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Author Topic: What can be stored onto a Blockchain...practically?  (Read 27 times)
PigPigeon
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June 04, 2018, 03:28:42 PM
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Hey folks,

looking at different Blockchain-Projects, one starts to wonder what makes sense to store on a blockchain.
There are some interesting projects in the field, most of them focus on end-to-end transaction which stores a tiny amount of hashed data to keep a record of it, some project are proposing to use blockchain as a data storage that can be rented out through coin/token transactions.

What can be stored on the blockchain practically?  Huh


I am thankful for answers and examples. Most appreciated: a logical explanation to your answer  Smiley


Today I wanted to wake up at 6:00. That was a little ambitious. I woke up at 11:30.
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paxmao
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June 04, 2018, 03:34:59 PM
 #2

Hey folks,

looking at different Blockchain-Projects, one starts to wonder what makes sense to store on a blockchain.
There are some interesting projects in the field, most of them focus on end-to-end transaction which stores a tiny amount of hashed data to keep a record of it, some project are proposing to use blockchain as a data storage that can be rented out through coin/token transactions.

What can be stored on the blockchain practically?  Huh


I am thankful for answers and examples. Most appreciated: a logical explanation to your answer  Smiley


Today I wanted to wake up at 6:00. That was a little ambitious. I woke up at 11:30.


Blockchain per se is limited to small amounts of data, since it requires the ledger to be distributed and complete across at least all the main nodes. It is about a trade-off between how large and reliable do the nodes have to be versus how much information can you store at an affordable price.

If you want to store massive information (video, large docs, large DBs,...) you have other alternatives. A project you may want to look into is Enjincoin and in general many others that link off-chain cloud storage and blockchain technology.

Explore and let us know!








PigPigeon
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June 04, 2018, 03:44:15 PM
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Thanks Paxmao - I am already printing out the whitepaper and will work my way through it.
Storing digital assets like Game goods in Enjincoin´s case sounds just like the use-case I was searching for.
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June 04, 2018, 03:52:54 PM
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Thanks Paxmao - I am already printing out the whitepaper and will work my way through it.
Storing digital assets like Game goods in Enjincoin´s case sounds just like the use-case I was searching for.

I must try to find the video I watched yesterday. In it the author postulates that only immutable records can be stored on a blockchain, and that means that it is only suitable for true crypto-currency like projects, Opinions, physical goods, approximations, and items subject to temporal changes are not suitable. Most of the current projects would be more suited to centralised databases ( his opinion ).

PigPigeon
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June 04, 2018, 04:06:14 PM
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Most of the current projects would be more suited to centralised databases ( his opinion ).

Do you think the reason behind Ripple and Stellar being centralized, is due to data-management or due to reserving greater amount of control?

I personally think, that despite being a security risk and not fully decentralized as I understand, projects like Ripple might got it right. In some cases it makes sense to be a gatekeeper for limiting access to a blockchain. Imagine you would start to catalogue (e.g.) historical sites (..random Tongue), requiring a tiny amount of information about their historical origin, their location and maybe an image of the site (building, structure etc.). Wouldn´t it be preferable to let Archeologist deploy / input this information through a Gatekeeper, before it becomes accessible to the community and stored for future generations?  Huh
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June 04, 2018, 04:29:09 PM
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What can be stored on the blockchain practically?  Huh

The most practical applications are transactions where information is exchanged that needs to be secure, verified as truthful, needs to serve as a tracking mechanism for authorization or audit purposes, or would create a new efficiency in the transaction.

Now I just gave you a rather general explanation, but it's hard to list all practical applications.

In business, the most practical applications are for financial accounting and monetary transactions (internally and externall).

Socially, tracking votes via blockchain could be incredibly useful.

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June 04, 2018, 04:42:53 PM
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Socially, tracking votes via blockchain could be incredibly useful.

Right - What do you think are the driving factors for utilizing blockchain technology for voting tho´?
Does it tie more into security & privacy (not tampering with votes; being anonymous) or are there more unique factors why one would consider a decentralized voting system?
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