Blockchain, or distributed ledger technology, could soon give rise to a new era of the Internet even more disruptive and transformative than the current one. Blockchain's ability to generate unprecedented opportunities to create and trade value in society will lead to a generational shift in the Internet's evolution, from an Internet of Information to a new generation Internet of Value. The key to enabling this transition is the formation of a multistakeholder consensus around how the technology functions, its current and potential applications and how to create the regulatory, cultural and organizational conditions for it to succeed.
Please read article and anwer questions:
https://arxiv.org/ftp/arxiv/papers/1903/1903.12553.pdf
1. Do you know another possible applications of blockchain technology?
2. Where blockchain should not be applied?
3. Which blockchain is best for with application?
1. Do you know another possible applications of blockchain technology?
ReplyDeleteThe authors give a lot of examples of application of blockchain such as: health records, supply chain, IoT E-business, energy market, E-Governance, decentralized registry, stock exchanges and smart cities. I found some other application of blockchain. This technology can be applied in gift cards and the loyalty program making the process cheaper and more secure by cutting out the middlemen and using the blockchain’s unique verification capabilities. The blockchain technology can be applied in music industry as well. The blockchain and smart contracts technology can circuit ownership rights problem by creating a comprehensive and accurate decentralized database of music rights.
2. Where blockchain should not be applied?
I think I found very interesting website, where you can read about disadvantages of the blockchain technology, here it is a link: https://www.enterprisetimes.co.uk/2018/10/15/blockchain-disadvantages-10-possible-reasons-not-to-enthuse/
One of them seems to be interesting to consider – it is a „scalability remains blockchain’s weakness”. The given example considers the Visa. It processes thousands of transactions per second for tens of millions of customers. The classic banking technologies are far more scalable than blockchain.
3. Which blockchain is best for with application?
When I searched some information about the application of blockchain technology I read that the transactional-based cryptocurrencies and cross-border payment programs are two industries that will benefit the most from blockchain technology.
Thanks for your input. In my opinion currency based solutions are rather scams and due to lataes reaserch 90% of all bitcoin operations ware 'pump and dump' scams.
Delete1. Do you know another possible applications of blockchain technology?
ReplyDeleteTechnology itself is known to me. The article cites a lot of examples of the use of technology. Honestly, I did not find anything new on this topic.
2. Where blockchain should not be applied?
I don't know, I have no idea. For now, from what I see, everyone's wondering where to use it? Where don't use it? Time will tell.
3. Which blockchain is best for with application?
I think, reading that the cryptocurrency market is currently driving this technology and it will still be that way. However, where it enters will change the functioning of some areas of life.
Thank you for your opinion. It is true that cryptocurrencies market is mostly driving growth of this technology but it appears that most of its development are usually scams
Delete1.Do you know another possible applications of blockchain technology?
ReplyDeleteIn my opinion Blockchain Technology has the potential to disrupt the healthcare industry’s centralized operations, opening the door for optimized business and service delivery. Smart contracts on the blockchain operate automatically without third-party personnel needed to verify documents. With automation comes a reduction in the bureaucracy that currently stands in the way of patients receiving the best care possible. There are plenty of applications other than cryptocurrency and health care for blockchain technology. One of them are: IoT, E-business, energy market, E-Governance.
2.Where blockchain should not be applied?
Even though blockchain technology can be apply in many ways, no matter how innovative and game-changing the technology is, it can’t be applied to each business case. Not only can it be inefficient, but it can even turn out to be ridiculous and futile. As a technology, blockchain should be used as the best solution to a certain problem. Instead, we often search for a problem we could solve with blockchain only to join the trend and to be among its first adopters.
3. Which blockchain is best for with application?
There are three types of Blockchains: Public Blockchain, Private Blockchain, Consortium or Federated Blockchain. There are some more complicated types also such as public-permissioned blockchain, private-permissioned blockchain. I think that there is no simply one best type of blockchain for all types of application.
Thank you for your thoughts. Yes this is true, there are a lot of different implementations of blockchain technology and there is not single best way of its adoption
Delete1. Do you know another possible applications of blockchain technology?
ReplyDeleteIn the article authors make a review of articles about blockchain. They mentioned using it in eg in legal documents, health records, supply chain, IoT E-business, energy market, E-Governance, decentralized registry, stock exchanges and smart cities. We can used blockchain in music applications.
