4 Big Advantages of Blockchain

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IncomeResource24

Guest
Advantages of Blockchain
At the heart of the excitement surrounding cryptocurrency is blockchain technology. Blockchain technology is the foundation that all virtual currencies are built upon. It is the decentralized and digital ledger technology that records all of the transactions without needed a financial intermediary, like a bank. Blockchain technology appears to offer four distinct advantages over existing payment facilitation networks.

Transparency
One of the main reasons why blockchain is so intriguing is that the technology is always open source. This means that other users and developers have the opportunity to change it as they see fit. Being open source makes altering logged data within the chain, complicated, making blockchain technology particularly secure.

Reduced Transaction Costs
Blockchain allows peer-to-peer and business-to-business transactions to be completed without having to work with a third-party. Without the involvement of a middleman, like a bank, tied to the transactions in a blockchain, the costs to the user or business can be significantly reduced over time.

Faster Transaction Settlements
When dealing with traditional banks, it isn’t uncommon for a transaction to take days to become settled completely. This is because of the protocols established in bank transferring software, as well as the fact that most financial institutions are only open during the day. Blockchain technology, on the other hand, works 24 hours a day, seven days a week, which means transactions made with the blockchain technology can be processed more quickly.

Decentralization
Another reason why blockchain technology is so exciting is its lack of a central data hub. Rather than having to run a massive data center and verifying the transactions through the center, blockchain technology allows individual transactions to have their own proof of validity, as well as the authorization to enforce the constraints. Since information on a particular blockchain is piecemealed on individual servers throughout the world, it ensures that if hackers stole the data, they would only gain a small amount of data and not the entire network, keeping it from becoming completely compromised.

Even with these advantages, there is still a significant worry that can't be overlooked. Throughout history, investors have continued to overestimate how quickly a new technology will be adopted. Like most new technologies it will take time to lay the groundwork for blockchain, and it could still be some years before businesses fully embrace this technology as a significant component of their payment systems.
 

Lekhraj19

Verified member
I have also heard a lot about blockchain and how it is important is cryptocurrency. The transactions and the data is the main thing with blockchain and it's working. I understood and the knowledge about it widened after reading this post. I have thought a lot about reading blockchain and it's effects on cryptocurrency but due to the inconsistency I haven't got to know much about it. Literally, I would say that Ethereum and other virtual currencies are the things that I never understood yet. I have got the feeling that starting trading in this field needs a lot of homework from my side.
 

Briangsam

Active member
True. The main, basic advantages of Blockchain technology are decentralization, immutability, security, and transparency. The blockchain technology allows for verification without having to be dependent on third-parties. The data structure in a blockchain is append-only. So, the data cannot be altered or deleted.
 

Sotherefore

VIP Contributor
Blockchain technology exists and the work of satoshi nakamoto is real,it has been predicted by expected in the next few years from now, cryptocurrency will take over the banking system of this world, blockchain technology is not the best thing that has ever happened to mankind.
 

TrypticryptiC

New member
Transaction costs are minimal for coins, but be careful with tokens like Ethereum. The gas and Eth fees are enormous if not carefully navigated. And I don't mean a small percentage, I'm talking trying to transfer $19 of BAND or a single SAI, with fees into the hundreds of dollars for band and many times the dollar value of the SAI. To be clear, this is Eth and not Ethereum 2.0, which was supposed to address these issues. You also have control sometimes over how much the fees are which multiplies the transfer time from seconds into days. I haven't gone near Eth 2.0 for the reasons I mentioned. I avoid it at all costs unless it's for NFTs and there's an exchange dapp in place to rectify the exchange fees for me.
 
D

Deleted member 665

Guest
Kool info. I have been in this market for 8+ years now currently helping others learn about this Bitcoin stuff and getting paid at the same time.
 

Asad Ali

Active member
Yes, blockchain is mostly a decentralized system, meaning that no central authority can take over the system.
Blockchain's core value is that you can share a database directly without the central administrator.
If any data store on a specific computer system's memory and disk is run by third parties, even if it is a trustworthy institution as banks and governments, it can easily be accessed by anyone who has accessed the system.
 

