It is commonly said that Bitcoin is the best possible use for blockchain and that the technology is not suitable for anything else. Let’s debunk this myth once and for all. Before Bitcoin was launched, there was another famous distributed network that revolutionized the media industry and started its gradual disruption. Although the exact numbers are not known, this network was used by tens, perhaps hundreds of millions of people around the world, and in its heyday accounted for up to 35% of internet traffic. We are talking about the BitTorrent network. If a distributed network was able to disrupt an industry long ago, why do people believe 20 years later that it can’t be done again?
What’s the bigger problem? Being cut off from your bank account or having your social network account deleted? Both are a problem. In the West, we have reliable third parties we can trust, but in developing countries the situation is different. Nor do people have access to mainstream banking services such as loans or insurance. People may not always trust third parties and look for an alternative. A distributed network can solve many real problems. I even dare to say that in many places on the planet, people need things other than volatile cryptocurrencies. Their lives will be fundamentally improved if current services can be disrupted, or if services to which they do not have access are made available. Cardano can be as or more successful as BitTorrent was.
TLDR
Blockchain solves a general problem and is suitable wherever an expensive and inefficient intermediary abuses its position. The ability to create digital scarcity and define rules that are protected by decentralization is the biggest innovation that blockchain has brought. In order to use blockchain to solve more problems, it is necessary to continue to increase its efficiency and innovate. Cardano will be an efficient social and financial operating system.
This article was prepared by Cardanians with support from Cexplorer.
Read the article: https://cexplorer.io/article/cardano-solves-problems-other-than-what-the-database-is-sufficient-for