I found an article about blockchain applications. Links below.
https://www.blockchaintechnologies.com/applications/
https://coinswitch.co/news/20-blockchain-applications-across-industries-2018
2. Where blockchain should not be applied?
Blockchain shouldn’t be used were there is no business network or as replacement for secure messaging. Much more you can read in this article:
https://www.ibm.com/blogs/insights-on-business/government/ten-things-blockchain-not/
3. Which blockchain is best for with application
There are three types of blockchain: public blockchain, private blockchain and consortium blockchain. The public blockchain is best for applications that need validate transactions, participate in authentication census, participate in design of the blockchain structure, and access and read transactions though transparent and anonymous. The private blockchain is best for applications that need write and read permissions which are exclusive to the organization, better scalability and better compliance with government security and privacy regulations. While the consortium blockchain is for applications that need fast working and scalability. This blockchain is partly private.
I found an article about blockchain. Link below:
https://study.com/academy/lesson/blockchain-technology-definition-types-uses.html
Thank you for your input. IBM article seems to be good approach to blockchain technology adoption
Delete1. Do you know another possible applications of blockchain technology?
ReplyDeleteThe authors mention a lot of applications, including all the ones I have heard about so far.
2. Where blockchain should not be applied?
I do not know if there are any applications for which it should not be used. It certainly does not have to be used everywhere. I found an interesting article that presents a flowchart that can help you decide whether to use blockchain and where it is not required.
https://hackernoon.com/to-blockchain-or-not-to-blockchain-45004a23e8a7
https://eprint.iacr.org/2017/375.pdf
3. Which blockchain is best for with application?
The article I quoted above includes all three blockchain types. It all depends on what we really care about. Surely currently its most popular public blockchain on which crypto currencies are based.
Thank you. In my opinion blockchain should not be used as database. It's designs is more about implementing or modeling trustless business process. Where we won only store data it's for sure not good idea to use blockchain
Delete1. Do you know another possible applications of blockchain technology?
ReplyDeleteThe authors of presented article write about the usage of the blockchain technology as a proof of existence in legal documents, health records, supply chain, IoT E-business, energy market, E-Governance, decentralized registry, stock exchanges and smart cities. Apart from those applications nothing new comes to my mind. Of course, I have heard about blockchain in terms of cryptocurrency and transparent ledger in trade.
2. Where blockchain should not be applied?
First of all, in isolated networks with a small number of hosts. In this configuration, this technology simply will not work. Analyzing the disadvantages of this technology, it is necessary to pay attention to its low efficiency and memory needs to store the full ledger of blocks. The problem will be wherever we need fast and frequent transactions or having full data on transactions.
3. Which blockchain is best for which application?
Public blockchain – as the most popular – is the best for transactions validating. Private blockchain may not be used for general public usage so it can be used as an internal technology that requires better scalability and quick operations. Consortium Blockchain is a kind of mix of private and public blockchain. It may be used for example in public - but reserved for some groups of users - transactions (as for the entitlement for a certain roles of users).
Thank you, There is a lot of developments in data storage capabilities and different ways to scale possible number of transactions. What is also with mentioning block size matter in few specific consensus implementations, but there are a lot of possible way of implementing consensu.
Delete1. Do you know another possible applications of blockchain technology?
ReplyDeleteI've said it multiple times, the only blockchain technology - that I know of - that makes sense is git :-)
2. Where blockchain should not be applied?
any form of currency (counter at http://dayssinceacryptocurrencyexchangehaslostmorethan100million.com/ has to be re-set again), medical records, 'smart' contracts, inter-bank payments, ownership tracking, e-voting - just to begin with. It may look fine on paper, but when confronted with intricacies of real world, collapses like house of cards.
The chart linked by Przemysław Latoch is good, it can be simplified though: http://doyouneedablockchain.com/
3. Which blockchain is best for with application?
I'd cross out consortium and private blockchains as most probably there will never be any successful application of those.
Public ones might be usable, but it is very hard to think of good application, we will have to wait a long time for one.
I strongly agree with your point of view. I changed my position after realizing the potential of the blockchain technology to significantly transform the worlds of finance, business and value exchange. But as I did more research and sought to understand the blockchain, I faced the blockchain enthusiast’s first challenge: separating the truth from the hype. Thanks for sharing chart.
DeleteThis comment has been removed by the author.
ReplyDelete1. Do you know another possible applications of blockchain technology?
