still wouldn't be a paradigm shift towards bitcoin as everyone is still busy cuddling their fiat and banks. People would gladly accept the tech but bitcoin? It still has a long way to go IMO.

that means it's our duty to explain to everyone, perhaps through an explanation of blockchain. Because it looks like blockchain is getting popular, and can be widely accepted without major obstacles.

Blockchain not just about bitcoin and virtual currency, at least this is happening in my country (Indonesia), the latest news that the General Directorate of Taxes provides taxation services by adopting blockchain technology. They believe that blockchain technology can be a more transparent taxation solution in Indonesia.

That is an interesting train of thought. I think they might be right on that although a big part of it will depend upon details of implementation and whether it will be possible to use things like VPNs, proxies or TOR to anonymize certain aspects of transactions to some degree. Of course there is plenty of theft, fraud, money laundering and market manipulation in regulated markets. An introduction of blockchain technology could actually decrease the amount of fraud and crime in regulated markets as many things would be logged and transparent for the world to see.

Have banks really deployed blockchain technology en masse? I think that article confuses small scale test runs of blockchain technology utilized by banks for full scale support. It is doubtful banks have embraced or rolled out blockchain technology this quickly.

The first sentence I agree, that blockchain is now the most secure centralized technology. transparent and fast. Bitcoin has proven this.
About the implementation of various banking and non crypto companies, I dont know much yet. It's also my goal this thread, to get a lot of information, and learn a lot from bitcointalk members.

Of course blockchain isn't just bitcoin.

But bitcoin is the first currency that uses blockchain technology. That's why there are so many people who swear by it and are willing to put money into it. But that doesn't mean that blockchain technology is only limited to bitcoin, or even transaction making.

Lots of governments are currently launching their own blockchain/cryptocurrency programs, where they aim to have more direct control over the economy and taxation. Blockchain in this instance is applied in a completely different way than bitcoin, since it is centralized.

The government should not be allergic to Bitcoin, but appreciate it by receiving, and making it lawful for its citizens.

[AnisahSiti]

This is great news, you did not tell me about this thread. users of crypto in Indonesia is big enough, even has the biggest market in Asia, if the government start to look at blockchain, banks also use blockchain, ideally the government is aware, how bitcoin can grow big. The government entered into a bridge between bitcoin and rupiah currency (fiat), making regulations that could make the rupiah goes hand in hand with bitcoin.

[boled]

This is great news, you did not tell me about this thread. users of crypto in Indonesia is big enough, even has the biggest market in Asia, if the government start to look at blockchain, banks also use blockchain, ideally the government is aware, how bitcoin can grow big. The government entered into a bridge between bitcoin and rupiah currency (fiat), making regulations that could make the rupiah goes hand in hand with bitcoin.

talk about bitcoin, then not just talk about Indonesia, but I like your way of thinking. some time ahead, more and more shows about bitcoin, crypto and blockchain are being held in Asia, in the form of education, seminars and workshops, there are even some friends who introduce bitcoin to small communities from cafe to cafe. This means users are very active in introducing bitcoins. just waiting for the time for bitcoin to be legal and can be used in general.

[boled]

I will update my reply for this post later. thanks.

with pleasure. Thank you for joining to discuss here. I will wait for the information and opinions that you will bring here. I believe you have a lot of information, and opinions to share.

[pinkflower]

Will it be a centralized blockchain or a decentralized one? I cant see how it would be more cost effective except if it is a centralized database. Decentralization costs much more as we have regrettably learned lol.

[hase0278]

People would gladly accept the tech but bitcoin? It still has a long way to go IMO.

At least governments(at least some) recognized the presence of bitcoin and legalized it as an asset/digital money that helps in money trannsfer(or as a speculative tool for some). As of the moment many countries are seeking to use the blockchain tech and apply it into many fields which really shows that people gladly accepted blockchain.

Will it be a centralized blockchain or a decentralized one?

They are definitely looking for a centralized blokchain. They don't want decentralization.

[judyrob]

absolutely right. the blockchain is not only a field of about crypto. very nice blockchain system to be applied in a variety of ways. because the system itself is very useful blockchain of so many things at this time regarding the game, banks, and many more to adopt it blockchain.

[Virtual miner]

Yes, blockchain is not only limited to cryptocurrency. It can be used in banking and financial sector foe settlement and clearing, payments and KYC purposes. Most of the uses of blockchain are available in the form of smart contracts. With the help of blockchain technology, smart contracts can be made more secure. Blockchain can be useful in the field of AI also. Since blockchain technology can guarantee the accuracy of data, it can be useful in many Artificial Intelligence (AI) applications, for entering the data into the AI systems and for recording the results from them. Blockchain provides a bookkeeping platform that ensures transparency, cannot be corrupted, and bypasses censorship. By tackling such issues, blockchain technology has a huge potential for protecting the human rights of the people.

[1Referee]

They are definitely looking for a centralized blokchain. They don't want decentralization.

They like the decentralization aspect, but only to a certain extent. That extent is that there is only one single authority (they themselves) being able to modify block data, where malicious modification attemps by hackers and wrong intended individuals and whatnot won't stand a chance. The only thing is that we don't know how wrong intented the single authority is that can modify block data whenever it feels it needs to do so, which is why I never trust these initiatives. Centralized parties aren't trustworthy already, and that won't change when they shifted over to the blockchain completely. If it isn't completely decentralized and thus immutable, it aint good.

