Quote from: Ilegendph on July 17, 2018, 11:38:53 AM

Quote from: mocacinno on July 06, 2018, 07:54:37 AM

Quote from: First77 on July 06, 2018, 07:39:04 AM

What problems in the world can Bitcoin and blockchain technology solve ?

The blockchain technology can solve many problems. It's a decentralised, immutable, trustless ledger (database)... There are tons of scenario's that pop to mind, basically any scenario where equal partners want to create a database between them, but don't fully trust one partner to run a classical database out of fear this one partner that hosts the db would tamper with the data.

You can use a blockchain database to store insurance information and share it between insurance companies and individuals; univeristy's can use it to store hashes of grades, titles, diploma's, so somebody interviewing for a job can immediately be crosschecked about the diploma's he/she claims to have;... and those are just 2 commonly known examples.

For bitcoin, the blockchain technology solves, amongst other things, the double spending problem. By storing transactions onto a decentral, trustless, immutable ledger, people can not double spend unspent outputs without their transactions getting rejected (given that the first transaction is already included in a block at the time the double spending transaction is broadcasted).

Even the people that hate crypto currencies see the potential behind the blockchain technology

In short, problems that are trust related. Banks startes from escrowing services due to the lack of trust of the people to each other and I can't blame them for that. But now, with the introduction of blockchain and smart contracts, we can now transact online with confidence and assurance that the contract would be implemented

Exactly, it assures both parties have no control over the order to be fulfilled and only the smart contract algorithms will take care of that issue.