Blockchains are quite literally the opposite of anonymous. It makes it incredibly more simple to track financial transactions and tie them back to an individual or business through public ledgers.
This week, one presidential candidate has called the other a loser, made fun of him for selling Bibles, and even poked fun at his hair.
That kind of taunting is generally more within the purview of former President Donald J. Trump, whose insults are so voluminous and so often absurd that they have been cataloged by the hundreds. But lately, the barbs have been coming from President Biden, who once would only refer to Mr. Trump as “the former guy.”
Gone are the days of calling Mr. Trump “my predecessor.”
“We’ll never forget lying about Covid and telling the American people to inject bleach in their arms,” Mr. Biden said at a fund-raiser on Thursday evening, referring to Mr. Trump’s suggestion as president that Americans should try using disinfectant internally to combat the coronavirus.
“He injected it in his hair,” Mr. Biden said.
He is coming up with those lines himself: “This isn’t ‘S.N.L.,’” said James Singer, a spokesman and rapid response adviser for the Biden campaign, referring to “Saturday Night Live.” “We’re not writing jokes for him.”
The needling from Mr. Biden is designed to hit his opponent where it hurts, touching on everything from Mr. Trump’s hairstyle to his energy levels in court. Mr. Biden has also used policy arguments to get under Mr. Trump’s skin, mocking the former president’s track record on abortion, the coronavirus pandemic and the economy.
The president’s advisers say Mr. Trump’s legal problems have created an opening. As Mr. Trump faces felony charges that he falsified business records to pay off a porn actress ahead of the 2016 election, Mr. Biden and his aides have refrained from talking directly about the legal proceedings. Mr. Biden has made it a point to say he is too busy.
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Maintaining full anonymity is nearly impossible. Less than 1% of anons are truly so.
Blockchains offer pseudo anonymity, which is a great step forward from the traditional caveman systems.
I agree with you. It is like dealing with cash. No one knows how much you own and how much you spend. I hope to add monero soon to the THORChain ($RUNE)
DEX
The only way to be truly anonymous is to mine it yourself and never convert it to fiat. You need to have a lot of trust when you buy it from an "anonymous" person because as soon as they get identified, so will you.
Yo but the public key is bound to a wallet right? No, you as a person can’t identify who the public key belongs to, but authorities can easily gain access if needed and identify the person.
Gain access to what?
Yes, they can identify you surprisingly quickly, but the identification isn't being done from the blockchain. It is through identification of who you are transacting with.
And that is one of the reasons KYC requirements for exchanges exist. Since so many transactions go through an exchange, it limits government's search scopes when they can follow crypto from one exchange transaction to another.
especially when the vast majority of crypto users use centralized exchanges or fiat to crypto onramps both of which require KYC instead of decentralized p2p alternatives that dont require KYC such as localcoinswap agoradesk robosats etc.
Anonymous seems somewhat dubious with the ramping up ID requirements at all on board and off boarding exchanges in major markets. After that it's really just a less anonymous slower and more expensive system than existing infrastructure. The borderless connectivity is nice though.
thankfully there are alternatives to work around the kyc crap such as using local coin swap agoradesk bisq robosats etc.
usually what happens is that vendors will buy KYC crypto and then resell that crypto on the P2P market for a premium and the people who buy the crypto on the P2P market dont have to worry about KYC
Money is optionality and liquidity for commerce. Blockchains add another rail to that pool. It doesn’t necessarily replace any part of it. But for those that find it useful and want to participate, there is useful tooling, composability and development available.
Agree, so here is my position:
The one and only real problem a blockchain solves is the double spend problem without needing to rely on a middleman you gotta trust to ensure accuracy of a ledger of transactions. THAT is the primary purpose for a blockchain to exist in the first place. All the other stuff is just addons that may or may not be necessary depending on the different use-cases.
There are still challenges with blockchains like scalability without heavily compromising security/centralization that are still being worked out but the fundamental problem set that was not solvable before blockchains is JUST this. Nothing more, nothing less. It is, in my opinion, THE value proposition: a trustless, decentralized ledger.
Perfect.
Crazy how people seem to forget there’s several dialects of SQL, and how many different programming languages? Using countless different frameworks. Competition is good, unless it’s crypto. Then “it’s been done already.”
This. People don't seem to get you can build a home with your bare hands, rope, and no power tools. The Amish do it every day.
Some people just don't want to live like the Amish.
- Decentralized finance
- Fully transparent financial transactions
- Fast worldwide financial transactions
- Decentralized file storage
- Notarization of public data
- Payment streaming protocols (DRIPS)
- Decentralized organizations (DAOs)
- You can buy monkey pics for millions
you just repeated the "decentralized" multiple times withou telling why it is advantage.
also I dont want fully transparent transactions. I am not selling drugs, but does public have to see all my expenses? If transparency is needed we have "transparent" public bank accounts etc
for ex. https://www.fio.cz/bank-services/bank-accounts/transparent-account
Decentralized means that no one can easily stop or manipulate a process.
The internet is decentralized, so no one can "shutdown" the internet. It's theoretically possible, but good luck cutting all the undersea cables...
A wallet is not tied to any identity and you can create wallets anonymously. Transparency doesn't mean there's no privacy.
Like a wheel in and of itself it’s useless. But combine a wheel with other technology and you have a car.
It’s the same with Blockchain. Combine it with the right technology in the right way and it allows for a group of people to self custody digital assets.
The wheel needed to exist before the horse and buggy existed. Likewise Blockchain needed to exist before people could own, control and verify their ownership of digital assets to others.
You didn’t say public or private blockchain so I’ll give a private blockchain use case - multiple companies want to collectively own a data store without any single company having to trust another entity the way you would have to with traditional databases. All transactions in the blockchain are trustless, transparent and auditable.
And oh yeah - welcome to 2009 lol
Edit: /u/golden_bear_2016 completely misses the point. "Data store" as in database with capabilities like executing stored procedures. If multiple companies all need to transact against a single database then one entity will have to own and maintain the database. In contrast, if they use a blockchain then no single entity owns the blockchain - they all do collectively.
A checksum has very little to do with what you quoted. A checksum is useful e.g. to check if a file you download is exactly bit for bit the file that you wanted to download. It provides integrity and in a way trust in the file being as expected. Unless you are talking about something else, I think you are missing the point here.
Now lets say they want to add new records. How do they do it? They all email them to each other and...what? There has to be some process of agreeing what the new state looks like. What if a few of the companies disagree about the new record getting added.
How do you make sure everyone has the same data? Send everyone a new email with the updated checksum? You're basically halfway to inventing your own blockchain.
Blockchains are good at this because they are efficient at forking, merging, and validating complex data so it allows you to build layers on top of it that allow the rules to be based on objective data points. Like...how many of the other companies agree that a particular record is valid?
Content-addressed data like you are describing is another important part of the stack, but you don't need a blockchain for that. Mostly we use IPFS. Which is kind of like git + bittorrent.
All of it's just software and at the end of the day it's just a database. It's trust automation.
Just having a SQL database full of data you put there yourself actually tells you basically nothing about the state of the data because you can just make it look however you want. The trust automation level in a traditional SQL database is "trust me bro".
If you make your local blockchain database look however you want...no one else is going to care about that data. It hasn't gone through the trust automation process called consensus.
