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.

[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.