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What can't Blockchain do?


The Blockchain technology has unlimited potential and can do a lot of amazing things. It provides a stable digital audit trail system that verifies data integrity in a low-cost way. It also helps companies and individuals get the real picture of global market transactions without having to rely on costly intermediaries.

This is achieved through a clever combination of economic incentives and cryptography, ensuring that at all times, digital records reflect a true “consensus” between key stakeholders. Therefore, when it comes to sharing digital records and assets, it can replace the trust needs between players, and does not require a central authority to verify and maintain transaction records.


However, when evaluating the Blockchain business model, it is useful to understand what the Blockchain can't do.

Thinking about tracking the location of a baby in a hospital ward or elsewhere. This is a very serious problem, and the consequences of one baby being mistaken for another baby are terrible. Blockchains can store records of the baby's current location in a data point that is immutable and verifiable, which seems to be a great application of Blockchain technology.


However, there are still difficulties in applying Blockchain technology to solve such problems. Digital records may be immutable and verifiable, but how do you know which digital record is connected to which baby? To link an item on the Blockchain to a real, real-life baby, we need to give the baby a physical label, or in the future, we can record the baby through a small chip or digital genetic record. Connected to its digital record. This is where the Blockchain can't do anything, it doesn't help the process, and it doesn't prove that the most important verification steps are doing right.

On the other hand, if the matching connection between the individual and the medical record is successfully established, the Blockchain technology can make a big difference. It not only ensures the integrity of the data, but also allows the individual to freely decide how to use on medical data? (for example, for academic research, fitness applications, or commercial drug development).

There are other similar examples. For example, in marketing, a problem that often arises is that advertisers spend money on advertising, while the advertising audience is not the target audience of advertisers. Advertisers may think they are spending money on a Lamborghini advertisement for a man in their thirties, but the ad may actually be shown to a minivan driver who has no intention of buying another car for the child, but likes to dream of it. Blockchain technology can track which digital identifiers are associated with viewing advertisements, but it cannot verify the authenticity of human or buyer purchase intentions. Verifying who is behind the digital identifier requires offline verification, but verifying the authenticity of the purchase intent may not be possible with any of the technologies we have today.


On the other side, Blockchain technology can be used to change the relationship between data loggers, advertisers, and consumers. Advertisers can reward users with their products by providing exclusive online content, and data loggers can explore new monetization models by applying Blockchains to settle transactions in a cheap and efficient manner. In addition, if we just want to ensure ownership of digital records such as browsing data, then the Blockchain works perfectly. In the process of establishing privacy economics, the problem we often face is the property rights of data, and the Blockchain can well define data property rights.

With the development of ecosystems around blockchain technology, new types of intermediaries will emerge and will play a role in building connections between digital records and the real world.






Source: 7tin
http://www.7tin.cn/news/114113.html

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