Thanks for all of your answers! I am enjoying reading your replies and it gives me more realistic understanding about blockchain. At first, I thought that this technology will be the magic bullet to every technological problem.
Core developer gmaxwell is prophetic. In one of the earliest posts to which I awarded merit, he wrote of how DHTs...
...get invoked in ignorance to every distributed systems problem because they're the first distributed systems tool people have heard of (sadly, "blockchain" is seems to be stealing this role), much as "neural network" has infested lay understanding of machine learning, or perhaps in other times "XML" was treated as a magical solution for inter-working serialization in places where it made little sense.
There is no such thing as a magic bullet to every technological problem. Unlike DHTs, the blockchain is actually robust and secure (including Sybil-resistant) in the use case for which it is the right tool for the job. The blockchain is a work of genius. But it is still only the right tool
for the right job.
Dont believe the hype. Ignore the buzzwords. Know the factsI am pleased that this thread has helped you do that.
But now, I know that blockchain is not for everyone. But when used correctly according to its purpose and strength, it is indeed a formidable technology.
Exactly.