Is blockchain a perfect solution?

[Abiky]

Yes, blockchain is designed to provide us with a perfect future. But it is also not ideal. Blockchain also has its drawbacks and may not be suitable for some areas.

Agree. One needs to know that Blockchain is NOT a technology that can be applied to anything in our lives. It's not designed to be scalable, neither it's capable of handling situations in real time. Which is why, Blockchain will be capable of handling certain areas, while other technologies fill the gaps of Blockchain tech. Still though, it's not the perfect solution but it's the best thing available right now to help transform our society for the better.e

It helps to improve not only finance, but also our identities, and more. With adoption from banks and governments worldwide, we would be dealing with Blockchain technology in the future without even noticing it. Despite this, Blockchain has its setbacks just like any other technology created by man.

Nonetheless, time will tell us whenever Blockchain becomes fully implemented within the mainstream world. It's a solution which aims to bring transparency, security, and most of all, immutability of records. Just my thoughts

[1714996287]

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[reality18]

Blockchain is among the very few revolutionary technologies in our contemporary world. Aside the usage of Blockchain to practice decentralization, Blockchain can be utilized by by almost every field or sector across the globe. Due to its digital ledger feature, every business, company, institution, firm etc can adopt and use it for the transparent storage of huge data and information under a well secured platform.

[killat]

It's hard to find a perfect solution, as things change very often, blockchain is improving every day, it becomes stronger and much more mature, but I don't think it's perfect.

The more it will be adopted,  the more it will close to perfection, as most of weakness (high fees, scalability) will be fixed over time.

[Abiky]

It's hard to find a perfect solution, as things change very often, blockchain is improving every day, it becomes stronger and much more mature, but I don't think it's perfect.

The more it will be adopted,  the more it will close to perfection, as most of weakness (high fees, scalability) will be fixed over time.

That's certainly true, mate. Perhaps, in the future, Blockchain will improve well enough to handle most of the world's transactions. But, even if Blockchain doesn't make it, another technology will. After all, we've seen how DAGs (which aim to be Blockchain's successor) have seen a recent surge in demand. New cryptocurrencies such as IOTA, Constellation, Coti, and Nano, rely on this new technology to deliver instant, and fee-less transactions.

Despite this, it seems that Blockchain ain't going away since it's widely used by Bitcoin and many other prominent cryptocurrencies on the market. With several improvements, it could become perfect enough to handle most situations in real life. Banks, and governments have started exploring the technology more thoroughly, which means that Blockchain may well be the solution of the future to transform our economy, healthcare, transportation, governance, and more.

Nonetheless, Blockchain seems to be the best solution around to solve most of our real-world problems. Just my thoughts

[Abiky]

From some readings, blockchain isn't a perfect solution at all. For many practical use case the nature of blockchain reduce tons of flexibility as its decentralized and nobody makes the call. Voting and information sharing seems to be more transparent/fair/secure through its verified transactions but the cost is not bearable or favorable by many privatized industries. Trade offs of performance and adaptability deters easy adoption but we are getting there with even more complex solutions.

Agree. Still, Blockchain seems to be the perfect solution for most things in our daily lives. For finance, proof of ownership, and immutable identities, Blockchain seems to fit well for such purposes. However, due to its many limitations, it cannot be used properly for storing data in a similar fashion as a regular database. Which is why, we'll continue to see other technologies being used on specific areas where Blockchain cannot satisfy daily needs.

With several improvements related to privacy and scalability, Blockchain will become better everyday. Banks and governments have already expressed their interest into it, so it should only be a matter of time before most of the things we do today will become transformed by the Blockchain. However, it's important to note that Blockchain can exist either in a decentralized or centralized manner. Given that centralized authorities will make use of the Blockchain, the system itself will be centralized for the whole world to use.

Of course, crypto will still exist in a decentralized fashion. But, mainstream Blockchain applications will definitely become centralized as they're backed by Banks and governments worldwide.

Nonetheless, I hope that Blockchain remains solid enough that no other technology could replace it. Just my thoughts

[Abiky]

Not necessarily, while I agree that the blockchain technology can be really helpful for some things, it's not the perfect solution and it's far from it. For instance, we still don't have any cryptocurrency that really acts as currency. Bitcoin is barely used as a day-to-day currency and it's mostly viewed as a safe haven like gold. Similarly 95% of the ICO's that develop cryptos do it only for the money, their tokens/coins have no real use at least not something that you can't already do with normal currencies like fiat or with a service like paypal.

