How would you define Blockchain Technology in a single phrase?

[webtricks]

Most of the people had their first encounter with blockchain technology only after they started using cryptocurrencies like Bitcoin. Many of the crypto users are still buying/selling or investing in cryptocurrencies without having slightest idea about what blockchain technology is and how it works.

In my opinion, every forum member should learn and understand about blockchain technology and thereafter contribute to this decentralized revolution by building something new. Why should we all stop at Bitcoin, right?

But more importantly, I want to know how you guys treat Blockchain Technology. The answer to this very specific question will determine what the future of blockchain tech will be. So vote in the poll. If you have any other definition then feel free to elaborate in a reply.

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[Coin_trader]

A mass destruction weapon for traditional banking system(AKA rothschild dynasty).

[qwk]

"Blockchain Technology" in a single phrase = "Bullshit Bingo".

[crwth]

Voted for “Decentralized recording of financial transactions”

I Think it doesn't capture everything that what blockchain means, but in a sense, I like that phrase because of the transparency of transactions that are recorded on the chain, and everything is correct and could be looked up by anyone who wants to check. Since cryptocurrencies are for transactions, peer to peer, it's appropriate to call it that.



I like how Coin_trader casually says his own definition. Lol.

[finaleshot2016]

"Government's weakness?" lol.

Decentralized recording of financial transactions, can't agree with it since blockchain technology isn't really for financial only or any money-related things. There are many innovative inventions already that are existing in this world that used blockchain technology. We all know that modification of data in the blockchain technology is very impossible, which means it doesn't lead to manipulation.

Generally, blockchain technology is what we called the most secured database of all where even an inventory of a company can implement this advanced technology. I've already read a lot of its innovative creations using blockchain and it makes me realize that through blockchain, we can get a better future.

[Ucy]

I think the true definition should be based on what early Bitcoin Blockchain was like or the principles behind Bitcoin Blockchain. This is one of the ways to understand what the creator of Bitcoin Blockchain wants. Bitcoin whitepaper and satoshi forum/online posts will give you some ideas of what he want a Blockchain to be like.

He clearly doesn't want centralized "Blockchain".  He clearly wants something that can stand without central powers. He clearly wants transparency and to escape a repeat of 2008 financial crisis.

[Mahanton]

It not might be a phrase but I would say that "Decentralized & Transparency". Actually I do love on whats being said about governments weakness.hehe

We know on how blockchain technology works and now its been gradually adopted in some sectors but they should embrace when it comes to decentralization and transparency,

[avikz]

For me Blockchain technology is defined as below,

"Decentralized database of records"

I won't necessarily combine the blockchain with cryptos or financial transactions only because it has much bigger use! Blockchain can be used where chronology of the data is important! It can be financial but I see its bigger use in land records! Whenever a land parcel is sold, we need to produce the "chain of agreement" where the record of all previous owners are preserved. I indeed see a global use of blockchain here! Coupling it with financial transactions, will only reduce the scope of blockchain!

[kro55]

Decentralized recording of financial transactions

For me its a distributed ledger technology that records each and every transaction after all nodes verify that transaction.
The mother of all cryptocurrency who is widely recognized and accepted worldwide.

[Phn3X]

Blockchain: A type of distributed database that is made of segments of data called "blocks" which are validated through external nodes.


Blockchain technology: associated applications which utilize a blockchain in some way, shape or form.

[kryptqnick]

I think the first definition is the broadest one on the list, so that's why I chose it. It does not limit Blockchain to the financial sector or, even narrower, to cryptocurrencies. But I think that it's more than a secure database, it also has other key features that should be included in the definition. For instance, decentralization seems like a crucial part of it to me. Another thing not to miss is that it has a certain consensus system that protects it.
So I'd extend the definition the following way: Blockchain a consensus-protected secure, decentralized database.

[finaleshot2016]

So I'd extend the definition the following way: Blockchain a consensus-protected secure, decentralized database.

For me Blockchain technology is defined as below,

"Decentralized database of records"

It seems you both got the finest definition of blockchain for this modern generation of technology.
Totally agree with it, blockchain isn't limited for one feature only.

As I said in my previous post, they already adapting it to different aspects meaning it doesn't limit one feature thus the technology itself can innovate for more technology development.

[bL4nkcode]

Well, maybe, The largest peaceful protest to overturn the traditional banking system.

Or just "Most secured distributed financial ledger"

[Nadziratel]

I can define as; good bye to old fashion financial system.

[Artemis3]

The "data" that you input in this "database", is made to fit only with the previous entry. So your entries are encrypted and matched in this fashion, so that once subsequent entry is written you cannot alter it anymore. Trying to replace the data from an earlier entry (block) would make it mismatch all those that comes afterwards.