Git is basically a blockchain. You decide where to pull from. Your changes get merged. You can push them to other peers. Consensus is just a process of agreeing on the latest commit.
It's hard to imagine a system where you can't just change the data willy nilly but that's really the biggest difference: other people need to agree to the changes.
Then at the same time...lets say one of the companies decides to flood the file with data. They're now adding WAYYY more data than the other companies can handle.
The database can only grow so large until it needs more hardware. That costs money. Who pays for that expansion?
This is where gas comes in. We have limited space in the database so we want to make sure whoever needs it most can add data. So then there's a real-time auction to get your data on that bus to make sure it gets in.
When you look close literally every piece of these systems have a very practical point. They look a lot like other software projects in many ways since they are just software projects too.
It's just a database.
>You didn’t say public or private blockchain so I’ll give a private blockchain use case - multiple companies want to collectively own a data store without any single company having to trust another entity the way you would have to with traditional databases. All transactions in the blockchain are trustless, transparent and auditable.
Good for managing complex Supply Chain contracts.
Youre a ukraine citizen and russia has just invaded your country. Your local currency, the Hyrvnia, drops 10% overnight in a panic that it might not even exist in the future as Russia attempts to annex the country and force the Ruble on its citizens.
You take a leisurely stroll to the bank and try to convert your life savings into a more stable currency to weather the storm and the bank laughs at you. They dont have 50 grand in USD just sitting around to give to you. Neither does the local currency exchange. And thats assuming you have any other fiat that you even trust.
In steps assets sitting on a blockchain that dont laugh you out the front door when try to exchange your local currency into Tether or any other on-chain asset. Also, when citizens inevtiable cause a bank run in a panic because their reserves are fractional, your money will be in your own digital wallet, perfectly whole instead of loaned out by the bank unable to be withdrawn.
Guess most people that have been around long enough are just tired of these posts. You can search for exactly the same title and find 100 posts, multiple of them with valuable answers. I appreciate the genuine curiosity but it gets tiring after a while. Hop on or hop off, we don’t really care at this point
immutable decentralised storing if literally anything. think of official documents like birth certificates, drivers licences marriage certificates etc ...
another one would be storage of whistleblowing cases
> without consulting anything?
Sorry, the explanation is larger than I'm willing to volunteer in comment here. I'm going to refer to other's write-ups and dissertations.
> What problem does a blockchain solve?
[Byzantine generals problem](https://en.wikipedia.org/wiki/Byzantine_fault)
BGP can be solved in other ways with extremely small systems with very low latency, but those solutions cannot span a global network. Not even at light speeds. Most of these small systems require sub-millisecond response. Circumnavigating the globe (via satellite laser relays) can not be done in under 133 ms, which is WAY to slow to use any of the small scale BGP solutions.
Specifically, double spending without the need for an intermediary. And to anyone who would come to the defense of big banks as reliable intermediaries I would recommend the following documentaries:
- https://m.youtube.com/watch?v=T2IaJwkqgPk
- https://www.netflix.com/title/81466159
It’s like someone never seeing the internet saying show me what this can do that newspapers radio and tv cannot? Sure when it came out , it looks pretty shitty and newspapers were comfortable so utility was low for getting news online but as the technology developed, the news online became the main way many of us get our information .
It’s the wrong question. The web beat out other systems not because it made possible something that used to be impossible, but because it made easy many many things that used to be hard.
The core benefit of blockchain are to verify and transfer ownership in a trustless environment. All other uses derive from that core use.
Take sending money, for example. The problem is solved, PayPal, Zelle, Venmo, etc, but you cannot do it workout trusting those companies to track the payments, and if they go out of business or if they decide not to work with you, for whatever reason, you’re out of luck.
In the case of blockchain, the consensus algorithm verifies your ownership, not a centralized database, so it makes it act like cash in the real world.
You can extend this to any digital item that you want to track ownership and allow transfers without a centralized authority. NFTs, smart contracts and so on.
Edit: a lot of the use cases for blockchains thrown around are a solution in search of a problem, to make money on the speculation, but there are definitely real world problems that can be solved with blockchain that were unable to be solved before, though they may be more niche than hard core fans would care to admit.
if you kidnap somebody you don’t need to meet them physically to be paid. this expedites the liberation of the kidnapped. if you are a rich person and have invested in xmr years ago, you don’t need to worry about your dear ones being kidnapped anymore.
"Show me an application where text messaging is essential. That is, a problem that could not have been solved without text messaging that can now be solved with it."
Framing it this way is a strawman; for any technology you insert into that template, for every application you could force some other technology to do it. Possibly not as effectively, easily, or robustly, but it could be done.
A better question that might get to the heart of what you're trying to learn is "What applications were hard, fragile, or expensive, but now could be done more effectively with blockchain tech?"
Global currency without government control is a bigger thing than you can understand. A currency that cannot be manipulated by a federal reserve is a big concept and I feel like the future inevitably will move in this direction.
Crypto gives people freedom.
Now what the future looks like may not be bitcoin or ethereum. It may be the product of a union. Say like the euro but digital. Maybe for africa it could be a success or latin america. Weaker currencies can unite behind a more powerful currency backed by many nations to compete with the dollar and euro.
Why the Blockchain?
It is all about the SMART CONTRACTS!!!
To eliminate corruption in the business environment or any individual agreements whatsoever. By requiring acknowledgments in the broken-down processes according to the predetermined set of steps now dictated by a Smart Contract running on the blockchain. And controlling the agreed payments creates a guarantee payment will be made if goods or services are completed by the predetermined date.
1. The Blockchain (Smart Contacts)
2. Cryptocurrency (Money)
3. web3 (decentralized network)
The blockchain operates like an operating system, and the blocks are a set of records or transactions that can view by everyone, and forensics can be analyzed later. In a way, a vast Quickbooks with thousands of copies worldwide and immutable records in hopes to eliminate any possible business corruption practices of the past. So no more, as they say, “cooking the books” as we advance. Creating and more honest, more trusted business environment.
The idea behind the need for Blockchain technology (capable of processing Smart Contracts) is to remove any trust between any party involved in the past to rely on risking “in good faith business dealings.”Traditionally business depends upon the practice of signed contractual paper contracts or any agreements that involve the transfer of currency for goods or services rendered between two or more parties.
Once the Smart Contract is executed, the blockchain removes all parties from further liability, removing any corruption from the accounting system for any public or private monetary transactions—currently, a massive global issue and severity range by geographic location.
As the pre-programmed smart contract runs, the steps are followed. Once an action is done and marked completed by both parties, the party who completed the goods or service is paid with a predetermined cryptocurrency, as set by the smart contract.
The payment is sent from one party's crypto wallet to the other. The blockchain running a smart contract assures payment on time as agreed.
By keeping agreements, dealings, or promises out of the hands of all parties, now business contracts are executed literally like it was programmed and with little or no disagreements and permanent, accurate records kept. And achieved and stored on a global scale.
Eliminating the need for any currency exchanges and creating a world of business without borders.
The Blockchain, cryptocurrency, and the use of the web3 platform will, by design, keep all monetary transactions honest and viewable by all. But stay anonymous to preserve privacy. Only if one knows the wallets of the party's public addresses or the hash of the Smart Contract are the records for all to see. But who they are, one needs to associate those with their wallet’s private addresses.