That's certainly true, mate. But, I believe that's a factor related to the market and the crypto industry in general, than the technology itself. Volatility or unstable prices will always be there unless the whole crypto market becomes properly regulated within the mainstream world. On the other hand, Bitcoin's limitations in scalability prevents it from being used as digital cash. It's good as a store of value, which is why most people have been hoarding it instead of spending it to promote the crypto economy.

Still though, Blockchain technology is widely capable of handling the world's transactions no matter what. The real problem lies on the developers themselves which impose certain limitations to such technology (such as lack of scalability and privacy). However, if Blockchain's capabilities are used at their fullest, then you'll realize that it's perfect for mainstream finance. Some centralized cryptocurrencies have been doing this (like Ripple), allowing the Blockchain to process thousands of TPS without limitations.

Despite this, Blockchain is not perfect in the same way as any other technology developed to date, because it was created by a human. Which means, that there will always exist bugs that need to be minimized as much as possible over time. All in all, it's hoped that Blockchain will perform better in the future. Just my opinion

[Easteregg69]

Imagine a blockchain based forum that claimed consensus from all members before censorship could be applied.

As close to perfect as..

[Ais08]

With blockchain, things that were all done under anonymity would be removed and now people will begin to publicly criticize  whatever goes on in the various offices. Those who know it are fighting bitterly against the blockchain technology because of one of its features allowing to trace things back even if you try to cover things up

well, blockchain makes it easy for people all over the world to transact. besides, the blockchain also makes it easier for other people to grow their business. I feel that the blockchain can be an economic solution, even more than that.

Correct, blockchain has a lot of uses but it is very far from being perfect, it still needs improvement when it comes to tracing transactions back, transaction through blockchain are done anonymously thus it is very hard to trace the person behind it and blockchain is prone to scams since it is performed online.

The blockchain is a big breakthrough, which is ideal for the increasing needs of today's society. but indeed anonymous conditions are one of the problems, so many governments are still not ready to use them

I really agree with you, that we really need a difference with the existence of the blockchain that really helps us all, not just us. already a lot of companies have used blockchain technology in transactions.

Sometimes the problems that exist at this time, are anonymous which often troubles some blockchain users, most likely why the government is very reluctant to use blockchain technology, it could be anonymously like you really mean ...

[leftgirly]

Blockchain technology can be solution to the many challenges affecting people across the globe. It is about time governments especially those in developing countries adopt blockchain and invest hugely in this amazing technology.  With the right measures put in place and enough political will, life would be easier with blockchain.

[Abiky]

But that's not really true, Bitcoin right now wouldn't be able to handle transactions like Visa or Mastercard can, with the lighting network this could be solved but it isn't solved right now so the technology itself isn't there yet. Obviously the market has a lot to do with it but that's the problem, how is the market ever going to not influence it?

The implementation of the Lightning Network, shows us that Blockchain technology itself is not self-sufficient or perfect. Its limitations in scalability, has led developers to look for other alternatives that would help remediate the situation. With a layer-two solution like the Lightning Network, Bitcoin could finally achieve a higher transaction capacity like never before. Sending money will be instant and dirt cheap, in contrast to other well-known cryptocurrencies on the market.

Despite this, Blockchain has its issues in the same way as any other known technology today. As long as it improves over time, it'll become closer to perfection. And knowing that Banks and governments have shown deep interest in this technology, gives us an indication that it'll be widely used within the future.

Nonetheless, slowly but surely, we'll get there as developers work hard on bringing the Lightning Network to the world, and several other solutions which are highly beneficial towards Blockchain's long-term success. Just my thoughts

[Vinalians]

Actually, it can be the perfect solution to all of the economic problem today I guess. There will be no corruption if blockchain will really adopt by the government and use it because of it's transparency to all people. We all know they can't manipulate it that's why it is the best solution in some cases like that.
It may happen in the future but as of today, it cannot be applied because of many people that don't understand what blockchain is and what it can help in our economy.
I hope they can understand it immediately like many of ours so that people can be really happy and transparency to all people will be given.

[Dannaey]

I am excited to see what else Blockchain will help our system. I know this is a long run before we see the benefit but I think it will aid our corrupt system to become more transparent and avoid those powerful people to control our private data.

Banks now are in the study about Blockchain, I guess they are ready to jump anytime if ever Blockchain becomes mainstream. We are just waiting for the government to release regulations being favored with Blockchain and with cryptocurrencies.