This is perfect when you want an application where entries, once written, cannot be modified (tampered) afterwards. Of course you need decentralization for redundancy and security because otherwise it would be trivial to replace the whole thing.

It definitely is a database or ledger, but it does not have to be of financial nature. You could store mundane things like vote (something you don't want tampered). You can also make a centralized insecure blockchain, residing in a single server or only a couple of nodes in a datacenter.

So lets just say its a secure distributed immutable database.

[hatshepsut93]

"Vaporware"

It has been hyped for 5 or more years already, and it's still not used in serious applications aside from some small-scale trial runs. And when it's used, it's quite centralized with some companies managing their blockchain and the network itself being private and small. There are some interesting projects that are truly decentralized because they are built on top of networks like Ethereum, but still they don't get much traction, so there's nothing that could have justified talking about blockchain as some game-changing technology of the future.

[Johnyz]

A solution for a corrupt government!
Well, since everything in blockchain are being recorded I just think that this can be a good reason for us to see the real transparency and this might be a big threat in some politicians. Blockchain is the best system so far, but they don’t support this one because of this reason.

[Artemis3]

A solution for a corrupt government!
Well, since everything in blockchain are being recorded I just think that this can be a good reason for us to see the real transparency and this might be a big threat in some politicians. Blockchain is the best system so far, but they don’t support this one because of this reason.

Yes, if designed openly and transparently, such as Bitcoin: Free and Open Source software, then sure, certain applications could make for better governments. But, most initiatives are not done this way. See, if you deploy such a system, everyone should be allowed to run their own nodes, etc. Electronic voting comes to mind, it could be made possible if properly designed. And then people could just vote from home directly about many issues more frequently, rather than representatives every few years.

But, politicians don't like that stuff. People governing themselves are too risky, then they could lose their jobs...

[Leviathan.007]

Feel the security and being free of government tracking systems

[bittraffic]

Secure database is just fitting among the choices given. But seriously you would have to say more before one could actually understood it. Some people will not thoroughly understand blockchain separately from bitcoin because most discussions online doesn't include blockchain discussion when it comes to luring people to buy or invest BTC all they care is just buy to profit.

[dimastegar]

The initial construction of the Blockchain was to make it easier for users to view transaction history. Every transaction on the Blockchain is not overwritten with each other. Therefore I voted "Decentralized recording of financial transactions" because it was most relevant from my point of view.

[henrybek3]

Blockchain offers a new economic order. It aims to build trust among people so that their money will not lose value. Leaving aside speculative price movements. With Blockchain there is no need for many intermediaries.

[msarro]

Decentralized recording of financial transactions.

Not only financial transactions but any sort of data can be stored on the blockchain that can’t be altered later. Thats the biggest strength of blockchain.

My one phrase, The Most secure way of storing data over a distributed database.

[Linkkoin]

Safe and irreversible decentralized record storage.

[White Christmas]

In just a single phrase I can say that Blockchain technology is the secured database platform in which we can avoid government tracking and being a dummy or puppet of the government. Blockchain technology is one of the better technology we can ever had on the near future so we must just better to be familiar on this so that in the near future we will be able to campaign it to be accepted by our own government and country.

[bounceback]

maybe I prefer to call it a blockchain to record decentralized financial transactions.

because if we look at the current blockchain needed along with the need for concise business processes, because it is transparent and efficient so it is widely used in industry to facilitate business.

[Darker45]

Pardon me if I got this wrong but blockchain does not necessarily mean decentralized. A lot are equating the two when they are actually not synonymous. It is very much possible for a blockchain to be centralized. Blockchain is always distributed, though. It is a distributed ledger, after all, regardless of whether it is decentralized or centralized.^[1] So for me, blockchain is a distributed ledger.

[1] https://www.finra.org/sites/default/files/2017_BC_Byte.pdf

[airdnasxela]

If I were to define it in a single phrase, it would be "An underrated technology". Because blockchain technology is still underrated until now. We still need more recognition from people before we can finally make use of its advancement and benefits. This technology can give us more and can help us in a lot of ways yet they are still sleeping on blockchain.

[agentx44]

Most of the people had their first encounter with blockchain technology only after they started using cryptocurrencies like Bitcoin. Many of the crypto users are still buying/selling or investing in cryptocurrencies without having slightest idea about what blockchain technology is and how it works.

In my opinion, every forum member should learn and understand about blockchain technology and thereafter contribute to this decentralized revolution by building something new. Why should we all stop at Bitcoin, right?

But more importantly, I want to know how you guys treat Blockchain Technology. The answer to this very specific question will determine what the future of blockchain tech will be. So vote in the poll. If you have any other definition then feel free to elaborate in a reply.

Blockchain technology is the future.

Not only it is what we're gonna be using in the future days to come but it will also generate the new generation of banking and investment. Amidst being less acknowledge nowadays, if we would carefully speculate the things it will do and the things it offers to the world, we can see how it will change the world and make everyone benefit from the convenience it brings. More innovation will surely be made in it so that it will fit to the needs and requirements of being a global monetary system.

