Do we need blockchain technology?

[shadyrifles]

Hello everyone.

When I see there are too many ICO and shitcoins on novaexchange. I keep asking myself: do we really need blockchain technology?

In case of Bitcoin. Of course, I agree.
What about ETH? I agree too.

But, have a look at the others on the market. I don't even know why should people use their service. There is no real use in real life.

An ad management system on blockchain? - We already had Google Ads & Facebook Ads.
A social network on blockchain? (steem) - Do we? I don't see anything but a centralized forum hosted on a random hosting using its currency to pay for the writers.

There are too many projects  that we don't really need it on blockchain.

Sometimes, I think there is a black swan (Blockchain is useless in real life) lurking around.

This question is same as asking if we need Internet technology in the '90s, blockchain technology is not only limited to cryptocurrencies and ICO's but it is a vision of developers who believed that the current banking system had flaws.

[jhongzjhong]

Of course, we need blockchain technology especially when it comes transactions, just for example payments transaction, it's made easy and comfortable to use. By using this technology and with the help of Bitcoin we can easily transfer our fund to another place with a very smooth transaction and having transparency record in a transaction you had.

[gamalzour]

Hello everyone.

When I see there are too many ICO and shitcoins on novaexchange. I keep asking myself: do we really need blockchain technology?

In case of Bitcoin. Of course, I agree.
What about ETH? I agree too.

But, have a look at the others on the market. I don't even know why should people use their service. There is no real use in real life.

An ad management system on blockchain? - We already had Google Ads & Facebook Ads.
A social network on blockchain? (steem) - Do we? I don't see anything but a centralized forum hosted on a random hosting using its currency to pay for the writers.

There are too many projects  that we don't really need it on blockchain.

Sometimes, I think there is a black swan (Blockchain is useless in real life) lurking around.

If you don’t need Blockchain then why on earth do you still need Bitcoin? Bitcoin runs on Blockchain and without Blockchain I don’t think we will be able to make use of Bitcoin. And apart from being used for cryptocurrency and for transaction, there are lots of other things that we can do with blockchain, a lot of them.

[BEXAM_Romit]

Hello everyone.

When I see there are too many ICO and shitcoins on novaexchange. I keep asking myself: do we really need blockchain technology?

In case of Bitcoin. Of course, I agree.
What about ETH? I agree too.

But, have a look at the others on the market. I don't even know why should people use their service. There is no real use in real life.

An ad management system on blockchain? - We already had Google Ads & Facebook Ads.
A social network on blockchain? (steem) - Do we? I don't see anything but a centralized forum hosted on a random hosting using its currency to pay for the writers.

There are too many projects  that we don't really need it on blockchain.

Sometimes, I think there is a black swan (Blockchain is useless in real life) lurking around.

IMO, the simple answer is yes. We need it. Currently, we can compare this hype to what the internet was during the late 90`s early 2000`s. People went way overboard with speculative investment then and as such, history is just repeating itself again. The loss of value in bitcoin and all the other crypto-currencies is also just following history. Just like how there are as many useless/pointless sites that exist in the web right now, projects that attempt to blockchanize pretty much everything under sun are appearing too. At the end of the day, human nature really doesn`t change, even after two decades. Just as it is unthinkable to have a company without an online presence, we can assume that in the near future, a database that isn`t utilizing blockchain in someway will be unthinkable purely on the fact that the security benefits it provides are tremendous for any enterprise in this day and age, where hackers try to practically steal anything of value that they can get their hands on.
I think we all feel in some way, the same way you do because the market is just rampant with projects proposed on a whim with no clear basis or vision or goal or anything of concrete substance. But time will tell and the projects that have everything firmly set on the ground will build the foundations for the infrastructure of managing data utilizing blockchain to it`s fullest potential. 

[Nellayar]

Yes! It is more needed than cryptocurrency in my opinion. Because blockchain technology do not need cryptocurrency to exist specially that the companies will use blockchian technology to store datas (financial). On other side, cryptocurrency needs blockchain technology to exist because it needs decentralization and immutable public ledger.

