I have just started on blockchain and found that there are two key benefits with Ethereum: smart contract and decentralization. I tried to understand the benefits they provide and why they could have not been achieved by available tools. Could not realy get a convincing answer. Can somebody provide more light on it.
- Smart Contract.
I think this is to make the code (logic) public and fixed. But, is it not similar to open sorce code (may be sequence of transactions could have been added to it).
Is it to provide more control with owner and to avoid spof? But how? Though the code and some data may be distributed but in most of the cases there are many other resources which may not be distributed such as private key to sign some data, some licences, apis to other modules. How can an application which uses its private key be decentralized? Even if somehow replicatef to few failover nodes, the private key can always be removed making the control still with vendor! How decentralization can work and be helpful here?