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kleinbl00  ·  1254 days ago  ·  link  ·    ·  parent  ·  post: Blockchain, the amazing solution for almost nothing

man who doesn't understand blockchain asks other people who don't understand blockchain to explain blockchain; concludes blockchain can't be explained

Here, say it with me: Blockchain is an indelible, public record of transactions. That's it. That's the whole enchilada. Here, let's miss the point:

    The fact that no one is in charge and nothing can be modified also means that mistakes cannot be corrected. A bank can reverse a payment request. This is impossible for bitcoin and other cryptocurrencies. So anything that has been stolen will stay stolen.

And anything that is unstolen stays unstolen. This is the "land registry" argument: the use case is land registries that are offices full of paper where corrupt people can be bribed. This is much of India, for example, and why Modi has done so well: you may own your house, but if your neighbor bribes the auditor you don't anymore unless you bribe him more. Now? Now every transactional record is public domain, just like it is in the developed world, only without having to stand up an unimpeachable bureaucracy.

Authentication is the whole point. This is why the first and most prominent real-world applications of blockchain technologies have been in the luxury market:

Luxury goods accounted for $1.2T in 2018. 60-80% of $1.2T is... worth paying attention to. There's a very real possibility that counterfeit goods are about to be impossible.

That's worth talking about.