Unique23

Member
Advantages of Blockchain
At the heart of the excitement surrounding cryptocurrency is blockchain technology. Blockchain technology is the foundation that all virtual currencies are built upon. It is the decentralized and digital ledger technology that records all of the transactions without needed a financial intermediary, like a bank. Blockchain technology appears to offer four distinct advantages over existing payment facilitation networks.

Transparency
One of the main reasons why blockchain is so intriguing is that the technology is always open source. This means that other users and developers have the opportunity to change it as they see fit. Being open source makes altering logged data within the chain, complicated, making blockchain technology particularly secure.

Reduced Transaction Costs
Blockchain allows peer-to-peer and business-to-business transactions to be completed without having to work with a third-party. Without the involvement of a middleman, like a bank, tied to the transactions in a blockchain, the costs to the user or business can be significantly reduced over time.

Faster Transaction Settlements
When dealing with traditional banks, it isn’t uncommon for a transaction to take days to become settled completely. This is because of the protocols established in bank transferring software, as well as the fact that most financial institutions are only open during the day. Blockchain technology, on the other hand, works 24 hours a day, seven days a week, which means transactions made with the blockchain technology can be processed more quickly.

Decentralization
Another reason why blockchain technology is so exciting is its lack of a central data hub. Rather than having to run a massive data center and verifying the transactions through the center, blockchain technology allows individual transactions to have their own proof of validity, as well as the authorization to enforce the constraints. Since information on a particular blockchain is piecemealed on individual servers throughout the world, it ensures that if hackers stole the data, they would only gain a small amount of data and not the entire network, keeping it from becoming completely compromised.

Even with these advantages, there is still a significant worry that can't be overlooked. Throughout history, investors have continued to overestimate how quickly a new technology will be adopted. Like most new technologies it will take time to lay the groundwork for blockchain, and it could still be some years before businesses fully embrace this technology as a significant component of their payment systems.
There are more advantages of blockchain but the basic advantages of Blockchain technology are , immutability, security, and transparency. It allows for verification without having to be dependent on third-parties. The data structure in a blockchain is append-only. So, the data cannot be deleted.
 

gochenko8

Member
I agree with you that Another reason why blockchain technology is so exciting is its lack of a central data hub. Rather than having to run a massive data center and verifying the transactions through the center, blockchain technology allows individual transactions to have their own proof of validity, as well as the authorization to enforce the constraints. Since information on a particular blockchain is piecemealed on individual servers throughout the world, it ensures that if hackers stole the data, they would only gain a small amount of data and not the entire network, keeping it from becoming completely compromised.
 

Olajidey

Active member
Blockchain is a digital ledger for keeping tracks of digital transaction and its also programme not only to a financial transaction but to virtually everything that has worth or merit.
Blockchain is the newest and technology in modern technology. This technology can help solve different manners of problem such as trust, transparency, security and reliability in the data processing.
And one of the advantages is that blockchain is not controlled by any government body and it also increases the stability of instant payment and reduces cost.
 

Maks25

Active member
Yes, most of cases blockchain is a decentral system that means no central authority can take control of the system.
The core value of blockchain is, it enables a database to be directly shared without a central administrator.
If any data stored in the memory and disk of a particular computer system run by a third party even if it is a trusted organization like banks and governments, it is vulnerable to access by anyone who somehow got into that system can easily corrupt the data within.
 

greatguy1

Active member
Advantages of Blockchain
At the heart of the excitement surrounding cryptocurrency is blockchain technology. Blockchain technology is the foundation that all virtual currencies are built upon. It is the decentralized and digital ledger technology that records all of the transactions without needed a financial intermediary, like a bank. Blockchain technology appears to offer four distinct advantages over existing payment facilitation networks.

Transparency
One of the main reasons why blockchain is so intriguing is that the technology is always open source. This means that other users and developers have the opportunity to change it as they see fit. Being open source makes altering logged data within the chain, complicated, making blockchain technology particularly secure.

