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Question: What is your definition of Blockchain?
Securest form of database - 5 (27.8%)
Underlying technology to create cryptocurrenices - 0 (0%)
Decentralized recording of financial transactions - 6 (33.3%)
Platform to create decentralized applications aka. Smart Contracts - 3 (16.7%)
Any other (mention) - 4 (22.2%)
Total Voters: 18

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Author Topic: How would you define Blockchain Technology in a single phrase?  (Read 609 times)
Debonaire217
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January 14, 2020, 04:28:42 PM
 #41

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
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January 14, 2020, 04:39:38 PM
 #42

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
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January 14, 2020, 04:51:11 PM
 #43

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.

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Aurora Castro
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January 14, 2020, 04:54:53 PM
 #44

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 (OP)
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January 15, 2020, 03:35:06 PM
 #45

"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.
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January 16, 2020, 12:31:14 PM
 #46

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.
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January 16, 2020, 04:38:38 PM
 #47

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

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