How would you define Blockchain Technology in a single phrase?

[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.

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[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  .