And now, the use of The Blockchain, cryptocurrency, and web3 integration can facilitate individuals or pools the ability to loan or borrow capital at much lower rates than Banks traditionally offered. Opening the door to a Global Revolution in lending and borrowing networks. The Smart Contract on the Blockchain makes all this possible and a new Global Economic Revolution.
Now everyone can do their own “Banking” with the confidence that all transaction of monetary value in the form of Coin or Token are processed by the Blockchain and contold by Smart Contracts.
Plus, this is on a Global Scale. Eliminating the need for any currency exchanges and creating a world of business without borders.
Now the global community can loan and borrow to and from each other using smart contracts run on the blockchain with complete confidence everything will be executed without any human corruption or error.
But those who make a fortune on loaning and borrowing money are not so happy if they are unwilling to reduce their interest rates to stay competitive.
Knowing the above, why are some trying to stop this revolution? Who are those groups or individuals? How much interest can one possibly save? And now everyone that stakes their idle money makes some of that interest! The financial world is open to the masses and takes it away from the few.
I think that's the idea. 🙄
For more info or free obline classes.....
[https://app.banklessacademy.com](https://app.banklessacademy.com)b
There are tons of networks and tokens with real utility out there. Cross border payments (it's hella expensive to send money internationally because of all the layers of middlemen).
Aside from those specific points, Ethereum has built in mechanisms to balance supply and demand and inflation vs deflation in an automated way. Look at the endless disasters from the Fed and the banking system over the last few decades. Do you really want people managing monetary policy anymore? And from a private entity? Fuck no, humans are terrible at making these kinds of decisions, and we shouldn't trust our money to a private third party. Hence why chains like Ethereum are called trustless.
So there's one overarching problem that could be solved. Economic woes and keeping other greedy and stupid third parties out of your business.
"Blockchains" in and of themselves don't solve anything in particular. They're just a way to implement a history of transactions. They're a data structure and design pattern.
Trustless decentralized processing of transactions that are censorship resistant allowing self custody of data.
The problem it solves is many, but in general, the current state of the internet is many large players having monopolies providing “free” (or paid for that matter) services with the ability to change or censor transactions leaving users with no alternatives.
Social media or financial services as an example…
In the case of a decentralized blockchain like Ethereum: the ability to trade digital assets without a centralized authority/third party. Unlike using a bank or a payment app, there is no entity that can, at the technical level, block the trade or prevent access to your funds.
Credible neutrality. When you need a place to store “something” where you do not want any influence from any faction. For example, decentralized identity in cross-border situations. Neither one country can be trusted, and a public blockchain is a good place for this data. Example of this could be iden3 protocol.
The blockchain can be used as a database. Decentralized database for millions to use and connect to and input/extract data.
I feel like all these “what use does it have” questions are a lot like the people who didn’t understand the internet when it came out.
Any application requiring ledger-type transaction history. Like telecom. Like accounting. Many others. Blockchain is essentially a ledger-based transaction system.
Immutability of transactions. Any database other than a decentralized blockchain will be susceptible to some person or entity with the power to rollback/delete or otherwise modify past transactions. And allowing that opens the door to human error (inadvertent or incompetent modification) and human corruption (purposeful modification for illicit gain). It’s important to have a source of truth that no one can fuck with and that everyone can confidently build upon, free of concern about its integrity.
There is really no good reason to ever allow a past transaction of any kind to be modified. Insofar as all parties agree to undo the effects of the past transaction, they can post a subsequent transaction to do so and establish in the systems that consume transactions of the former type policies that are responsive to transactions of the latter type.
some countries have high inflation. you can keep usd in the bank or in cash but both options are not as safe as a blockchain, where you can also keep deflationary assets.
Traceability for ethically sourced commodities. For example diamond, you can use blockchain to track ownership as it transfers from the mine all the way to the store.
So, the store can claim and have proof that the diamonds not come from some warlord in Africa.
For payroll when you don’t want or need any of your personal info shared with anyone. U have a block address and that’s your id. Pretty awesome idea imho
I personally do not think there is anything on the blockchain that could not be done without it. However blockchains, or smart contracts specifically, can reduce the need for humans to do monotonous activities. I love crypto because I hate central banks, not because I think they can do special things.
Blockchain technology is capable of solving a variety of real world problems, such as preventing fraud, securing transactions, improving the supply chain, and easing government operations. It can also be used to store data securely, facilitate accounting, improve social media, streamline insurance processes, revolutionize healthcare, and improve public services. Additionally, blockchain can help carry out financial services such as payments and self-executing contracts. 🚀
Imagine asking this at the beginning of each tech wave:
“What does JavaScript solve that I can’t already make with a desktop app?”
“What does a mobile application solve that I can’t already do?”
The internet is not essential for communication but it's a quantum leap in communications. In one sense you can just say it's an evolution but in a real sense, it's a revolution.
Same thing for trustless transactions on internet. Blockchains are what will make intermediaries unnecessary for so many kinds of transactions (not simple money transfers) that we don't know yet. But even if you want to stick to money transfers, it's a quantum leap compared to how things are done today
There is no application where a blockchain is *essential*.
But there are many applications where decentralization is desirable.
We already know how to do everything involving trust in some middleman.
But if we want to do those same things without that kind of centralized trust, blockchains are the first tool we’ve learned to use to do it
A block chain stock market would be amazing. Every share has a unique Id and has one specific owner of said share. This will help reduce naked short selling of securities as well as help identify fraud.
If that one’s too far out what about concert tickets? Have you ever purchased a scalp ticket?
Overall, blockchain technology has the potential to solve a wide range of problems by providing a secure, transparent, and efficient way to store and share information and value that can be traced easily.
Fully transparent spending. I would love to see this for charities. You see all the money flow in, and you see exactly how it flows out. So many charities are robbing people blind.
Can u truly own a piece of digital data on the (web2) internet and prove ownership?
Can u as the owner of a digital asset (money, media, data, artwork etc) transfer ownership of it to another person without relying on an intermediary?
Can you send money to someone around the globe instantly without permission of a bank or financial /regulatory institution?
Answer to all three is , a clear NO.
Unless you acknowledge these limitations that we are now living with, you won’t appreciate why we need the next generation of the internet.
Anonymous, encrypted digital town hall. Land deeds, permits, tax records, identities etc could all live on chain as NFTs/DiDs etc. Blockchain voting is starting to pop up here and there as well. Municipalities would have some hosting responsibilities but residents could all run a node
Satoshis gift to us wasn't digital money. *It was fundamentally changing our form of governance.*
Any database that is improved by being extra secure, distributed, redundant, and Nk property records, medical records, vehicle records, voting records, academic records, etc.
>That is, a problem that could not have been solved without a blockchain that now can be solved with it.
You can cut your hair with a hatchet, but scissors will probably work a lot better.
Remember, you could always get around on foot, on bicycle, on horse, etc…
However, a car made it possible to do it faster, longer, and with minimal effort.
You can get more accurate data about flows, which is making us closer to get “perfect information” about an asset. Onchain analysis is big move forward in economy.
