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.
 

Ralphjoe

Active member
Blockchain has revolutionized the transaction facilitation industry to an enviable height, one feature that I love so much about the blockchain technology is that people can conduct their transactions anonymously without any of them having to know each other.
The other features that still amazes me about blockchain technology is how secured it is, it has been proven times without number of how reliable and secured that the blockchain technology is, also how free from any form of control or manipulation it is, all these makes blockchain technology one of the best technology invented in this 21st century. I recommend that all sectors or Businesses that requires payment gateway should utilize blockchain technology for a seamless and smooth transaction processing.
 

Yugocean

Valued Contributor
Well made article, blockchain has changed the world's economy, this is the top technology of 21st century and it is a pride moment that we are part of it since this is moving the world. However the part of reduced cost is not working well, whenever there is heave transaction in blockchain, their fees also rise, some crypto have low transaction fees, but not all, blockchain fees is still an issue, fast transaction also charges more fees. This is decentralization which is more important, and the main point too because this is what changed world's economy. Adding the disadvantage is not wrong, this always happen to balance in such time, so this is not a worry.
 

sincerem

VIP Contributor
Blockchain is like the institution where students come together to learn. So every crypto coin is associated with blockchain. All I mean is that blockchain connects all Cryptocurrencies together. Any transactions you activated must pass through the blockchain before reaching its destination. Blockchain facilitates all transactions that has to do with Cryptocurrency faster through group of miners who come together to form a block, the operation they activate or processed is under a chain of transactions. In general it is known as a blockchain.
 

Wisdom01

Valued Contributor
One really good thing about block chain is that it lead to development of various cryptocurrencies, which now serve as a means of investment for low income earners.

The decentralized nature offers security and an alternative payment platform for countries where did to corruption and other problems, slot of payment platforms for not work with them.

But the speed of transaction can be worrisome when there is congestion. Unless a transaction is carried out with high enough fees, it can be relegated to the bottom of the chain and takes longer to confirm.

If this can be improved, it will help in dealings involving Cryptocurrency.
True the speed is really a barrier and the problem is not really the block chain , i think the problem is that the volume of the traffic on crypto coin transaction is very high and its the one that would now make the blockchain slow tto be able to do the command it has been asked to do , so i think it might not look easy to control because the more the traffic on the network the more the fee and the only way they could atleast ease it , is to at first building a second version of the blockchain ,so the heavy traffic could at least reduce to a certain portion , just like the way ethereum did their own
 

Shaf

Verified member
One really good thing about block chain is that it lead to development of various cryptocurrencies, which now serve as a means of investment for low income earners.

The decentralized nature offers security and an alternative payment platform for countries where did to corruption and other problems, slot of payment platforms for not work with them.

But the speed of transaction can be worrisome when there is congestion. Unless a transaction is carried out with high enough fees, it can be relegated to the bottom of the chain and takes longer to confirm.

If this can be improved, it will help in dealings involving Cryptocurrency.
 

Wisdom01

Valued Contributor
I think you are right on this and now most countries now use the block chain to track corruption and others ,this really shows how important the blockchain is i think
 

captainKazoo

New member
It is also a very secure way of storing data. In a blockchain, data is stored in blocks that are chained together. Each block contains a cryptographic hash of the previous block, so it is not possible to change the data in a blockchain retroactively without changing all subsequent blocks. This makes blockchain an incredibly secure way of storing data.
 

Phytology

New member
Transparency and traceability of the data shared are the biggest reason why blockchain has so many users. Now that blockchain makes cryptocurrencies more reliable and efficient, they make a great asset to trade.
 

Hooligan

New member
Advantages of blockchain technology -

  • Blockchain technology is not dependent on any third–party for verification.
  • It is transparent and decentralised.
  • Your data is safe and secure.
  • No one can alter or destroy the blockchain technology.
 
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