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There's room for blockchain in every place where: 1. there's a central authority involved 2. the central authority is prone to error, bias and hostility ️=> Mo
by tbking 9y ago
There's room for blockchain in every place where:
1. there's a central authority involved
2. the central authority is prone to error, bias and hostility
️=> Most used application is money-based transactions. Banks are central authority and are affiliated with governments, which makes them charge of your money. Use blockchain (Bitcoin).
=> Supply chains are inefficient due to checks and sign offs by so many people. Use blockchain (Hyperledger)
️=> People don't agree on terms, and they end up in a feud or a lawsuit which is costly. Use blockchain (Ethereum)
Blockchain, and decentralization on whole is seen to be as future. Many want to tap it before others. Of course, large number of startups will fail, but it doesn't say anything about the potential this technology holds.
- zv 9y agoLet's take first example. As a bank - why it is in your interest to release that authority to blockchain when you are authority and existing infrastructure exists?
- steven_braham 9y agoEven banks can be victims of inefficacy or corruption due to too many middle men. Furthermore, they can also have disputes about ownership of loans, property or money. In my country, there is a bank that is actively embracing and supporting blockchain: https://www.abnamro.com/en/about-abnamro/innovation/blockchain/index.html https://www.abnamro.com/en/about-abnamro/innovation/blockcha...