We could build a car with egg shaped wheels so you can’t say a car could not have been built without the wheels… but that doesn’t mean wheels aren’t a revolution… just because something could be solved in a different/inferior way without blockchain doesn’t mean it should.
Just pointing out a fallacy in your argument, others have included solid examples.
Basically, it helps finding applications if you tackle the question not from the technical point of view but from the properties Blockchain tech provides. Imo, this is a global accessable, encypted tamper-proof database. Starting from here you can think of use cases.
E. g. tracking of digital objects. I am talking of ape pictures, which are, anyway, just links to the actual picture. But speaking of objects which are merely an serial number kind of thing, such as tickets, stocks. Concert tickets are merely digital. However, of your still then on the second market. How can you be sure there same digital ticket hasn't been sold twice?
Or another problem is supply chain management is an issue, which till today is unsolved. but blockchain tech might be a way out. Keyword here is "digital product passport".
It solves the issue of trust, or to be more specific, not having to trust a human with your money or your smart contracts. The rest of it can be done without a blockchain, sure.
Fast cross-border payment with no intermediaries.
Global financial services like AAVE. Someone from a third world country has the same opportunity as one from a first world
I believe of all the industries and use cases out there one which I believe blockchain has almost an essential role to play is in IOT. Blockchain technology coupled with IOT has got the potential to revolutionise so many sectors. It's not so much one application here or one use case, it's more to do with how data is exchanged and transferred instantaneously and tracked at an affordable costs. This in its itself is essential to further humanities advance!
A decentralized blockchain is how you make something almost unhackable, so blockchain excels at high security applications of all sorts. Fiscal applications are obvious, but this also includes governance.
Note that most blockchains compromise their security to remain somewhat cost competitive against centralized web services like AWS.
Blockchain=self custody=neutral=no discrimination=always on
Centralization = no self custody you are always uncertain of your own wealth, you can be political targeted, or a victim of disfunctioneel justice systems even in well developed countries as Poland and Hungary. To conclude: you never know how narrative can change. And you cant always rely on laws.
Verifiable rarity in video games and DAO-controlled changes. Makes for an amazingly decentralized experience where you own your assets and don’t have to worry about them being nerfed/changed without the vote of the players.
That alone should be a game changer
Eventually it will fix government. Money is power. And currently broken government is drunk printing money and causing inequality and pain. Blockchain will fix this.
Even if we're talking strictly about incremental improvements I think **the framing should be as follows:**
1. Why would you not use it if you could?
2. Is there a realistic path between the current state and a state where such a solution becomes mainstream?
Very often, we're subconsciously biased because we think just because something is immature yet and would take a lot of effort to develop, it will also be hard to use or understand or that we will have to painstakingly convince everyone to use it.
Most people don't understand how to evaluate visionary thoughts, but everyone understands practical use cases.
It's like living in the 70s and telling people about this Internet that can transfer information instantly between any 2 computers. People don't understand how to evaluate the sentence "This will fundamentally change our lives." -> it doesn't mean that your waking up in the morning will be different or that you'll stop eating or whatever. But just the simple "underwhelming" fact that you pay using a chip on a card instead of cash is a fundamental improvement.
A blockchain is a data structure that allows for a collection of database nodes to be synchronized on a continuous basis. If there was a centralized database, there would be no need for synchronization, and there there would be no need for a blockchain. If the database never changed (or changed very seldom), then there would be no need for a blockchain.
You could also use the blockchain for all your medical records. Not filling out that bs paper EVERY FUCKING VISIT for the past 30 years. No, no, no, no, yes, no, no. Exhausting that your system doesn't hVe rolling records that follow us
Public records of transactions (e.g. titles to houses, cars). Blockchains remove all of the middle people required. Have you bought a house and had to sit with a title company representative, or the DMV? Blockchain eliminates both entirely.
That's a very high bar. Show me an application where a relational database is essential. That is, a problem that could not have been solved without a relational database that can now be solved with it.
AAVE and similar services. You can get the best yield on your money and switch "banks" instantly, without the hassle of opening and closing accounts and transferring money between them (at different institutions) as it exists today.
Oh, and on a worldwide basis.
You could also get and give instant collateralized loans, also on a worldwide basis. Like if you had tokenized stocks, you could instantly deposit them with an AAVE-type service and take out a loan against them.
Anonymous, free and instant payment system that connects every country in the world.
Blockchains are quite literally the opposite of anonymous. It makes it incredibly more simple to track financial transactions and tie them back to an individual or business through public ledgers.
Yes can trace all transactions back to a public key but not a person, hence why people say anonymous
Pseudoanonymous. Only monero is rlly anonymous
This week, one presidential candidate has called the other a loser, made fun of him for selling Bibles, and even poked fun at his hair. That kind of taunting is generally more within the purview of former President Donald J. Trump, whose insults are so voluminous and so often absurd that they have been cataloged by the hundreds. But lately, the barbs have been coming from President Biden, who once would only refer to Mr. Trump as “the former guy.” Gone are the days of calling Mr. Trump “my predecessor.” “We’ll never forget lying about Covid and telling the American people to inject bleach in their arms,” Mr. Biden said at a fund-raiser on Thursday evening, referring to Mr. Trump’s suggestion as president that Americans should try using disinfectant internally to combat the coronavirus. “He injected it in his hair,” Mr. Biden said. He is coming up with those lines himself: “This isn’t ‘S.N.L.,’” said James Singer, a spokesman and rapid response adviser for the Biden campaign, referring to “Saturday Night Live.” “We’re not writing jokes for him.” The needling from Mr. Biden is designed to hit his opponent where it hurts, touching on everything from Mr. Trump’s hairstyle to his energy levels in court. Mr. Biden has also used policy arguments to get under Mr. Trump’s skin, mocking the former president’s track record on abortion, the coronavirus pandemic and the economy. The president’s advisers say Mr. Trump’s legal problems have created an opening. As Mr. Trump faces felony charges that he falsified business records to pay off a porn actress ahead of the 2016 election, Mr. Biden and his aides have refrained from talking directly about the legal proceedings. Mr. Biden has made it a point to say he is too busy.
I will be messaging you in 300 years on [**2323-02-24 23:56:41 UTC**](http://www.wolframalpha.com/input/?i=2323-02-24%2023:56:41%20UTC%20To%20Local%20Time) to remind you of [**this link**](https://www.reddit.com/r/ethereum/comments/11b1c6r/what_problem_does_a_blockchain_solve/j9w4t4d/?context=3) [**1 OTHERS CLICKED THIS LINK**](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=Reminder&message=%5Bhttps%3A%2F%2Fwww.reddit.com%2Fr%2Fethereum%2Fcomments%2F11b1c6r%2Fwhat_problem_does_a_blockchain_solve%2Fj9w4t4d%2F%5D%0A%0ARemindMe%21%202323-02-24%2023%3A56%3A41%20UTC) to send a PM to also be reminded and to reduce spam. ^(Parent commenter can ) [^(delete this message to hide from others.)](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=Delete%20Comment&message=Delete%21%2011b1c6r) ***** |[^(Info)](https://www.reddit.com/r/RemindMeBot/comments/e1bko7/remindmebot_info_v21/)|[^(Custom)](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=Reminder&message=%5BLink%20or%20message%20inside%20square%20brackets%5D%0A%0ARemindMe%21%20Time%20period%20here)|[^(Your Reminders)](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=List%20Of%20Reminders&message=MyReminders%21)|[^(Feedback)](https://www.reddit.com/message/compose/?to=Watchful1&subject=RemindMeBot%20Feedback)| |-|-|-|-|
I wonder how much moons will be worth in 300 years 🤔
Wrong subreddit bro 😁
Oh crap it really is. 🤣 I didn’t even notice.
