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RE: Why are blockchains valuable?

in #blockchain • 6 years ago (edited)

I think that public data set is a nice feature. But i do not believe it is the main driver of value.

Ie looking at steem, is the difference really the public data? Could that same value not be realized with a centralized sql type approach?

How does that make the platform more useful to its users then centralized platforms?

To me it seems there is something bigger at play here that generates value

6 years ago in #blockchain by
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     6 years ago 

    With centralized systems, ownership is with the person managing the system, hence he is the sole owner of content and he only has the value from it ultimately. Just like Facebook having all our data and sharing it with others for benefits in return.

    With a decentralized approach, everyone has access to data and no single person claims the ownership. Hence, everyone earns the value in return from it.

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       6 years ago 

      Yes I see that. But how does that translate into value or productivity?

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       6 years ago 
      1. They deliver value or productivity in the sense that the data gets written after consensus of other system in the chain and not just a single authority. This verification reduces error rates.
      2. Also, in traditional centralized systems/databases, there is possibility of delete and edit but blockchains don't allow that. They only allow read/write. Thus, all data remains there in the form it was throughout its lifecycle.

      With the above 2 approaches they add value to the data that goes into the system and can increase productivity in future.

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