Post
Topic
Board Bitcoin Discussion
Re: Why People Call Bitcoin Blockchain?
by
Wexnident
on 31/07/2020, 01:02:56 UTC
Industries that he mentioned are: healthcare, logistics, insurance, governement and this list goes on. So do you really say that all the requirements that you wrote aren't necessary in this field?
Then let me tell you that blockchain adds an extra layer of protection to data that's stored and this is especially beneficial for services like these. Blockchain technologies are successfully implemented on land title registry in some countries and this isn't the place where governments plan to stop. In Brazil, as far as I remember they decided to use Blockchain technologies for newborn baby registry. In overall, it's great in such industries, where the transparency and accuracy of information matters and I think there are a lot of like them, especially medicine too.

And, blockchain is slow because of high security and decentralization, it takes a lot of time to process these.
Just like how there are pros and cons with anything else, there are also pros and cons with blockchain database type of systems. Most of the said industries that OP stated have long used standard databases that are actually faster and I believe that they themselves developed their own security system for the said database. Not to mention that you could consider each company as it's own world, where it's database is only used for that world. Unlike Bitcoin Blockchain which technically, can connect you to various worlds (I'm pertaining to worlds as each entity, whether it be a single human, a company, government, etc.) which makes it pretty useful since Bitcoin was designed to be able to transact worldwide without boundaries.

Yes, blockchain may provide more security and decentralization, but organizations may not necessarily need such things. They may opt to use systems that are more of in their own control. Whether we like it or not, the system we have right now is mainly concentrated on being centralized to help in quick and speedy transactions as well as being able to control anything that may suddenly go wrong.