What is Ethereum Blockchain Where is it being used

Question

I am new to blockchain, and I have recently started working on Ethereum platform. However, I am not clear how and where to use this platform. Can somebody tell me the real life use case or implementation of Blockchain

Answer 1

Blockchain is a decentralized distributed database of immutable records, where transactions are protected by strong cryptographic algorithms and the network status is maintained by the Consensus algorithm.

Ethereum is an open source Blockchain platform for developing decentralized applications.

Blockchain was essentially introduced with the evolution of bitcoins. But its real potential lies in developing decentralized applications.

If you'd like to have a look at some companies already building on top of Ethereum, check out:

• Airlock - a IoT (Internet of Things) company implementing a decentralised generalist locking system.
• CubeSpawn - a FMS (flexible manufacturing system) offering big factory automation to small shops.
• Crypto Swartz - A tag-based backend reputation system for online content.

Comments

Then why are we still using database? we can use blockchain everywhere right?

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Hey there! There are many reasons why we can't use Blockchain instead of Database.
1. The data in Blockchain is immutable. So if you have a file that contains data that you regularly keep changing (such as an excel sheets related to finance, a file that contains daily updates etc.,), you can not make changes to that file if you have stored it in Blockchain.

2. The size of data you can store in Blockchain is limited (as low as 100Kb). So you can not store files of bigger size like you can in a Database. You can create a hash of the data and then store in the Blockchain but then again, it is not how Database is used.

3. To store data, miners have to validate your transaction to create a new block and then add it to the Blockchain. This process is complex when compared to a Database.

4. You need to use private keys and public keys to share the data, which again makes it complex compared to a Database.

Hence, you can not replace Database with Blockchain.