Re: And may they experience the same hell the rest of us
The blockchain is a decentralised public ledger/database of information which cannot be deleted, leaving a public verified log of every transaction between bitcoin addresses/wallets.
Additions can be made that show the movement of coins between one address another, which is how it is known how much is in each wallet.
Only those with the keys to a wallet can initiate a move of bitcoin between wallets which other machines connected to the blockchain verify with crypto/maths and after so many write to the blockchain to confirm, its written as a done deal.
Its useful because its distributed, a standard, and not modifiable. Banks and services have lots of internal and unique ways of doing things with different charges, especially between banks so the fact this is a standard and cheaper than most other setups is good for them as well as not being editable. Its possible for a banks system to be hacked and a bank balance edited. While there are checks and balances, it can still be done by IT administrators among others. With a blockchain they cannot edit this value. They can only move digits from one place to another, leaving a trail.
For banks it can create standards and lower costs, while also giving them more ways to play with making money, as well as being able to do everything they can already do with it. Not necessarily a good thing where banks are involved.
It can be used as a way to prove ownership of items such as art or even cargo containers. If two copies of an expensive painting turn up, in the future it will be the person who can prove they have ownership of the painting because they still maintain ownership of its certificate on the blockchain.
Movement of shipping and signing off ownership can all be done on a distributed blockchain that all companies can see and build their systems to read the blockchain as a central database.
As to if Bitcoin or CoinX is needed, as well as the different blockchains, over some other standard un-editable shared database.....I don't think we can trust any bank or organisation to come up with a standard without everyone else trying to make their own standard too. Its like asking the media companies to get involved with the nice and easy and cheap standard Netflix them they all deciding there is more profit making their own Disney+, Amazon Prime/whatever streaming service, giving us a fragmented more costly market thats not connected,