[btccashacc]

I believe that blockchain is one of the safest forms of a database, once it stored no one can modify or delete it. I still hope that blockchain can be developed more widely, not only in the financial sector but in other fields. I'm thinking about Blockchain can be developed for the election system, it will be more secure than the system that we have right now, it's also will cut the cost.

[TedMosby]

People more interested on bitcoin or cryptocurrency rather than the root, which is blockchain. I can see it by the fact that most of people interested on event like meetup from crypto startup rather than a blockchain event that mainly focusing on education.

IMO, without focusing on blockchain when you tell people about cryptocurrency, people will think that we tell them about another online business, or ponzi that can make them lost.
Blockchain need to be the focus when we educate people about cryptocurrency.

[Xxmodded]

Secure database is just fitting among the choices given. But seriously you would have to say more before one could actually understood it. Some people will not thoroughly understand blockchain separately from bitcoin because most discussions online doesn't include blockchain discussion when it comes to luring people to buy or invest BTC all they care is just buy to profit.

I think blockchain is nothing when we not talking about bitcoin because most make people interested with blockchain transaction because of bitcoin, without bitcoin how ever feature of blockchain still not make many people interested with blockchain technology, just few people only take care when discussing about what is blockchain and how to adopt blockchain technology in real life.

[darkangel11]

Pardon me if I got this wrong but blockchain does not necessarily mean decentralized. A lot are equating the two when they are actually not synonymous. It is very much possible for a blockchain to be centralized. Blockchain is always distributed, though. It is a distributed ledger, after all, regardless of whether it is decentralized or centralized.^[1] So for me, blockchain is a distributed ledger.

[1] https://www.finra.org/sites/default/files/2017_BC_Byte.pdf

That's true. There are centralized altcoins that use a centralized form of blockchain like XRP. If we are talking about Bitcoin blockchain, The Blockchain, we are talking about a decentralized database of all Bitcoin transactions, open for the public and traceable, but there can be another blockchain. Currently there's over 1000 blockchains in use, many of which are centralized, anonymous and untraceable.
A blockchain, not the blockchain, is an online record of operations, that can be used not only to transfer funds, but also to verify identity and ownership of those funds.

[Yatsan]

People more interested on bitcoin or cryptocurrency rather than the root, which is blockchain. I can see it by the fact that most of people interested on event like meetup from crypto startup rather than a blockchain event that mainly focusing on education.

You know why? because bitcoin is the face of blockchain so technically using bitcoin is using blockchain which I really admire to see when the mass is using it. I've been in a crypto startup/meeting once and what they first introduced was the blockchain coz it is the heart of the project and is necessary. Teaching how to fish is indifferent to educating what to fish.

IMO, without focusing on blockchain when you tell people about cryptocurrency, people will think that we tell them about another online business, or ponzi that can make them lost.
Blockchain need to be the focus when we educate people about cryptocurrency.

With the wide cover of internet and technology, it seems like research is the most powerful weapon now towards ignorance and scams. It's 2020 already, a decade with bitcoin, cryptocurrencies became common with our generation and almost every one who have access to the internet knows what crypto is and what it does.

[anoufal]

Supertechnological thing and I do not understand until the end how it works. Something like that. 

[saravanaguru]

I can't really define blockchain as I am actually that noob who uses crypto and doesn't know how it works. But it is the basis of all crypto to me. And I guess at some point I will learn more about this sucker 

[TedMosby]

You know why? because bitcoin is the face of blockchain so technically using bitcoin is using blockchain which I really admire to see when the mass is using it. I've been in a crypto startup/meeting once and what they first introduced was the blockchain coz it is the heart of the project and is necessary. Teaching how to fish is indifferent to educating what to fish.

I can understand it, because it's easier to tell people about bitcoin rather than explain what blockchain is.
Good analogy, I respect your POV. But for me, blockchain more like fishing in that analogy.
Money is a sensitive thing for people. The formula for most conservative people is money+internet=scam.
We should use different way to introduce cryptocurrency or blockchain I think.

With the wide cover of internet and technology, it seems like research is the most powerful weapon now towards ignorance and scams. It's 2020 already, a decade with bitcoin, cryptocurrencies became common with our generation and almost every one who have access to the internet knows what crypto is and what it does.

In my country (Indonesia), Internet = Social Media. They make sh*t gone viral almost everyday. 
You can check how Instagram, facebook, and youtube full of Indonesian.
They dont have time to research or even read.

[rupola85]

In my view blockchain is a huge data set in where one set of data is connected with
another set of data in chronological by making up a chain and linked together in a single list.
For making up such kind of linkage it used various nodes but no need to use any middlemen between transactions.

