Maybe I’m just an idiot, but why are so many companies setting up blockchain departments? “Distributed ledger” doesn’t seem like a feature Facebook needs. What else can you do with it?

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You can make your ledgers distributed.

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There are some interesting usecases around trust that can take out risk based overhead and retention. Banking industries, for example, often have to hold onto a ton of capital to clear transfers of assets. If there was a faster way of verifying and trusring a transaction, they could discharge the retained capital and deploy it elsewhere to.make the big monies.

I think he toughest part about block chain is that there isn't a great layman explanation of the usecases yet since it is so new.

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1. Pound square peg into round hole
2. ???
3. Profit!

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Run a bunch of SHA-256 hashes until you get a hash value with a certain number of leading 0s. Whichever node meets this criteria gets a coin

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Its essentially just another protocol, the only reason anyone cares about this one is because the financial incentive is the protocol in this case. There’s like less than 1% of people in the world who can explain any protocol or even what they are for that matter.

Keep in mind that in many cases, it’s a solution looking for a problem. Our firms make money by driving up the desirability of a cool new trend, whether it’s useful or not. Companies with smart leadership dip their toes in the water and see if it makes sense for them. Others believe the hype or want to show their leadership that they’re cutting edge and either need more money or add stuff to their resume.

Blockchain is what will lead to the decline of civilization due to IT misrepresentation .

The real power of Blockchain is in its architecture, which removes the need of a central authority or a trusted third party. Any industry where having a single mediator is challenging, Blockchain may come handy. At the same time, current implementations seem to be experimental and over zealous. The dust will settle eventually and we should see limited, but impactful usage of Blockchain. Imagine international supply chain, US healthcare or anything similar where the ecosystem has silos and lacks mutual trust

I appreciate everyone’s responses here.

This is possibly more ignorance here, but I still see a major gap: Doesn’t someone have to set up the blockchain? Someone has to govern the structure of the blocks in order for the inputs to be valuable. Someone has to control (private blockchains at least) who can post/get data from the chain.

I see the value in decentralizing the ledger so that people can’t falsify data, but we wouldn’t want to put our audit coworkers out of jobs would we? :)

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