Benefits of using Blockchain - Discussion

decentralized - not being controlled by org
transparent - all transactions are recorded and are accesible
immutable - cannot be changed

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Decentralised, Transparent, Secure

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1 - No need to trust any party, due to its decentralized nature
2 - Can be adopted to basically all sectors
3 - What’s loaded in cannot be changed forever
4 - Transparency

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Decentralised (no central authority)
Secure (can’t copy paste bitcoin)
Infinite (or at least a lot :slight_smile:) use cases

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Its a rare asset with a fixed supply.

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Some of the benefits of Blockchain are more transparency, security, traceable, efficient, and cost effective.

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Transparent, secure, tradable, value etc

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Blockchain’s smart contract has the potential to replace the main function of governments which is the protection of Contracts. Also, blockchain fits the role of an impartial arbiter, which allows the users to not feel as though they are being attacks by a larger entity. This could help to lessen wars.

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I understand that the block-chain can be used to tract real world products like food ingredients to distributors. My question is how does that data get recorded in the first place? Would we not have to “trust” that the information be recorded is correct?

Blockchain was first invented for financial transaction and you can be certain that someone has payed you the value its stored on the blockchain :slight_smile: as for storing real world data like supply chain data, that is another kind of beast that other projects are tackling, one of the being OriginTrail. I suggest you check them out and ask them how they can guarantee the validity of that :slight_smile:

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Transparency and consensus have never been more in need than right now!

I am glad you understood the question! I was not sure if that was going to come across well. Thank you for your response, I will check out OriginTrail.

I am a Front End Developer… why should I care about blockchain ?

hi ever-one Gnice here pretty new to crypto been int he space few years looking forward to my journey in the academy

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Hi all. Excited to learn more about blockchain technology!

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Hi @Gnice and @Hillbillycrypto! :slight_smile: We are also exited to have you here! I wish you best of lick with your courses! :smiley:

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Benefits of using Blockchain - so many. Top ones for me are transparency, accountability and decentralisation

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Blockchain provides more security by the network being able to check to make sure that there is consensus; items are able to be tracked, securely, from point “A” to the very end; every move is able to be seen by all parties; no fraudulence allowable; only those with authority are permitted.

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Blockchain is immutable, transaction and accounting can be done and verified easily on a public blockchain. Trust is no longer needed, everything can be veridied

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trustlessness, which considerably levels the playing field for true global peer to peer commerce.

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