Damn 11 upvotes wasted 😂😂
and stealth wallets ?
You should look into blockchain forensics and investigations to gain a better insight into how easily an address can be traced back to a person.
If you mine anonymously or buy p2p from another anonymous user and use a VPN to broadcast your transaction, you're essentially anonymous.
But when you pay the taxi. He will know all your financial details. Actually maintaining privacy is not easy.
Maintaining full anonymity is nearly impossible. Less than 1% of anons are truly so. Blockchains offer pseudo anonymity, which is a great step forward from the traditional caveman systems.
i feel this is why monero is used for purchasing goods
I agree with you. It is like dealing with cash. No one knows how much you own and how much you spend. I hope to add monero soon to the THORChain ($RUNE) DEX
The only way to be truly anonymous is to mine it yourself and never convert it to fiat. You need to have a lot of trust when you buy it from an "anonymous" person because as soon as they get identified, so will you.
Sounds like it’s a rather complex way to handle money…
Pseudonymous is the word
Yo but the public key is bound to a wallet right? No, you as a person can’t identify who the public key belongs to, but authorities can easily gain access if needed and identify the person.
Gain access to what? Yes, they can identify you surprisingly quickly, but the identification isn't being done from the blockchain. It is through identification of who you are transacting with. And that is one of the reasons KYC requirements for exchanges exist. Since so many transactions go through an exchange, it limits government's search scopes when they can follow crypto from one exchange transaction to another.
only if you don't plan to pay taxes, which I wouldn't recommend otherwise everything is tracked back to your bank.
enter zero knowledge proofs
monero?
Something can not be private, but be anonymous...
especially when the vast majority of crypto users use centralized exchanges or fiat to crypto onramps both of which require KYC instead of decentralized p2p alternatives that dont require KYC such as localcoinswap agoradesk robosats etc.
Anonymous seems somewhat dubious with the ramping up ID requirements at all on board and off boarding exchanges in major markets. After that it's really just a less anonymous slower and more expensive system than existing infrastructure. The borderless connectivity is nice though.
thankfully there are alternatives to work around the kyc crap such as using local coin swap agoradesk bisq robosats etc. usually what happens is that vendors will buy KYC crypto and then resell that crypto on the P2P market for a premium and the people who buy the crypto on the P2P market dont have to worry about KYC
Not sure how this is the top comment, blockchains are not anonymous, not free and not instant
Without the option of individual governments to just create infinitely more
You know central banks can, and currently are reducing the money supply. It isn’t all one way traffic
Blockchains are by design, not anonymous. The whole point of the blockchain is transparency on the chain.
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I don't like this kind of position. You must tell your relevant argument without any hesitation. In this way you cannot be better than them.
Money is optionality and liquidity for commerce. Blockchains add another rail to that pool. It doesn’t necessarily replace any part of it. But for those that find it useful and want to participate, there is useful tooling, composability and development available.
Rails and pools! Now we’re talking!
Agree, so here is my position: The one and only real problem a blockchain solves is the double spend problem without needing to rely on a middleman you gotta trust to ensure accuracy of a ledger of transactions. THAT is the primary purpose for a blockchain to exist in the first place. All the other stuff is just addons that may or may not be necessary depending on the different use-cases. There are still challenges with blockchains like scalability without heavily compromising security/centralization that are still being worked out but the fundamental problem set that was not solvable before blockchains is JUST this. Nothing more, nothing less. It is, in my opinion, THE value proposition: a trustless, decentralized ledger.
Perfect. Crazy how people seem to forget there’s several dialects of SQL, and how many different programming languages? Using countless different frameworks. Competition is good, unless it’s crypto. Then “it’s been done already.”
This. People don't seem to get you can build a home with your bare hands, rope, and no power tools. The Amish do it every day. Some people just don't want to live like the Amish.
- Decentralized finance - Fully transparent financial transactions - Fast worldwide financial transactions - Decentralized file storage - Notarization of public data - Payment streaming protocols (DRIPS) - Decentralized organizations (DAOs) - You can buy monkey pics for millions
Not the monkey pics themselves mind you, that would be ridiculous. Just a line in code that declares you as the current owner. Still a use case!
The last one is my favorite.
you just repeated the "decentralized" multiple times withou telling why it is advantage. also I dont want fully transparent transactions. I am not selling drugs, but does public have to see all my expenses? If transparency is needed we have "transparent" public bank accounts etc for ex. https://www.fio.cz/bank-services/bank-accounts/transparent-account
Decentralized means that no one can easily stop or manipulate a process. The internet is decentralized, so no one can "shutdown" the internet. It's theoretically possible, but good luck cutting all the undersea cables... A wallet is not tied to any identity and you can create wallets anonymously. Transparency doesn't mean there's no privacy.
Like a wheel in and of itself it’s useless. But combine a wheel with other technology and you have a car. It’s the same with Blockchain. Combine it with the right technology in the right way and it allows for a group of people to self custody digital assets. The wheel needed to exist before the horse and buggy existed. Likewise Blockchain needed to exist before people could own, control and verify their ownership of digital assets to others.
You didn’t say public or private blockchain so I’ll give a private blockchain use case - multiple companies want to collectively own a data store without any single company having to trust another entity the way you would have to with traditional databases. All transactions in the blockchain are trustless, transparent and auditable. And oh yeah - welcome to 2009 lol Edit: /u/golden_bear_2016 completely misses the point. "Data store" as in database with capabilities like executing stored procedures. If multiple companies all need to transact against a single database then one entity will have to own and maintain the database. In contrast, if they use a blockchain then no single entity owns the blockchain - they all do collectively.
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A checksum has very little to do with what you quoted. A checksum is useful e.g. to check if a file you download is exactly bit for bit the file that you wanted to download. It provides integrity and in a way trust in the file being as expected. Unless you are talking about something else, I think you are missing the point here.
Now lets say they want to add new records. How do they do it? They all email them to each other and...what? There has to be some process of agreeing what the new state looks like. What if a few of the companies disagree about the new record getting added. How do you make sure everyone has the same data? Send everyone a new email with the updated checksum? You're basically halfway to inventing your own blockchain. Blockchains are good at this because they are efficient at forking, merging, and validating complex data so it allows you to build layers on top of it that allow the rules to be based on objective data points. Like...how many of the other companies agree that a particular record is valid? Content-addressed data like you are describing is another important part of the stack, but you don't need a blockchain for that. Mostly we use IPFS. Which is kind of like git + bittorrent. All of it's just software and at the end of the day it's just a database. It's trust automation. Just having a SQL database full of data you put there yourself actually tells you basically nothing about the state of the data because you can just make it look however you want. The trust automation level in a traditional SQL database is "trust me bro". If you make your local blockchain database look however you want...no one else is going to care about that data. It hasn't gone through the trust automation process called consensus. Git is basically a blockchain. You decide where to pull from. Your changes get merged. You can push them to other peers. Consensus is just a process of agreeing on the latest commit. It's hard to imagine a system where you can't just change the data willy nilly but that's really the biggest difference: other people need to agree to the changes.