[Abiky]

Actually, it can be the perfect solution to all of the economic problem today I guess. There will be no corruption if blockchain will really adopt by the government and use it because of it's transparency to all people. We all know they can't manipulate it that's why it is the best solution in some cases like that.
It may happen in the future but as of today, it cannot be applied because of many people that don't understand what blockchain is and what it can help in our economy.
I hope they can understand it immediately like many of ours so that people can be really happy and transparency to all people will be given.

So far, Blockchain seems to be the best solution for finance. Despite its setbacks, developers have been improving it every step of the way. Bitcoin being the world's most popular Blockchain, has been limited in terms of scalability and privacy. I guess that's why Blockchain hasn't been fully adopted by the mainstream world yet (apart from being somewhat difficult to understand). The crypto space needs to mature until it becomes solid enough to take over predominant financial institutions. Even so, Banks will still dominate the economy because they're largely backed by governments worldwide.

In the future, both Banks and governments worldwide will adopt Blockchain technology because of the many benefits it brings to our society. Immutability, and transparency of transactions prevent corruption and fraud in many ways. Which is why, Blockchain will become implemented within many areas of the world even if it's not perfect. Unless some other technology becomes available that's greater than the Blockchain, I don't see it going anywhere.

Nonetheless, Blockchain may not only be the perfect solution for our economy, but also for healthcare, transportation, proof of ownership, certificates of birth, and much more. Just my opinion

[jademaxsuy]

Yes, block chain is the real reason why decentralized and anonymity transaction is very effective. The block chain is the real reason for every successful transaction that has being made and it can be viewed publicly. I am pretty sure that with this technology integrated with other system will definitely help every transaction at ease like having a paperless transaction and all could be done online or digital.

[ash.y]

https://cryptotradernews.com/technology/14-tech-innovations-that-could-revolutionize-the-blockchain-industry/[/url]

This article is so interesting to know that how blockchain would benefit across different industries and i also find another article, link provided below, interesting where it states the blockchain misconceptions.
https://knowledge.wharton.upenn.edu/article/blockchain-brings-social-benefits-emerging-economies/

[Sirait]

I personally say, of course... Blockchain is the perfect solution to answer all our needs for security, transparency, fast and efficiency. I am 100% sure that the bank system will be abandoned soon, all financial transactions will adopt the Blockchain system where all transactions are recorded in a ledger that can be seen and accessed by everyone.

[arpon11]

Blockchain is not a cure so thats why bitcoin is not a solution to anything. You need to understand for what do you need and use you btc. It is a good way to make extra money on just keeping and the rates difference but professional mining is off now.

Bitcoin may not have cured many things in our society, but Bitcoin may be the solution to the financial solution we have now. Blockchain technology is growing and if we really want to know if it will resolve most of the financial issues we have now it has to be in future. The current state of our financial system is full of corruption and full of enslavement and Bitcoin and blockchain is the solution to this. We are having the best system that if our governments will adopt will help in solving the problem that exists in our society and that system will be in blockchain technology.

[bitkanu]

I personally say, of course... Blockchain is the perfect solution to answer all our needs for security, transparency, fast and efficiency. I am 100% sure that the bank system will be abandoned soon, all financial transactions will adopt the Blockchain system where all transactions are recorded in a ledger that can be seen and accessed by everyone.

The current things that are going on the Bank trying to adopt blockchain system to fasten and make their system more efficient, since blockchain can be used for centralized things aswell although there's nothing wrong but that alone make bank disappear a bit unrealistic to see from the current perspective as of now unless there's something that could really compete with bank.

[muslol67]

I personally say, of course... Blockchain is the perfect solution to answer all our needs for security, transparency, fast and efficiency. I am 100% sure that the bank system will be abandoned soon, all financial transactions will adopt the Blockchain system where all transactions are recorded in a ledger that can be seen and accessed by everyone.

This is a bit too ambitious. There is no such thing as 100% effective for science and technology.
There are rules, developments and inventions that apply only to a specific period. Blockchain is a very accurate and useful technological development for today's conditions. I'm sure a day will come out better. So in the future maybe we will be talking about other technological development, maybe future generations.

As you said, banks will soon be suppressed by blockchain-supported projects. Then these projects will put pressure from the better ones...

[Secured gold coin]

You can discover increasingly secure service  where youll be requiring yourself or a few pieces of your body as a secret phrase like fingerprint, facerecogniton this is verified as opposed to you keeping the secret key every one of your secrets facts save money on administrations that uses this sort of confirmation is verified.
Blockchain can be trusted due to so many reasons.
Its compatibility with other business applications due to its open-source nature and security. As it was meant for online transactions, the developers have paid special attention to keeping up the pace when it comes to its security.It really doesn’t matter what type of business one owns, Blockchain can easily be considered.