[ian.fyodorov235]

I think we need it, due to security. It would actually take time/years for it to be developed, then we need to wait for the public to fully accept the wide use of it. But I can still see a bright future ahead for the blockchain technology.

[zinovydenisov1952]

The need of blockchain is actually for business. Since the value of blockchain can be easily witnessed for business problems, involving transactions between multiple parties.

[omegasoldier]

Technically everything can do without Blockchain, but this is an important step in its development.
Blockchain has to pass this era of scam and failing ICOs to proceed further.

[loloos]

Yes we need blockchain technology, because it is the decentralized system for the recording of the transactions done.
It is very helpful in usage of bitcoin.

[StacksCity]

Blockchain technology will soon reach into areas beyond the digital currency movement and begin to affect everything from real estate to entertainment as startups increasingly integrate blockchain into their business models. Even the democratic process and the way countries are governed will be impacted by the coming wave of blockchain disruption. Voter fraud and election hacking is a concern that has been widely discussed in the past few years. Blockchain advocates assert that a public ledger voting system could provide an unhackable system for governments while also counting the votes way faster.
(Source: Bithemoth)

[el kaka22]

There are too many projects  that we don't really need it on blockchain.

Sometimes, I think there is a black swan (Blockchain is useless in real life) lurking around.

You are misusing the term blockchain instead of altcoins/tokens. I agree that we do not need this many altcoins or this many ICOs based on repeating concepts and for repeating purposes. But, it is a free world, we cannot do anything about that. Some Joe is creating a new coin based on blockchain technology by believing into some other Joe will invest into that. Creating and investing here are personal things of two people and it is right as per basic human rights and by decentralization concepts.

apart from being used for cryptocurrency and for transaction, there are lots of other things that we can do with blockchain, a lot of them.

The application of blockchain technology for our life's need is unlimited but exact infrastructures needed yet to be developed or invented. But, OP is concerning about numerous useless altcoins but not exactly on blockchain technology. We need blockchain technology for many reasons. Dot .

[playboy654]

It will be an understatement to say that the blockchain technology is one of the most innovations of this century. Whenever we think of it, we automatically associate with the cryptocurrencies, and primarily bitcoin. However, that notion is changing at a rapid rate. More and more people are seeing that the decentralisation and transparency that comes along with the blockchain technology has the potential to shake multiple industries to its very core. One of the main uses of peer-to-peer network is file sharing, also called torrenting. If you are to use a client-server model for downloading, then it is usually extremely slow and entirely dependent on the health of the server. Plus, like we said, it is prone to censorship.


However, in a peer-to-peer system, there is no central authority, and hence if even one of the peers in the network goes out of the race, you still have more peers to download from. Plus, it is not subject to the idealistic standards of a central system, hence it is not prone to censorship.
Immutability, in the context of the blockchain, means that once something has been entered into the blockchain, it cannot be tampered with. The reason why the blockchain gets this property is that of cryptographic hash function.
In simple terms, hashing means taking an input string of any length and giving out an output of a fixed length. In the context of cryptocurrencies like bitcoin, the transactions are taken as an input and run through a hashing algorithm (bitcoin uses SHA-256) which gives an output of a fixed length.
A blockchain system runs without the concept of “human trust”. “It assumes that any insider or outsider can compromise the system at any moment and hence it is independent of “human ethics”.


There are many more blockchain applications than just cryptocurrency and can affect way more sectors than just the finance sector.  Another need for the blockchain technology is the need for crypto currency. With cryptos, one can make payments for goods and services and you know what that means. It means ease of transactions, high transaction speed, worldwide capacity and many more. Most people fall under this category and am not an exception. I particularly use bitcoin in gambling at Vegas Casino where I do go to make money and unwind at most times and most importantly, because of their 225% bonus. So as you can see, the reason why we need the blockchain technology is endless.


