Benefits? These are a few…
It brings us a new way to be able to trust data replacing the obsolete system that we currently have who only bring us uncertainty and mass surveillance. The transparency of a blockchain allows us to trust and improve the way we live and to experience a world without a third party involve in our society leading us to interact more honestly between each other.
It is decentralised, immutable and transparent. Therefore, transactions are quicker, assets more secure and less problems with corruption.
I like the immutability of the blockchain, but let’s say you want to create your own blockchain. It’s immutable until the point you get 51% attacked right? And wouldn’t a new chain be most susceptible in its early stages, if there aren’t enough nodes to keep the integrity of the blockchain intact?
Benefits of using Blockchain : in an open and public and secure blockchain as bitcoin, you will know the past history of all movements since genesis are true and need not trust anyone else to read the truth from the chain up to some blocks ago
exactly, That’s why only Bitcoin is the safest network to Transact huge amount of money.
I’m curious as to what new non-financial blockchains do to ensure stability of the blockchain before launch. How do new products get started? For example, it is necessary to always start with a testnet and then hope that all of the testnet nodes will transition to the mainnet and run a sufficiently long period of time to make attacks less likely? Or perhaps if the blockchain isn’t used for cryptocurrency, there’s no real motivation to do an attack. I’m still learning.
But you don’t need always a new blockchain. It’s better to build on existing ones like Bitcoin and Ethereum. If you build a new blockchain, you better need a financial reward system to keep the players honest.
I’m not sure how to use Bitcoin for something non-financial. Maybe Ethereum makes sense, or one of the other general purpose ones like Stratis or Verus would make sense as well.
I am totally new to blockchain, but I am truly intrigued by what I have learned so far. The idea that this is a public ledger which has no central authority AND provides ways to make transactions more transparent and efficient for anyone who chooses to use it is what allows for a trustless foundation. Since data can only be added and not removed, a system of traceable information and verifications by other individuals is what confirms the value that an individual holds in bitcoin or any other given cryptocurrency; that is if I am understanding this correctly. This really aligns with my values and I can see why many believe that this is the way of the future.
From what I can see block-chain/cryptocurrency provides freedom for people that big businesses and governments, which are one and the same in my opinion, have stolen from them. Looking forward to seeing where this new tech goes.
I’m excited to be here learning from the best and part of this great community!
The benefits that excite me is the whole concept of decentralization with centralization being an old paradigm. The Ledgers are public, transparent, secure, immutable, traceable.
More Transparency, Faster Speeds , Less Third party intervention , Cheaper Fees, More or full control of your own assets, Less or no dependency on central banking , Freedom to choose the form of blockchain you want to use , More freedom in investing for the common man or woman , More opportunity for upward mobility for everyone
decentralized, trustless. immutable cheap, more volatility if you are trying to use it for investing. Asymetric risk
By the current speed things are developing it is obvious how blockchain is becoming valueable everyday now!
BC is transparent, immutable, public. Therefore less trust in other centralized companies or organizations is needed and verification possibilities are given.
Blockchain will transform the way we live:
It will eliminate the middle man and be a more trusted and secure way to communicate and add value to people. Finance, security, medical, entertainment, housing, travel, the music industry and the environment are some of the fields that will greatly benefit from blockchain technology.
It is direct, a trusted system, as well as, culture changing.
Immutable, trustless, decentralized public ledger
No third parties, thrustless and many more.
Bitcoin is very secure. It is a great network to transfer value on. Each transaction is authentic and verified across the network.