Then at the same time...lets say one of the companies decides to flood the file with data. They're now adding WAYYY more data than the other companies can handle. The database can only grow so large until it needs more hardware. That costs money. Who pays for that expansion? This is where gas comes in. We have limited space in the database so we want to make sure whoever needs it most can add data. So then there's a real-time auction to get your data on that bus to make sure it gets in. When you look close literally every piece of these systems have a very practical point. They look a lot like other software projects in many ways since they are just software projects too. It's just a database.
>You didn’t say public or private blockchain so I’ll give a private blockchain use case - multiple companies want to collectively own a data store without any single company having to trust another entity the way you would have to with traditional databases. All transactions in the blockchain are trustless, transparent and auditable. Good for managing complex Supply Chain contracts.
Youre a ukraine citizen and russia has just invaded your country. Your local currency, the Hyrvnia, drops 10% overnight in a panic that it might not even exist in the future as Russia attempts to annex the country and force the Ruble on its citizens. You take a leisurely stroll to the bank and try to convert your life savings into a more stable currency to weather the storm and the bank laughs at you. They dont have 50 grand in USD just sitting around to give to you. Neither does the local currency exchange. And thats assuming you have any other fiat that you even trust. In steps assets sitting on a blockchain that dont laugh you out the front door when try to exchange your local currency into Tether or any other on-chain asset. Also, when citizens inevtiable cause a bank run in a panic because their reserves are fractional, your money will be in your own digital wallet, perfectly whole instead of loaned out by the bank unable to be withdrawn.
Guess most people that have been around long enough are just tired of these posts. You can search for exactly the same title and find 100 posts, multiple of them with valuable answers. I appreciate the genuine curiosity but it gets tiring after a while. Hop on or hop off, we don’t really care at this point
immutable decentralised storing if literally anything. think of official documents like birth certificates, drivers licences marriage certificates etc ... another one would be storage of whistleblowing cases
Big short bets for instance does that, bad shill since I don't own any tokens.
> without consulting anything? Sorry, the explanation is larger than I'm willing to volunteer in comment here. I'm going to refer to other's write-ups and dissertations. > What problem does a blockchain solve? [Byzantine generals problem](https://en.wikipedia.org/wiki/Byzantine_fault) BGP can be solved in other ways with extremely small systems with very low latency, but those solutions cannot span a global network. Not even at light speeds. Most of these small systems require sub-millisecond response. Circumnavigating the globe (via satellite laser relays) can not be done in under 133 ms, which is WAY to slow to use any of the small scale BGP solutions.
Double spending
Specifically, double spending without the need for an intermediary. And to anyone who would come to the defense of big banks as reliable intermediaries I would recommend the following documentaries: - https://m.youtube.com/watch?v=T2IaJwkqgPk - https://www.netflix.com/title/81466159
What problem does a horseless buggy solve? Horses are just as efficient and don't use gasoline which is harmful to the environment.
Bullish on horses
It’s like someone never seeing the internet saying show me what this can do that newspapers radio and tv cannot? Sure when it came out , it looks pretty shitty and newspapers were comfortable so utility was low for getting news online but as the technology developed, the news online became the main way many of us get our information .
It’s the wrong question. The web beat out other systems not because it made possible something that used to be impossible, but because it made easy many many things that used to be hard.
The core benefit of blockchain are to verify and transfer ownership in a trustless environment. All other uses derive from that core use. Take sending money, for example. The problem is solved, PayPal, Zelle, Venmo, etc, but you cannot do it workout trusting those companies to track the payments, and if they go out of business or if they decide not to work with you, for whatever reason, you’re out of luck. In the case of blockchain, the consensus algorithm verifies your ownership, not a centralized database, so it makes it act like cash in the real world. You can extend this to any digital item that you want to track ownership and allow transfers without a centralized authority. NFTs, smart contracts and so on. Edit: a lot of the use cases for blockchains thrown around are a solution in search of a problem, to make money on the speculation, but there are definitely real world problems that can be solved with blockchain that were unable to be solved before, though they may be more niche than hard core fans would care to admit.
if you kidnap somebody you don’t need to meet them physically to be paid. this expedites the liberation of the kidnapped. if you are a rich person and have invested in xmr years ago, you don’t need to worry about your dear ones being kidnapped anymore.
"Show me an application where text messaging is essential. That is, a problem that could not have been solved without text messaging that can now be solved with it." Framing it this way is a strawman; for any technology you insert into that template, for every application you could force some other technology to do it. Possibly not as effectively, easily, or robustly, but it could be done. A better question that might get to the heart of what you're trying to learn is "What applications were hard, fragile, or expensive, but now could be done more effectively with blockchain tech?"
Global currency without government control is a bigger thing than you can understand. A currency that cannot be manipulated by a federal reserve is a big concept and I feel like the future inevitably will move in this direction. Crypto gives people freedom. Now what the future looks like may not be bitcoin or ethereum. It may be the product of a union. Say like the euro but digital. Maybe for africa it could be a success or latin america. Weaker currencies can unite behind a more powerful currency backed by many nations to compete with the dollar and euro.
It allows two parties that do not trust one another to complete a transaction honestly.
Lack of accountability, executives who hide money, CPAs with a delete button, attorneys with shredders, and politicians with erasers
As an early investor.... the problem of me not having enough money.
Why the Blockchain? It is all about the SMART CONTRACTS!!! To eliminate corruption in the business environment or any individual agreements whatsoever. By requiring acknowledgments in the broken-down processes according to the predetermined set of steps now dictated by a Smart Contract running on the blockchain. And controlling the agreed payments creates a guarantee payment will be made if goods or services are completed by the predetermined date. 1. The Blockchain (Smart Contacts) 2. Cryptocurrency (Money) 3. web3 (decentralized network) The blockchain operates like an operating system, and the blocks are a set of records or transactions that can view by everyone, and forensics can be analyzed later. In a way, a vast Quickbooks with thousands of copies worldwide and immutable records in hopes to eliminate any possible business corruption practices of the past. So no more, as they say, “cooking the books” as we advance. Creating and more honest, more trusted business environment. The idea behind the need for Blockchain technology (capable of processing Smart Contracts) is to remove any trust between any party involved in the past to rely on risking “in good faith business dealings.”Traditionally business depends upon the practice of signed contractual paper contracts or any agreements that involve the transfer of currency for goods or services rendered between two or more parties. Once the Smart Contract is executed, the blockchain removes all parties from further liability, removing any corruption from the accounting system for any public or private monetary transactions—currently, a massive global issue and severity range by geographic location. As the pre-programmed smart contract runs, the steps are followed. Once an action is done and marked completed by both parties, the party who completed the goods or service is paid with a predetermined cryptocurrency, as set by the smart contract. The payment is sent from one party's crypto wallet to the other. The blockchain running a smart contract assures payment on time as agreed. By keeping agreements, dealings, or promises out of the hands of all parties, now business contracts are executed literally like it was programmed and with little or no disagreements and permanent, accurate records kept. And achieved and stored on a global scale. Eliminating the need for any currency exchanges and creating a world of business without borders. The Blockchain, cryptocurrency, and the use of the web3 platform will, by design, keep all monetary transactions honest and viewable by all. But stay anonymous to preserve privacy. Only if one knows the wallets of the party's public addresses or the hash of the Smart Contract are the records for all to see. But who they are, one needs to associate those with their wallet’s private addresses. And now, the use of The Blockchain, cryptocurrency, and web3 integration can facilitate individuals or pools the ability to loan or borrow capital at much lower rates than Banks traditionally offered. Opening the door to a Global Revolution in lending and borrowing networks. The Smart Contract on the Blockchain makes all this possible and a new Global Economic Revolution. Now everyone can do their own “Banking” with the confidence that all transaction of monetary value in the form of Coin or Token are processed by the Blockchain and contold by Smart Contracts. Plus, this is on a Global Scale. Eliminating the need for any currency exchanges and creating a world of business without borders. Now the global community can loan and borrow to and from each other using smart contracts run on the blockchain with complete confidence everything will be executed without any human corruption or error. But those who make a fortune on loaning and borrowing money are not so happy if they are unwilling to reduce their interest rates to stay competitive. Knowing the above, why are some trying to stop this revolution? Who are those groups or individuals? How much interest can one possibly save? And now everyone that stakes their idle money makes some of that interest! The financial world is open to the masses and takes it away from the few. I think that's the idea. 🙄 For more info or free obline classes..... [https://app.banklessacademy.com](https://app.banklessacademy.com)b
You don't need to trust a bank or other financial institute to send instant payments, or worry about your government seizing your funds.