Reduced Transaction Costs
Blockchain allows peer-to-peer and business-to-business transactions to be completed without having to work with a third-party. Without the involvement of a middleman, like a bank, tied to the transactions in a blockchain, the costs to the user or business can be significantly reduced over time.

Faster Transaction Settlements
When dealing with traditional banks, it isn’t uncommon for a transaction to take days to become settled completely. This is because of the protocols established in bank transferring software, as well as the fact that most financial institutions are only open during the day. Blockchain technology, on the other hand, works 24 hours a day, seven days a week, which means transactions made with the blockchain technology can be processed more quickly.

Decentralization
Another reason why blockchain technology is so exciting is its lack of a central data hub. Rather than having to run a massive data center and verifying the transactions through the center, blockchain technology allows individual transactions to have their own proof of validity, as well as the authorization to enforce the constraints. Since information on a particular blockchain is piecemealed on individual servers throughout the world, it ensures that if hackers stole the data, they would only gain a small amount of data and not the entire network, keeping it from becoming completely compromised.

Even with these advantages, there is still a significant worry that can't be overlooked. Throughout history, investors have continued to overestimate how quickly a new technology will be adopted. Like most new technologies it will take time to lay the groundwork for blockchain, and it could still be some years before businesses fully embrace this technology as a significant component of their payment systems.
The reason it is taking a very long time for businesses and world government to fully embrace blockchain technology is because they see it as a form of losing control over the normal currencies like the do the central Banks. Major World economies afraid that it could drive inflation, cause instability in different governments worldwide and competitors can take advantage of it to cripple rival businesses simply by pumping untraceable funds using blockchain. It will take time for the world to adapt its measure with which it handles bitcoin and other cryptocurrencies but for now we have to watch out things unfold and ensure that governments are on the right track as to adopting this new form of technology.
 

BuchiBankz

New member
All the transactions are attached to the block chain after the process of maximum trust verification. There is a consensus of all the ledger participants on what is to be recorded in the block. That is what I understood
 

Carson20t

Active member
Thanks for sharing this wonderful article I have never really dug deep in knowing to what great strength does the block chain extend to and what are its usage.On many cases I read thst with or without cryptocurrency the blockchain would still be in existence but not until today have I realised that this typeo of technology is an independent entity seperate from the crypto currency and can be used for various things to execute on.
The question is if we have that powerful technology why is it not being intergrated in our institutions in order to curb such acts like corruption ?
 

Yugocean

Valued Contributor
Because this technology is so new and we are treading in un-chartered territory, I hope and pray that the development process is not rush or hurried. There is so much potential for wealth redistribution to individuals instead of corporations. Out of the 4 advantages you listed, in my opinion, the best is DECENTRALIZATION. A technology like block chain should never be centralized because it would make fraudulent transactions far too easy to commit. Just my opinion. If you have facts that can sway me, please present them. What is Decentralization?
There are multiple blockchains now, not just one and many blockchains got decided to create another blockchain. What I find out was Ethereum blockchain was charging high cost in gas fees and another TRON blockchain is charging almost nothing, TRON itself was an ERC-20 which become a blockchain itself. I was thinking to create my own blockchain, but then it might not be a decentralized, and it won't be effective that much. Fast transaction is also another thing, it will take a little time that only requires confirmation, however much BTC /ETH transaction takes time.
 

Chizfab

New member
Thank you for this thread, it's very informative and education. I have been hearing about block chain but l have never really cared to dig in on it. I guess from the descriptions l have gotten so far, it shows that it's a good tech with numerous benefits. Thanks once again
 

cmoneyspinner

Active member
Because this technology is so new and we are treading in un-chartered territory, I hope and pray that the development process is not rush or hurried. There is so much potential for wealth redistribution to individuals instead of corporations. Out of the 4 advantages you listed, in my opinion, the best is DECENTRALIZATION. A technology like block chain should never be centralized because it would make fraudulent transactions far too easy to commit. Just my opinion. If you have facts that can sway me, please present them. What is Decentralization?
 
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