What Problem Blockchains Solve

#1

Post by colinarms » Wed, Dec 22, 2021, 3:06 AM UTC

What Problem Blockchains Solve
solutionspace.blog

Re: What Problem Blockchains Solve

#2

Post by marcodiego » Wed, Dec 22, 2021, 5:50 AM UTC

Basically it allows demonstrability of ownership.

Re: What Problem Blockchains Solve

#3

Post by edgyquant » Wed, Dec 22, 2021, 6:03 AM UTC

Could it potentially be used to keep a distributed database of information collected by a large array of satellites orbiting something like the sun? I know I’m reaching here, and I’m pretty anti-cryptocurrency so I’m not looking for a nail really, but I just think distributed stuff is cool and the way blockchains work surely has some purpose when light lag is in play.

Like couldn’t it be used across a dyson swarm of rotating habitats or something as the transaction currency between them?

Re: What Problem Blockchains Solve

#4

Post by dragontamer » Wed, Dec 22, 2021, 6:11 AM UTC

marcodiego wrote: post #2

Basically it allows demonstrability of ownership.

So if I made an NFT of the Constitution, does that make me the owner of the Constitution?

Re: What Problem Blockchains Solve

#5

Post by xboxnolifes » Wed, Dec 22, 2021, 6:16 AM UTC

dragontamer wrote: post #4

marcodiego wrote: post #2

Basically it allows demonstrability of ownership.

So if I made an NFT of the Constitution, does that make me the owner of the Constitution?

Can we quit beating this straw horse?

Re: What Problem Blockchains Solve

#6

Post by beambot » Wed, Dec 22, 2021, 6:22 AM UTC

edgyquant wrote: post #3

Could it potentially be used to keep a distributed database of information collected by a large array of satellites orbiting something like the sun? I know I’m reaching here, and I’m pretty anti-cryptocurrency so I’m not looking for a nail really, but I just think distributed stuff is cool and the way blockchains work surely has some purpose when light lag is in play. Like couldn’t it be used across a dyson swarm of…

Crypto transactions featured heavily in Stross' Neptune's Brood for synchronizing transactions over interstellar distances:

https://en.m.wikipedia.org/wiki/Neptune%27s_Brood

Money was split into slow, medium, and fast variants -- the former of which was subject to speed of light limitations in the key signing for verification.

Re: What Problem Blockchains Solve

#7

Post by m3nu » Wed, Dec 22, 2021, 6:30 AM UTC

> The very mechanical understanding of a contract means that we cannot tell the difference between a transaction that abides by the rules and one that exploits a bug in the system, respecting the letter of the law but not its spirit.

This is really the key issue, which is difficult to change. I can't think of many important systems where we wouldn't expect human intervention if something goes wrong.

Re: What Problem Blockchains Solve

#8

Post by dangus » Wed, Dec 22, 2021, 6:30 AM UTC

I think a good resource to give you an idea of what blockchain can actually do comes from the "Blockchain use cases " and "Blockchain solutions" sections of IBM's Blockchain marketing page:

https://www.ibm.com/blockchain

This gives you an idea of some real world business problems that have been solved with the technology. Still, personally, I find the question of "when do I decide to consider using a blockchain as an implementation choice?" a difficult one to answer.

Re: What Problem Blockchains Solve

#9

Post by fizzledbits » Wed, Dec 22, 2021, 6:31 AM UTC

xboxnolifes wrote: post #5

dragontamer wrote: post #4

Earlier quoted context omitted.

So if I made an NFT of the Constitution, does that make me the owner of the Constitution?

Can we quit beating this straw horse?

Please explain why it is a straw horse.

Re: What Problem Blockchains Solve

#10

Post by pengwing » Wed, Dec 22, 2021, 6:35 AM UTC

Ethereum has only been around since 2015. Naturally smart contracts, DAos and NFTs are somewhat newer technology, still exhibiting flaws.

Block chain as a concept with the single use case of store of value has been around since 2009 in the form of Bitcoin. So let me only pick one battle here: The problem is federally-issued inflationary currency. Bitcoin solves it.