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Is the blockchain an interesting innovation, aside from cryptocurrencies ?
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this post was submitted on 26 Jul 2023
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I see, but if I'm not mistaken, git is anterior to the blockchain. What I'm asking here is what new things the blockchain brings to the table, that preexisting protocols like Git or P2P couldn't do. Or is the blockchain just another application of the same principles (the Merkle chain, as a previous commenter was saying)? If so, what sets it appart ?
I'll refer to one of my earlier responses someone asked about this in context of a process like docusigns'
so if you are looking at this its a question to trust scopes, at least in public systems. here you are trusting:
the proposal for a decentralized ledger with neutral execution is that the only “trust” needed is that in the contracts function, however this is not entirely true, in reality you are shifting trust to:
your ability/resources to asses the contracts function and your counterparties.
some people feel this is a better way of doing things, ive found it interesting to work in the space technically but I dont necessarily agree with the wildwest nature of the public systems and am more an advocate of regulated channels if these are going to be done at all. There is also the idea that a large enough network makes it possible for the network to handle larger loads than any individual processor could handle, this has borne out in some cases though its not perfect since we know P2P network instability tends to ripple through a network.
Finally if an application has been built with web3 practices enshrined its entirely possible to ensure service continuity even in the event of the provider failing financially and being unable to serve the users. Important to note this is RARELY done properly and I have only seen a couple cases where it worked so far. However personally this is one of the most impressive features, I am biased however as I was involved in the recovery of a commons that has turned into a defacto standard. Didn't make anything from it other than consulting feed, just really cool to help a non-profit
If we are talking the internal org, like docusign itself, an org like might adopt a ledger based system for the in-built capabilities of some chains, you find quickly that enterprise grade cryptographic tracking of large scales of assets or process gets VERY expensive. Ledgers can be very helpful in these cases though are more a consideration when validating a new system rather than it being an impetus to upgrade in and of itself.
I often refer to it as a specialized app-server stack to clients.