Hello, in this lesson we are going to look at why we would use blockchain. Over several videos we've looked at what blockchain is the history of it, all the nuances of how it works. But ultimately, why would you want to use it? It doesn't matter whether it's complex or not the end of the day, if you do not want to use it, if it has no real applications, no benefits, then the no much point talking about it. I can safely say there are plenty of use cases. One of the main reasons you might want to use it if it's not controlled by a single entity, such as the government, obviously, have a single entity.

It can just be big corporations. It could be individuals or government, big corporations controlled by individual select group of individuals. That's one reason that you might want to use blockchain blockchain, you might want to create a system that isn't controlled by one single entity. And I think that is a valid reason in itself. There are plenty of other reasons, one being more secure. And the reason it is more secure because it's not controlled by one single entity, there's not one point of failure.

So the no one point of failure wherever that is, whether that is a single server or worse single organization for maybe the organization goes down. And the actual platform, the structure there is built upon this organization ultimately goes down as well. Whereas if it's secured and backed by several organizations, one of them going down will have little, potentially even no impact of the running of it. So there's no single point of failure. It's not controlled by a single entity and it's more secure. Generally speaking, actually, it is.

Blockchain is open. And it's free to use. So that's another reason that you might want to use blockchain. So it has all these other benefits that we've mentioned over here. And here, and what we've covered in other videos as well, but it's open and free to you so you don't have any barrier to entry in terms of cost, which is fantastic. Another great thing if it provides and all The trail the likes that had never been seen before, whether that's for small or large use case scenarios.

So in the case of money, for example, so let's use the most a widespread example, aka Bitcoin. So if we're all using a cryptocurrency instead of the conventional fear currency, it's all open. It is encrypted. So it doesn't say that Bob sent money to john. JOHN, send money to Steve, it doesn't say any of that stuff. It is encrypted.

It does have IDs to identify the people. But what you can start seeing is, oh, a whole heap of transactions are occurring from this one, individual one, this one user is receiving a lot of transactions. Maybe there's something we can look at. Yeah. And on top of that, we've conventional currency. So you Imagine if you have this.

And no decade $10 10 pound doesn't really matter. Maybe just imagine you have this $10 note, and I give it to Bob. Bob gives it to john. JOHN gives it to Steve. I mean, Steve keeps hold of it. We can't really see that happening.

We don't know that that is happening. Whereas with bluffing, you can see the exact audit trail, you'll be able to see it going from Bob, to john to Steve, how long they've been keeping it because you'll have timestamps as well. Obviously, you generally can't break down a note into a smaller denomination. I know you can exchange it, but the original notes still exists. Like destroyed, but generally the original notes still exists. Whereas with cryptocurrency, if you have, let's say, 10 Bitcoin, for example, I could just send 0.001 of the Bitcoin to somebody and keep the rest of myself.

So you can see not just an audit trail or like a overview, so a macro level, but on a micro level is also where the individual parts are going, how it forms to be become a bigger transaction. So it's great to tackle money laundering. Money laundering, helps tackle it. A lot of people will look at cryptocurrencies and Bitcoin being the biggest one as of recording this video and point to illicit behaviors and say, oh, it essentially facilitates though the illicit behavior. But if it's implemented properly and it's wide spread, then you will actually help eliminate those illicit behavior because they're out in the Public domain and anyone can check it at the moment, though behaviors are occurring simply because it's not widespread. So, only certain individuals or organizations are using it.

Another great thing about blockchain is you can route So, processing power in the case of Bitcoin you use processing power to mine Bitcoin which is essentially checking the validity of a transaction, that transaction and you get rewarded in Bitcoin for that, but it could be used for scientific research. So science research, instead of relying on one individual, one organization to have really powerful system, you could add source a crowdsource it to a whole heap of systems, maybe even mobile phones and individually they don't want Really how much processing power but combined, they have a lot. And it doesn't actually really take much processing power from each individual device. So they can still continue using it the way they would normally use it. So great for scientific research to advance. Humanity already mentioned that it's open and free sauce, obviously, again, another great one.

Another great use case or another reason why you might want to use it. It provides a more accurate form for intellectual property. Because if let's say for example, we have a system using blockchain that is for intellectual property, or people can't say Oh, yeah, I made a note of this somewhere if everyone in making notes up there, so code, property de intellectual ideas, essentially an advanced form of a patient on a blockchain basis, and you can you can say, oh, but this person has he dated back five years. And what you just put on there is just two years ago. So it's will help intellectual property law. So it's fantastic for that.

Another great example is all tournament applications. I will discuss everything that we've discussed in here in more depth with real life applications, whether they exist or how they could exist, but in the form of autonomous application, you could have something like air BnB and have it fully automated. And that would work analysts have done the research they pretty much shown that he can work and Uber as well. And he for a system like that there are certain governments like the British government with Jeremy Corbyn calling for certain applications to be not automated, but they were controlled by the people by the community and an autonomous application using blockchain will be a more advanced version of that. So that's some reasons why you would want to use blockchain. If you have any questions, feel free to reach out.

As usual. Go for the video again, if there's anything that you're unsure about, and as usual, I will see you in the next lesson.