ReplyDeleteIn fact, the whole blockchain is one big decentralised data registry. Only our own imagination can limit us when it comes to what type of data can be stored there. But in my opinion there is more marketing noise and ignorance-driven hype around blockchain than critical analysis of the technology itself.
2. Where blockchain should not be applied?
The use of one type of chain will be a good solution if and only if, among other things, it is necessary to provide access for many unknown participants without the use of third parties. If, however, everyone is known and trusted, a simple, non-distributed database will simply be a more efficient solution, without unnecessary authorisation delays and restrictions on the number of users requesting access.
3. Which blockchain is best for with application?
Blockchain is a huge improvement in a situation where trust is important. He has to remove the broker and that is his advantage.
Actually blockachain is not for storing data. Blockchain by design is serving decentralised general ledger which is storing only transactions not any other data.
Delete1. This technology can be used wherever there is a need for many documents to fill in to use any service, i.e. health care, loans, etc. The authors also mention the use in the energy market, the Internet of Things, the stock exchange, etc.
ReplyDelete2. Blockchain prides itself on its anonymity and openness. This creates a problem for companies or individuals whose transactions, for example, can be viewed by many outsiders. Of course, only the selected are authorized, but it makes this technology potentially dangerous to our privacy. In addition, blockchain is not indestructible. The problem may also be in small local networks.
3. It depends on the type of our application. If our application deals with transactions, public blockchain will be suitable for this. If our application requires saving and reading confidential information available only to the developer, private blockchain will be better. I think that there is no one rule, and the developer must think for himself which technology will be the best for him and whether he needs it at all.
Thank you for your thoughts. I see that you also are interesting in this topic.
Delete1. Do you know another possible applications of blockchain technology?
ReplyDeleteI think that music was not mentioned in the article. Key problems in the music industry include ownership rights, royalty distribution, and transparency. The digital music industry focuses on monetizing productions, while ownership rights are often overlooked. The blockchain and smart contracts technology can circuit this problem by creating a comprehensive and accurate decentralized database of music rights. At the same time, the ledger and provide transparent transmission of artist royalties and real time distributions to all involved with the labels. Players would be paid with digital currency according to the specified terms of the contract.
2. Where blockchain should not be applied?
I think in many cases it should not be used. FOr instance blockchain introduces more security vulnerabilities for voting. According to some reports, blockchain introduces additional security vulnerabilities when it comes to elections since malware on a person’s device could alter a vote before it reaches a blockchain. As a result, the blockchain’s immutability then fails to provide the desired integrity, and the voter might remain unaware their vote was altered.
3. Which blockchain is best for with application?
Blockchains are used and will be used more widely in Gaming. Augmentors AR Game uses the Bitcoin Blockchain via Counterparty, to store all the data for the players/creatures, building a long term history with every stat from day one. Not only that, but the player will own that creature and be able to trade/sell the creature in the future.
Thank you for your input in this topic. Especially I did not heard about using blockchain in Music yet and I think this one is very interesting topic to start research. Thanks!
Delete1. Blockchain may be applied everywhere where some kind transactions are used. It can be applied in cryptocurrency, financial services, music, videgames or even space. I have read that they are using satelite based blockchains.
ReplyDelete2. It shouldn't be used in a cases where it doesn't fit in or where it do not provide enogh security. Sometimes old solutions even offline are better for this reason.
3. I think that blackchain os best for cryptocurrency and games. The first ine is very interesting example of international currency and how it can be managed without banks and other kinds off supervision. It wont be possible wothout blockchain. The second one is games and in this industry it is very common to adapt new ideas and use them in creative way. Blackchains here may be used in many ways.
Hello,
ReplyDelete1. Blockchain Technology:
- provides the ideal engine to power a fairly new concept regarding our new connected world: Internet-of-Things,
- cryptocurrency - provides a trustless environment so that there is no longer a need to rely on a third-party to ensure your payment transfers, thus creating a Person-to-person (Peer-to-peer) environment,
- is a potential vehicle to improve government services and foster more transparent government-citizen relation,
- has the potential to disrupt the healthcare industry’s centralized operations, opening the door for optimized business and service delivery,
- provides the ideal engine to power digital identities with hardened cryptography and distributed ledgers.
2. The oldest blockchain is of course that of bitcoin. As a result of being an early riser, it has quite a number of advantages over other models. It is a public network allowing everyone who wishes to join the network.
It has the highest market capitalization and its token is the most valuable in the crypto market. The network also has high liquidity and offers a reasonable level of security for those running applications on the platform.