[chaoscoinz]

I was going to use  the word "Innovative", but I think the word "Disruptive" would be a better fit for Blockchain technology. Blockchain takes a simple problem that plagues traditional methods of accounting and record keeping for ledgers and completely flips it on its head. Instead of keeping ordinary logs were one could cook the books, the transactions are logged on not only on a publicly available ledger but are transparent, tamper proof and decentralized..

[imstillthebest]

the answer will determine the future of blockchain  ? thats cool but why  ? if more people know and understand how blockchain work , blockchain will continue evolving ? but i think it will always continue evolving once people use and understand bitcoin and cryptos  but that may seem to be inapropriate if you will not take a look on the history of cryptos and will only jump on the conclusion of using a crypto   . for me blockchain means decentralized in a single word  .

[Debonaire217]

This might be a good thing to think of.

Blockchain for me in a single phrase is:

"Blockchain is the future of the most secured and efficient book of records"

Mainly because the extent that blockchain provides is suited for systems that require strong integrity, and not just that, blockchain is the most suitable for efficiency of each transactions we make.

[Youghoor]

The simplest way to describe blockchain technology that
" blockchain technology is a decentralized form of database" 
The decentralized nature  makes it easier for people to easily access transactions make on the network or system.

[Oceat]

The simplest way to describe blockchain technology that
" blockchain technology is a decentralized form of database" 
The decentralized nature  makes it easier for people to easily access transactions make on the network or system.

Yes, a useful decentralized database that is the main thing in the future.
No one can manipulate the results of the blockchain that's why it is an innovative technology.
And also, with Bitcoin it just proves what is the main purpose of blockchain technology.

[Aurora Castro]

Most of the people had their first encounter with blockchain technology only after they started using cryptocurrencies like Bitcoin. Many of the crypto users are still buying/selling or investing in cryptocurrencies without having slightest idea about what blockchain technology is and how it works.

In my opinion, every forum member should learn and understand about blockchain technology and thereafter contribute to this decentralized revolution by building something new. Why should we all stop at Bitcoin, right?

But more importantly, I want to know how you guys treat Blockchain Technology. The answer to this very specific question will determine what the future of blockchain tech will be. So vote in the poll. If you have any other definition then feel free to elaborate in a reply.

To define Blockchain technology, you will do it with the word: innovation
And I believe that blockchain technology is the technology or information coding system that is behind the virtual currency and that supports its entire structure.

[webtricks]

"Vaporware"

It has been hyped for 5 or more years already, and it's still not used in serious applications aside from some small-scale trial runs. And when it's used, it's quite centralized with some companies managing their blockchain and the network itself being private and small. There are some interesting projects that are truly decentralized because they are built on top of networks like Ethereum, but still they don't get much traction, so there's nothing that could have justified talking about blockchain as some game-changing technology of the future.

Don't know about others but here in India, Government trying its best to use the features of blockchain to solve real-world problems, one such example is this:
https://inc42.com/buzz/npci-launches-blockchain-based-vajra-platform-to-secure-payments/

We have to understand that Bitcoin is just an instance of Blockchain Technology. Blockchain technology is neither conclusive, nor inclusive of what Bitcoin offers. It's a cocktail of various features and Bitcoin used some of it and mixed it with others to use the same as payment interface. It is very much possible to mould blockchain into something entirely different.

the answer will determine the future of blockchain  ? thats cool but why  ?

You actually misunderstood what I was trying to imply. What I was trying to say is that, blockchain technology is highly dynamic. Ethereum came and disrupted everything with new concept of Smart Contracts. Similarly, it is possible that we will see some new form of blockchain technology in future. Bitcointalk is one place where lots of creative mind enthusiast about blockchain share their new ideas and thoughts. The sole purpose of this thread was to learn if anyone having any such disruptive idea for future of blockchain.

[hatshepsut93]

We have to understand that Bitcoin is just an instance of Blockchain Technology. Blockchain technology is neither conclusive, nor inclusive of what Bitcoin offers. It's a cocktail of various features and Bitcoin used some of it and mixed it with others to use the same as payment interface. It is very much possible to mould blockchain into something entirely different.

It's really wrong to view Bitcoin as just an instance of blockchain, because this blockchain hype was born of Bitcoin, if Satoshi didn't create the original cryptocurrency, there would be no blockchain technology today. And the main reason why people talk about blockchain is because it's sort of a get rich quick field - there's a ton of startups who try to sell their blockchain solutions for huge amounts, and big companies like to tell how they do blockchain to see their stock value go up. This hype is there because Bitcoin had tremendous growth in price, and blockchain simply tries to replicate it. But the difference is that Bitcoin is working and blockchain technology is always either theoretical or in some trial/early phase.

[Leviathan.007]

Blockchain is a distributed database existing on multiple computers at the same time.