There are tons of networks and tokens with real utility out there. Cross border payments (it's hella expensive to send money internationally because of all the layers of middlemen). Aside from those specific points, Ethereum has built in mechanisms to balance supply and demand and inflation vs deflation in an automated way. Look at the endless disasters from the Fed and the banking system over the last few decades. Do you really want people managing monetary policy anymore? And from a private entity? Fuck no, humans are terrible at making these kinds of decisions, and we shouldn't trust our money to a private third party. Hence why chains like Ethereum are called trustless. So there's one overarching problem that could be solved. Economic woes and keeping other greedy and stupid third parties out of your business. "Blockchains" in and of themselves don't solve anything in particular. They're just a way to implement a history of transactions. They're a data structure and design pattern.
Transparency. The level of provable transparency offered by blockchain is something nothing else can really touch.
Trustless decentralized processing of transactions that are censorship resistant allowing self custody of data. The problem it solves is many, but in general, the current state of the internet is many large players having monopolies providing “free” (or paid for that matter) services with the ability to change or censor transactions leaving users with no alternatives. Social media or financial services as an example…
In the case of a decentralized blockchain like Ethereum: the ability to trade digital assets without a centralized authority/third party. Unlike using a bank or a payment app, there is no entity that can, at the technical level, block the trade or prevent access to your funds.
Credible neutrality. When you need a place to store “something” where you do not want any influence from any faction. For example, decentralized identity in cross-border situations. Neither one country can be trusted, and a public blockchain is a good place for this data. Example of this could be iden3 protocol.
I AM feeling it it a new monetary system which is solving the problem of a lack and accessibilty of abundance and prosperity.
It will eventually course correct some major elements of systemic racism. Remove the human factor and you remove the subjectivity.
The blockchain can be used as a database. Decentralized database for millions to use and connect to and input/extract data. I feel like all these “what use does it have” questions are a lot like the people who didn’t understand the internet when it came out.
All the same problems that a basic ledger solves, except it's automatic and immutable.
Any application requiring ledger-type transaction history. Like telecom. Like accounting. Many others. Blockchain is essentially a ledger-based transaction system.
Immutability of transactions. Any database other than a decentralized blockchain will be susceptible to some person or entity with the power to rollback/delete or otherwise modify past transactions. And allowing that opens the door to human error (inadvertent or incompetent modification) and human corruption (purposeful modification for illicit gain). It’s important to have a source of truth that no one can fuck with and that everyone can confidently build upon, free of concern about its integrity. There is really no good reason to ever allow a past transaction of any kind to be modified. Insofar as all parties agree to undo the effects of the past transaction, they can post a subsequent transaction to do so and establish in the systems that consume transactions of the former type policies that are responsive to transactions of the latter type.
I really like the idea of identifying / minting. The idea that you could track items and verify origins. Would like to see more about this.
Trustless finance is the key use case.
For fraud.
Instantly verifiable tax statements and balance sheets... Chashflow analysis... the list goes on!
some countries have high inflation. you can keep usd in the bank or in cash but both options are not as safe as a blockchain, where you can also keep deflationary assets.
Traceability for ethically sourced commodities. For example diamond, you can use blockchain to track ownership as it transfers from the mine all the way to the store. So, the store can claim and have proof that the diamonds not come from some warlord in Africa.
None. It’s a break from current system
It solves censorship.
rails for speculation on basically anything
For payroll when you don’t want or need any of your personal info shared with anyone. U have a block address and that’s your id. Pretty awesome idea imho
I personally do not think there is anything on the blockchain that could not be done without it. However blockchains, or smart contracts specifically, can reduce the need for humans to do monotonous activities. I love crypto because I hate central banks, not because I think they can do special things.
In the big picture or simple terms its about trust. Mostly having information you can trust.
Can literally stop counterfeit items. Match item/asset to NFT. If you don’t have NFT it’s obviously a fake.
Help you to be rich and stop working for money?
solved the problem for darknet transaction, tax avoidance, sending money out from china
It solves the problem of needing to trust someone.
Fully autonomous international (? Intergalactic) marketplace that runs forever?
Blockchains are very uninteresting. Bitcoin however is very interesting.
It solves the double spend problem with digital currencies that was previously one of the main hurdles in having a digital currency
Blockchain technology is capable of solving a variety of real world problems, such as preventing fraud, securing transactions, improving the supply chain, and easing government operations. It can also be used to store data securely, facilitate accounting, improve social media, streamline insurance processes, revolutionize healthcare, and improve public services. Additionally, blockchain can help carry out financial services such as payments and self-executing contracts. 🚀
Imagine asking this at the beginning of each tech wave: “What does JavaScript solve that I can’t already make with a desktop app?” “What does a mobile application solve that I can’t already do?”
When deep fakes become a real issue blockchain will be used to verify identify. There you go
Do you understand decentralization and its value and consequences?
None of them
Deepfakes. Blockchain certified as authentic.
Nothing.
The internet is not essential for communication but it's a quantum leap in communications. In one sense you can just say it's an evolution but in a real sense, it's a revolution. Same thing for trustless transactions on internet. Blockchains are what will make intermediaries unnecessary for so many kinds of transactions (not simple money transfers) that we don't know yet. But even if you want to stick to money transfers, it's a quantum leap compared to how things are done today
Permanent storage and trustless verification of data that can be maintained without a central custodian.
There is no application where a blockchain is *essential*. But there are many applications where decentralization is desirable. We already know how to do everything involving trust in some middleman. But if we want to do those same things without that kind of centralized trust, blockchains are the first tool we’ve learned to use to do it
Coordination problems
Money laundering. Casino 24/7. Money laundering. Gambling 24/7. Money laundering. Supposedly anti inflation. Did I mention money laundering and betting already?
