Benefits of using Blockchain - Discussion

Does it really need to be that way? Was agriculture a disadvantage to some?

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Hi @Ribeye! :smiley: Welcome to the forum. If you have any questions donā€™t hesitate to ask. :slight_smile:

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Lets try to eat your private key for breakfast :slight_smile: Seriously, for me doesnt exist one universal blockhain that fits for all purposes as agriculture provided by last century was prety much ok for me, but now agriculture changed more as chemistry. So I do not like it. Got it?

Yes, but agriculture is a few millennia old and the invention of it brought great benefits for all people to this day. But as all technology can be used today which can be seen today with trying to patent certain seeds and all.
Obviously its also true, there is no universal blockchain, thatā€™s why there are so many. That would be the same as cultivating only one type of seed :stuck_out_tongue:

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:smiley: absolutly understandā€¦ My thought was : Many thing on earth is possible to use in oposite directions, for good, or for bad. Yes, agree couple of seed strains which are able to thrive over often roundoup rain are not realy fancy.

Decentralised, verifiable (no need to trust), can only add and not remove, public ledger.

Does anyone know, Does everyone in the network have to confirm the transaction that was made?

Every node that receives the tx checks its validity :slight_smile:

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Blockchain let us reach consensus without any middlemen.

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One can only add data but not able to remove it on the blockchain. It can trace transactions, provide real time auditing and is a public ledger.

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benefits of Blockchain are;

  1. Open source
  2. Security
  3. Transparency
  4. Decentralised
  5. Low fees
  6. accesibility
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Some of the benefits of using Bockchain are;
Better transparency, enhanced security, reduced costs, true traceability and improved speed and high efficiency.

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I wonder how this works for enterprise. Not done research on that and not sure the application in companies. As you cannot change data in a blockchain, how do you make corrections? Is it only for financial use? Could it replace things like SAP or is it just data that feeds software like SAP?

Blockchain is transparent, faster, and more secure

Using Blockchain is beneficial as it is decentralized, meaning there are no limitations posed by any regulatory control and anyone with an internet access is able to use Blockchain. It also eliminates time and high costs spent on auditing as audits can be performed in real time due to the transparency and traceability Blockchain provides.

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Biggest benefit is the fact that you can operate and interact with people in a trustless network.

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Hello everyone.
In my humble opinion in addition to other benefits, blockchain is a wonderful and disruptive technology that allowed us to create what we thought impossible: digital scarcity

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Overall, the blockchain technology represents a paradigm shift for a lot of industries, not just for the financial sector.
A lot of aspects in our society will be disrupted by it. Any enterprise that requires more transparency and security probably will be touched by the blockchain.
All the benefits of this technology make it look like a panacea, but surely it is not. Now Iā€™m kinda curious about the limitations of this tech.

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Some benefits of blockchain:

  1. verification of transactions without a third party makes transactions faster and with lower trans fees
  2. the way that data is stored makes it nearly impossible to alter
  3. blocks of data are stored on millions of computers so it will be hard for it to be lost and all the nodes have access to the same data
  4. transactions made through consensus provide trust and transparency
  5. risk averted with double spending and fraud
  6. and so many more!
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In my opinion, the greatest benefit of using Blockchain is that you can create decentralised financial value, in a transparent, unstoppable and trustless way.

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