Benefits of using Blockchain - Discussion

Blockchain and Bitcoin 101
#224

Because elements of a database can be removed/edited and the blockchain ledger is public and immutable

#225

thanks I found it already, just getting used to the interface

#226
  1. The blockchain ledger is permanent and cannot be altered, preventing fraud.
  2. There is no central server, therefore no central point of weakness.
  3. An attempt at fraud on a blockchain will be ignored after it cannot be verified by other copies of the ledger.
  4. Information can be encrypted, but an authorized auditor can still have access to transaction information on ledger
#227

Blockchain is the most secure way to store and trace data.

#228

There is no doubt that the implementation of the Blockchain system is a great advance. This is mainly due to the decentralized approach capable of verifying the changes that could be generated in the information, a totally important aspect when talking about trust -a resource that in the current era becomes essential in the operations of financial systems
The impact that it could generate in the future is, without a doubt, something that cannot be left aside.

#229

A facinating new world that keeps evolving…

#230

Benefits of Blockchain:

Provenance: real time auditing and tracing creates trustlessness.
The Blockchain creates a real-time digital ledger that tracks and verifies simultaneously. This can allow for transparency in the use of public funds and government spending, and accountability and verification in private industries. Blockchain allows for a decentralized auditing system–prevents fraud and creates trustlessness, and underlies crypto’s ideology:
Don’t Trust - VERIFY

#231

it is Immutable, transparent and secured

2 Likes
#232

the benefits are as listed in this thread.

#233

Benefits of using Blockchain -
a innovative database that can cuts the middle man
more secure
more transparent
more power to the users
more possibilities

#234

Very nice words. I 100% agree with you. :slight_smile:

2 Likes
#235

I will like to thank all contributors on this discussion.

Benefit of using blockchain.
I believe blockchain is the beginning of reality to understand that the world as an ecosystem can provide equal opportunity to all humanity in terms of transparency of existence of our needs and the needs of those who have not even join or will never join this vehicle because of their AGE, LACK OF EDUCATION OR TECHNICAL KNOWHOW. I believe because we have built the first vehicle of transparency and accountability blockchain will be able to address so many societal issues as a result of it’s transparent nature brings those issues to light and thus not only address them but provide a workable solution to make sure that human existence is secured and provide extreme benefit to the forgotten species of existence and benefits to the developer of a transparent and accountable projects.

Blockchain is a platform of such expression of all our genuine needs in a transparent and unbiased manner but with such benefits involves a lot of technological advancement and inniovation.

2 Likes
#236

Decentralization, secure,transparency. New possibilities to develop projects through the Blockchain

1 Like
#237

The best benefit of using a block chain is that the data can not be altered or deleted.

1 Like
#238

I think of blockchain as primarily having the following properties:

  1. Irreversible. You cannot undo information being included in a block.
  2. Transparent. Everyone can read the entire blockchain.
  3. Spam resistant. There is a token and a transaction fee for posting to the blockchain.

I also like to think (maybe I’m only partially correct) that blockchain introduced “irreversibility” (with respect to time) into computer science.

#239

It depends on the consensus. Blockchains are never 100 percent immutable. Like in the Ethereum Dao hack. The majority choosed to hard fork and reorg the blockchain. So blockchains are not 100% immutable but the consensus enforces immutability. And each blockchain has it’s own consensus rules. For example in EOS, there are only 21 validators, wich is more like politics where you can vote who is in charge. In EOS there is no transaction fee, so it’s easier to spam with small transactions with a spam message.

1 Like
#240

I hope it is possible to build a fair economic system blockchain.

1 Like
#241

I’m new here. Hello to all the community. Not sure where to start in all the lessons. I think I’m in the right forum.

2 Likes
#242

Welcome, Im new too.

1 Like
#243

Hello @Paulius, @Aperion and @Rafael21 and welcome to the forum! :slight_smile:

The best place to start is with any 101 course. Personally I recommend Blockchain and Bitcoin 101 :slight_smile:

2 Likes