3. A sweeping 156-page report from the National Academies of Sciences, Engineering, and Medicine (NASEM) entitled, “Securing the Vote: Protecting American Democracy,” says that internet-based voting systems should not be used at this time until they can be verified as secure. The authors of the report write that while the use of blockchain as an immutable ballot box “may seem promising,” the technology “does little to solve the fundamental security issues of elections.”
Br, marta
1. Do you know another possible applications of blockchain technology?
ReplyDeleteIn the article there were the most important and popular exaples of blockchain applications enumerated, such as: health recorsds, energy maket, decentralised registeries,. stock exchanges, smart cities etc. Apart from what was already stated above, blockchain technology can be used in music industry or gift cards and loyalty programmes.
2. Where blockchain should not be applied?
Everybody wants to use this technology everywhere. Of course, there are instances where other technologies and solutions would be more preferrable option, so it's not the matter of "where not to apply it", but rather "where other options are more appropriate".
3. Which blockchain is best for with application?
I also heard that transactional-based cryptocurrencies and cross-border payment programs will benefit the most from this technology.
1. Do you know another possible applications of blockchain technology?
ReplyDeleteBlockchain technology overnight has changed the way of looking at many aspects of modern computing. I know that GIT is using this technology, but I have never interested about it so I don't know other...
Blockchain technology is something new so maybe after a few years it will be more popularity.
2. Where blockchain should not be applied?
...I'm not very creative so I will answer- in application which don't need it :D
Seriously this technology isn't easy to implement so if application have any other possible solution I will recommend this other (if of course it will still have sense).
3. Which blockchain is best for with application?
I think that public blockchain could be use in every application. This type of blockchain is tested, we have certainty about effectiveness of them and could block application result in other ways which will hide it from prying.
One of the potential uses of a blockchain is a distribution of a value of internet communities across their members. I encountered this idea on YouTube where Siraj Raval proposed using tokens to "pay" users for contributing in some way to his initiative that can be exchanged to for example promotion of their own content (here is the video: https://www.youtube.com/watch?v=X9QqQ2EmD9o). Rewarding active contributors could lead to faster growth and maturing of such communities.
ReplyDeleteAs for more "serious" applications like securing execution of contracts, I think that it isn't the best idea. Let's take Joe's example from this article https://hackernoon.com/popular-use-cases-of-blockchain-technology-you-need-to-know-df4e1905d373. Currently, there exist solutions to prevent such situation - an escrow. Basically, a client transfer funds to a separate account, but a contractor receive it only after conditions of a contract are fulfilled. After all, for most contracts, you can't automate the process of acceptance of contractor's work. In this case, the solution indeed could help Joe to receive his money but would be harmful to the other party in the opposite scenario where Joe was fraudulent.
ReplyDelete1. Do you know another possible applications of blockchain technology?
Blockchain can be applied to the register of car owners and purchase and sale history as well as their insurance, accounting books,
share books, electricity trading without intermediaries.
2. Where blockchain should not be applied?
In my opinion, the blockchain should not be used with currencies because it does not give any guarantee of recovering the inserted amount. It is based on the fact that everyone is honest, but it is known from the theory of games that it is not.
3. Which blockchain is best for with application?
I think the best is ethereum because of the decentralized application server combined with the unchanging history of the transaction.
1. Do you know another possible applications of blockchain technology?
ReplyDeleteThe authors mentioned all possible applications that I heard about. I think Blockchain can be used for everything and nothing.
Of course, cryptocurrencies and speculations on them are the most exciting topic.
2. Where blockchain should not be applied?
It shouldn’t be applied where transactions should not be anonymous.
3. Which blockchain is best for which application?
The only contact with the blockchain I had was that cryptocurrencies, and I must say, transactions with them are really good, but speculations and diametrical changes in value (mainly declines) and theft from cryptocurrencies exchange are no longer pleasant.
1. Do you know another possible applications of blockchain technology?
ReplyDeleteI believe that author named all possible application currently known. Probably if I know some other, soon I should be reach:)
2. Where blockchain should not be applied?
Block chain looking from storage perspective is a really good way to store transactional data, but in data warehousing it is not an efficient storage.
3. Which blockchain is best for with application?
There is a lot of possible blockchain application, but it is always a problem of giving away competence of central authority and supervisory and usually this is the biggest show stoper for blockchain application.