[bubidan.id]

From taxation agencies, banks, as you mentioned earlier, are indeed related institutions and governments are beginning to accept blockchain, even according to news stories I read from various sources say that blockchain is indeed being researched and ready to revolutionize in various fields. The technology behind the bitcoin is indeed worth our appreciation for being able to create an efficient system. But in my opinion, I still doubt the bitcoin if used because bitcoin is still a tech product that still needs much improvement. I think new blockchain that deserves to be legalized and needs to be immediately adopted in various fields.

[boled]

Will it be a centralized blockchain or a decentralized one? I cant see how it would be more cost effective except if it is a centralized database. Decentralization costs much more as we have regrettably learned lol.

I would be very grateful if you would share with us, please share something you have learned, so that I and other friends who can understand like you.

People would gladly accept the tech but bitcoin? It still has a long way to go IMO.

At least governments(at least some) recognized the presence of bitcoin and legalized it as an asset/digital money that helps in money trannsfer(or as a speculative tool for some). As of the moment many countries are seeking to use the blockchain tech and apply it into many fields which really shows that people gladly accepted blockchain.

Will it be a centralized blockchain or a decentralized one?

They are definitely looking for a centralized blokchain. They don't want decentralization.

I agree with you, even if it is not legal as a currency, at least equivalent to tradable assets.

absolutely right. the blockchain is not only a field of about crypto. very nice blockchain system to be applied in a variety of ways. because the system itself is very useful blockchain of so many things at this time regarding the game, banks, and many more to adopt it blockchain.

Yes, blockchain is not only limited to cryptocurrency. It can be used in banking and financial sector foe settlement and clearing, payments and KYC purposes. Most of the uses of blockchain are available in the form of smart contracts. With the help of blockchain technology, smart contracts can be made more secure. Blockchain can be useful in the field of AI also. Since blockchain technology can guarantee the accuracy of data, it can be useful in many Artificial Intelligence (AI) applications, for entering the data into the AI systems and for recording the results from them. Blockchain provides a bookkeeping platform that ensures transparency, cannot be corrupted, and bypasses censorship. By tackling such issues, blockchain technology has a huge potential for protecting the human rights of the people.

very interesting, simple; safe, fast, cheap, and transparent.

They are definitely looking for a centralized blokchain. They don't want decentralization.

They like the decentralization aspect, but only to a certain extent. That extent is that there is only one single authority (they themselves) being able to modify block data, where malicious modification attemps by hackers and wrong intended individuals and whatnot won't stand a chance. The only thing is that we don't know how wrong intented the single authority is that can modify block data whenever it feels it needs to do so, which is why I never trust these initiatives. Centralized parties aren't trustworthy already, and that won't change when they shifted over to the blockchain completely. If it isn't completely decentralized and thus immutable, it aint good.

in the case I'm talking about, about adoption of blockchain for online taxes in Indonesia, I have not studied fully. I only see the positive side that the technology is in popularity by Bitcoin this was widely accepted by many countries. so I have not been able to say "whether this is right and good" or not.

[boled]

... But in my opinion, I still doubt the bitcoin if used because bitcoin is still a tech product that still needs much improvement. ...

Are you sure? sorry if i misunderstood your sentence. does this mean, do you think Bitcoin has many weaknesses to become crypto currency? can you explain in detail, the reason you doubt Bitcoin?

[AnisahSiti]

talk about bitcoin, then not just talk about Indonesia, but I like your way of thinking. some time ahead, more and more shows about bitcoin, crypto and blockchain are being held in Asia, in the form of education, seminars and workshops, there are even some friends who introduce bitcoin to small communities from cafe to cafe. This means users are very active in introducing bitcoins. just waiting for the time for bitcoin to be legal and can be used in general.

of course not, I do not intend to focus too much on a country. We agree, I am on the same side as you. that Bitcoin does not belong to one country, that blockchain is a safe technology popularized by bitcoin.

Will it be a centralized blockchain or a decentralized one? I cant see how it would be more cost effective except if it is a centralized database. Decentralization costs much more as we have regrettably learned lol.

I am interested in your sentence, "Centralized Bitcoin and Decentralized one". please explain, is this different between blockchain used by bitcoin with blockchain adopted by others?

[sreecanvas]

The world has unconsciously received the presence of Bitcoin. Due to evidence of security and speed of blockchain technology brought by Bitcoin. I believe that bitcoin has a bright future, and countries in the world will simultaneously recognize and legalize bitcoin.
Blockchain would be the tech that would change how the world handles things.

[wandino]

Blockchain is a very vast subject.Basically it is a tech which is decentralized,tamper proof.In short,it is a continuously growing list of records, called blocks, which are linked and secured using cryptography.

[Thian778]

The reason why blockchain was know to everyone as of today is because Bitcoin and altcoins was the most popular thing that started using it and because of this when they heard blockchain then the first thing that comes out to their mind is Bitcoin of course. Well technologies has many uses today and sometime they function more than of what we know.