Benefits of using Blockchain - Discussion

Transparency, trustlesness, openness, decentralization, secure, traceability, interoperability.

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I think that the real benefit of blockchain is the ability to make corrupting activities such as elections or fund management much more transparent and secure. Mark a before and after in the world

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By changing one’s mind, not participating in the drama :smile:, and participating in the things that are “positive”.
To me, control systems are part of human nature, and this systems are perceivable in all levels of human interaction: from the individual to humanity as a while. Tracking mechanisms are tools. Authoritarianism is a system that collectively people elect to live in -passively or actively, in awareness or unaware. If one lives in that kind of system, one is participating to it.
Although we cannot help people move out of an authoritarian system if their choice is to participate in it, we can give strength to the systems that we like. Ergo, tracking systems could be used in the benefit of the authoritarian system or any system that we like.
When you talk about preventing, I’m not sure at which scale you are talking about, because in order to do that in a wholesome scale would mean falling into authtnsm. At an individual level, one can participate in activities that promote different values than authtnsm, and also one can create organizations or businesses that thrive while using those different values, thus, impacting society.

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decentralised, secure, un-crushable!

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Digitalization, Interconnectivity, and Authenticity

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The benefits of Blockchain are but not limited to; Efficiency, Immutabilty, Inexpensive, Transparent and Confidential/Privacy.

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Blockchain is TiTi:

  • Trustless
  • Immutable
  • Transparent
  • Instant
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Benefits of blockchain are speed ,inexpensive, traceable , transparent and secure

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We can all become Billionaires

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Creating a system for autonomy and freedom from a centralized governance of our currency as well as a complete reformation of how information is stored, agreed upon and distributed.

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Blockchain will increase efficiency like nothing the world has seen before, from IDs and Document signatures to file sharing and accounting processes, businesses across the glob will be able to utilise block chain to save time and money.

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It is a true equalizer in the global world. We are seeing historically poor nations benefiting greatly by introducing blockchain technology to their communities. I.E. Akon is using blockchain technology to help countries in Africa.

Blockchain provides a transparency, security, also traceability as well.
Although, i am having a question why do people say blockchain is faster, efficient and reduce cost?
Why do we have to use blockchain in first place unless it is purely financial or for records as people blindly say blockchain for everything?

Brings more transparency. Saves time and money. Decentralized - not governed by anyone, therefore trustless.

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Blockchain is an immutable public database.
Any industry requiring these properties could benefit. I can think of use cases that will require: transparency, trust between parties, public records, data change hierarchy record, and probably many more…

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Blockchain compared to traditional finance is much faster, it takes up to an hour for a tx on bitcoin to be fully settled as for services like VISA or Mastercard takes up to 90 days. Note settlement is not the same as your balance being updated, it is the period when your transaction is fully settled and considered irreversible.

Since its a new technology, people are experimenting where this technology will stick. :slight_smile:

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Blockchain is immutable, takes away the need for third party participation and expense, can be encrypted.

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Overwhelmingly Complete Discussion …

What fascinates me about old-school Blockchains is “Security through Obscurity”. I could guess your private key and take all your Bitcoin now, today. It’s just an integer. It’s just a number, not a fancy … anything. How it was arrived at and chosen for you is interesting but at the end of the day. Your private “Key” is just a number. I would simply have to know the EXACT system, context AND then come up with the right number. And the SCALE of the RANGE of numbers is … unrelated to any property of the physical universe. It’s a SCALE that could only be IMAGINED in the human mind. A fantasy universe of quantities that outnumber the stars. That is what I love about the first introduction to Blockchain technology for new students.

I call it The Law of Small Numbers and The Law of Large Numbers.

Fascinating.

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Safe and transparent.

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Bitcoin Could be a perfect tool for a strong government to take over the world finance system to some extent by dominating Hash Rate, Pools, holding main developers etc.
Holding your own money without using Bank services and fees is a great benefit.
Coding DeFi bank without Bank employees hired; with a full transparency of funds on a world scale is unbelievable.
Tracking physical items for authenticity.
Insurance, Loans, IDs, Mortgage, Stocks - are more efficient on a blockchain

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