The need for the blockchain technology is important because that’s the only way we can enjoy those beneficial features of blockchain and fully optimize it. One major way to improve the blockchain technology is the introduction/creation of more ICOs with solutions to existing problems as well as increasing the publicity level through ICOs.

when coming to blockchain technology it is developed in recent year and people are always like this kind of development at anytime that's why blockchain Technology will made a important place in our society blockchain Technology will be the future for all over the world If this technology will going to downwards then the development of future will be in different way especially that technology development will based on the online money earning so blockchain will be very important for our future.

[oegarod]

To the growing population and need for increased resources something much advanced is a must. This isn't possible with the traditional system, and blockchain technology is found to be more efficient than that of the traditional system. As flaws and intermediary usage keeps growing blockchain is the one to eliminate the intermediary.

[audaciousbeing]

Hello everyone.

When I see there are too many ICO and shitcoins on novaexchange. I keep asking myself: do we really need blockchain technology?

In case of Bitcoin. Of course, I agree.
What about ETH? I agree too.

But, have a look at the others on the market. I don't even know why should people use their service. There is no real use in real life.

An ad management system on blockchain? - We already had Google Ads & Facebook Ads.
A social network on blockchain? (steem) - Do we? I don't see anything but a centralized forum hosted on a random hosting using its currency to pay for the writers.

There are too many projects  that we don't really need it on blockchain.

Sometimes, I think there is a black swan (Blockchain is useless in real life) lurking around.

You have made a valid point but you also need to realise that all of those valid examples you have made reference to are based on blockchain which means that the importance of blockchain is solid and its something that have created a solution to certian problem. The other deficiencies you have identified are only exploiting the freedom nature of blockchain for their own selfish needs by creating an array of junk projects without any clear cut solution that it wants to offer which then becloud the good deeds that we have seen here. In summary, we need blockchain but not the half baked project created on it's platform.

[lotfiuser]

a lot of people have been talking about steem and how negative it is but not only steem there are a lot project that don't even exist  but with this down trends and people are not interested any more in ico a lot of useless and shitty projects will disappear

[Olastone]

Yes we need a blockchain technology but there always a saying that too much of everything is bad, too many ICO and fake project is a major problem of blockchain. Until something is done about this, I don't think blockchain will see the recognition we all want.

[Naida_BR]

The answer to the question if we need Blockchain technology is Of course Yes. The reason why you see so many ICOs with Dapps that try to get advantage of this technology is the reason that Blockchain has an implementation to every sector and every company. If you see them failing is the fact that there is still not a friendly environment for these projects to cultivate.

I would give you the simplest example.

Think of a Voting process that is powered by the Blockchain technology. Results will be transparent 100% and we may see the corruption rates around the globe be eliminated.

Wouldn't that be awesome?

[Capt00]

The answer to the question if we need Blockchain technology is Of course Yes. The reason why you see so many ICOs with Dapps that try to get advantage of this technology is the reason that Blockchain has an implementation to every sector and every company. If you see them failing is the fact that there is still not a friendly environment for these projects to cultivate.

I would give you the simplest example.

Think of a Voting process that is powered by the Blockchain technology. Results will be transparent 100% and we may see the corruption rates around the globe be eliminated.

Wouldn't that be awesome?

That is a good Idea that blockchain might be used in the voting process in every country, yes, it is very useful. Because blockchain gives the easiest work with a transparent result of all transaction process. Many governments got interested in blockchain but since crypto is not yet regulated they can't adapt to it. And blockchain also can't work without supporting crypto. A different projects on blockchain has a different use to the people.

[pinoyden]

yes we need blockchain technology because this is a unique and one kind of technology where it can greatly help secure the datas or any other important stuffs over the internet . 

this can solve the problem for  online thefts and hackings that we usually experience on most platforms  .

Blockchain technology can also be used to deploy useful application and softwares that we can used in order to improve our lives more evenly .

[yodomaster]

I believe your concern is right but blockchain is also a new and useful technology in some aspects. The main feature about blockchain technology is about the cryptography, how the technology helps secure the transactions, data, record keeping or security. The technology is not mature yet while it may not be applicable to all the applications or service sectors too. The decentralised network is an alternative way in transactions or other actions other than the centralised.