RE: Why are blockchains valuable?
I would like to give this a try as well, though many others have tried and seems like the right answer is still not there.
I feel Blockchains are valuable majorly because of the data and how you use the blockchain for that data. It is the way the data is stored and the amount of data that is being stored.
The way the data is stored make it valuable because everyone's data is on publically (there could be private as well though) accessible platforms, yet the integrity of the data is maintained. After several calculations and proofing logics, the data is put into the blockchain. There is a lot of effort being done in ensuring right data goes in right manner.
The humongous amounts of data it can store and the excessively large number of transactions that can happen in parallel make it valuable.
Finally it is important how we use blockchain for data. You can use it to build a chain of items but when you use it to implement a chain that is smart (smart as in smart contracts) and logical, it adds value to all data that is there and what it can deliver out of that data.
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
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.
Yes I see that. But how does that translate into value or productivity?
With the above 2 approaches they add value to the data that goes into the system and can increase productivity in future.