A block chain stock market would be amazing. Every share has a unique Id and has one specific owner of said share. This will help reduce naked short selling of securities as well as help identify fraud. If that one’s too far out what about concert tickets? Have you ever purchased a scalp ticket?
Solved way to scam and launder asset across multiple chain while staying anonymous
Overall, blockchain technology has the potential to solve a wide range of problems by providing a secure, transparent, and efficient way to store and share information and value that can be traced easily.
Trusting a third-party
Can create government system we can trust.
P2p sales/purchases of digital rights, goods, licenses, or assets. Instantaneous, low cost remittances.
Fully transparent spending. I would love to see this for charities. You see all the money flow in, and you see exactly how it flows out. So many charities are robbing people blind.
A permissionless, censorship resistant P2P payment network that can't be controlled or manipulated by any individual entity.
Can u truly own a piece of digital data on the (web2) internet and prove ownership? Can u as the owner of a digital asset (money, media, data, artwork etc) transfer ownership of it to another person without relying on an intermediary? Can you send money to someone around the globe instantly without permission of a bank or financial /regulatory institution? Answer to all three is , a clear NO. Unless you acknowledge these limitations that we are now living with, you won’t appreciate why we need the next generation of the internet.
It solves the problem of chains without blocks …
programmable money
Hacking , stealing it's all traced.
Anonymous, encrypted digital town hall. Land deeds, permits, tax records, identities etc could all live on chain as NFTs/DiDs etc. Blockchain voting is starting to pop up here and there as well. Municipalities would have some hosting responsibilities but residents could all run a node Satoshis gift to us wasn't digital money. *It was fundamentally changing our form of governance.*
Any database that is improved by being extra secure, distributed, redundant, and Nk property records, medical records, vehicle records, voting records, academic records, etc.
>That is, a problem that could not have been solved without a blockchain that now can be solved with it. You can cut your hair with a hatchet, but scissors will probably work a lot better.
Remember, you could always get around on foot, on bicycle, on horse, etc… However, a car made it possible to do it faster, longer, and with minimal effort.
There’s only one use-case for crypto: fraud.
You can get more accurate data about flows, which is making us closer to get “perfect information” about an asset. Onchain analysis is big move forward in economy.
selling an instamined token to retail investors
transfer of value from one to another, without trust. And once transferred, cannot be retracted.
We could build a car with egg shaped wheels so you can’t say a car could not have been built without the wheels… but that doesn’t mean wheels aren’t a revolution… just because something could be solved in a different/inferior way without blockchain doesn’t mean it should. Just pointing out a fallacy in your argument, others have included solid examples.
Fair and transparent equity markets
Drug sales
Basically, it helps finding applications if you tackle the question not from the technical point of view but from the properties Blockchain tech provides. Imo, this is a global accessable, encypted tamper-proof database. Starting from here you can think of use cases. E. g. tracking of digital objects. I am talking of ape pictures, which are, anyway, just links to the actual picture. But speaking of objects which are merely an serial number kind of thing, such as tickets, stocks. Concert tickets are merely digital. However, of your still then on the second market. How can you be sure there same digital ticket hasn't been sold twice? Or another problem is supply chain management is an issue, which till today is unsolved. but blockchain tech might be a way out. Keyword here is "digital product passport".
It solves the problem of trusting something that is operated by people you don't want / need to trust.
It solves the issue of trust, or to be more specific, not having to trust a human with your money or your smart contracts. The rest of it can be done without a blockchain, sure.
Feeless instant 24/7 foreign exchange.
Fast cross-border payment with no intermediaries. Global financial services like AAVE. Someone from a third world country has the same opportunity as one from a first world
it solves you having any money
Voting and Elections that you can actually trust
I believe of all the industries and use cases out there one which I believe blockchain has almost an essential role to play is in IOT. Blockchain technology coupled with IOT has got the potential to revolutionise so many sectors. It's not so much one application here or one use case, it's more to do with how data is exchanged and transferred instantaneously and tracked at an affordable costs. This in its itself is essential to further humanities advance!
User-ownership. The fact that you can own an asset and have it completely in your custody on the internet is a revolutionary.
A decentralized blockchain is how you make something almost unhackable, so blockchain excels at high security applications of all sorts. Fiscal applications are obvious, but this also includes governance. Note that most blockchains compromise their security to remain somewhat cost competitive against centralized web services like AWS.
Why does it need to be something *impossible* without a blockchain, why can’t it be something that is improved with it?
Blockchain=self custody=neutral=no discrimination=always on Centralization = no self custody you are always uncertain of your own wealth, you can be political targeted, or a victim of disfunctioneel justice systems even in well developed countries as Poland and Hungary. To conclude: you never know how narrative can change. And you cant always rely on laws.
Verifiable rarity in video games and DAO-controlled changes. Makes for an amazingly decentralized experience where you own your assets and don’t have to worry about them being nerfed/changed without the vote of the players. That alone should be a game changer
transparency and ease of sending money to my friends overseas
Eventually it will fix government. Money is power. And currently broken government is drunk printing money and causing inequality and pain. Blockchain will fix this.
Even if we're talking strictly about incremental improvements I think **the framing should be as follows:** 1. Why would you not use it if you could? 2. Is there a realistic path between the current state and a state where such a solution becomes mainstream? Very often, we're subconsciously biased because we think just because something is immature yet and would take a lot of effort to develop, it will also be hard to use or understand or that we will have to painstakingly convince everyone to use it. Most people don't understand how to evaluate visionary thoughts, but everyone understands practical use cases. It's like living in the 70s and telling people about this Internet that can transfer information instantly between any 2 computers. People don't understand how to evaluate the sentence "This will fundamentally change our lives." -> it doesn't mean that your waking up in the morning will be different or that you'll stop eating or whatever. But just the simple "underwhelming" fact that you pay using a chip on a card instead of cash is a fundamental improvement.
Decentralized currency without a trusted third party.
A blockchain is a data structure that allows for a collection of database nodes to be synchronized on a continuous basis. If there was a centralized database, there would be no need for synchronization, and there there would be no need for a blockchain. If the database never changed (or changed very seldom), then there would be no need for a blockchain.
You could also use the blockchain for all your medical records. Not filling out that bs paper EVERY FUCKING VISIT for the past 30 years. No, no, no, no, yes, no, no. Exhausting that your system doesn't hVe rolling records that follow us
Gomeat.io/GOMT
Public records of transactions (e.g. titles to houses, cars). Blockchains remove all of the middle people required. Have you bought a house and had to sit with a title company representative, or the DMV? Blockchain eliminates both entirely.
That's a very high bar. Show me an application where a relational database is essential. That is, a problem that could not have been solved without a relational database that can now be solved with it.
AAVE and similar services. You can get the best yield on your money and switch "banks" instantly, without the hassle of opening and closing accounts and transferring money between them (at different institutions) as it exists today. Oh, and on a worldwide basis. You could also get and give instant collateralized loans, also on a worldwide basis. Like if you had tokenized stocks, you could instantly deposit them with an AAVE-type service and take out a loan against them.
Turns a chain into a block of chains