This is a technology to store information in a blockchain. Each of the blocks contains data from the entire previous chain: it is known what exactly is stored in the previous blocks, who created the information and when it moved or changed it. All information is duplicated on different computers, possibly in different countries. Thanks to this, it is simply impossible to fake them. Thanks to machine learning, the programmer is not obliged to write instructions that take into account all possible problems and contain all solutions. Instead, a computer (or a separate program) is presented with an algorithm to find solutions independently through the integrated use of statistical data from which the patterns are derived and based on the forecasts made.
Blockchain is a specific cryptocurrency technology, one might think of using better data structures for this purpose, but the opposite side is absurd: there is no other serious application for blockchain.
There are multiple applications of real words for a blockchain in addition to cryptocurrencies. Cryptocurrencies are just one of many applications.
It can be used where decentralized storage without trust is desired.
Some applications would be:
• Supply chain
• Digital identity
• Data management between organizations.
• Patient table
• IoT
• Real estate
And most of them do not need bitcoin because of their traditional database nature does the job better and if they need some kind of redundancy, they can use a distributed, fragmented database.
I would say that none of the applications mentioned need bitcoin at all.
That was really the point: having applications for a blockchain that excludes cryptocurrencies.
The fact that centralized databases are better at some points does not mean that they should be used for all those applications.
The same could be said about bitcoin. Why use a blockchain if you can use a bank?
The distrustful and decentralized aspect is what makes it special. And this can also be desired in a supply chain, identity management, IoT, etc.
In my opinion, these applications can be used decentralized.
The supply chain, for example.
You could follow the harvest of the cabin, the transport through boats, the creation of thread and, finally, the manufacture of a completely transparent shirt.
There are multiple entities involved in this process. And with a blockchain that tracks all these steps, there would basically be no authority
However, there is not a single project that does that.
Anything that one can find right now, in fact, only uses blockchain as a buzzword. But I'm sure we can have several applications backed by a blockchain in the future that have absolutely nothing to do with cryptocurrency.
I hope you like this information and I send you a huge hug, thanks for your support.
ARTURO ISRAEL LOPEZ MOLINA.
Good ✍🏼
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