Blockchain - Definitely here to stay
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Some of the benefits of using blockchain technologies are:
- Transparency.
- Traceable transactions.
- Decentralized.
- Efficiency in the way of trustless transactions via mathematical verifications.
- Anonymity.
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Blockchain tech allows decentralisation, transparency of transactions, eliminates the need for a third party, and has many other real life use case.
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I think the most important factor is the immutability, Block-chains doesn’t have to be publicly transparent, Technically speaking you can design private block-chains. Security is inherited by the immutability and traceability. (ability to traverse from one block to another in a seamless manner)
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Blockchain technology all in all is the answer for corruption, tax evasion and almost everything related with out current financial system
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One thing is to write. Every movement can be transparent and detected by others.
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Blockchain technology is fast, immutable, transparent and it has the potential to radically change how many industries operates
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Don’t trust. Verify! - BTC
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Security and transparency. Not reliant on “trust”. All transactions are verifiable.
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One of the benefits of using Blockchain is found in its Provenance Slogan: “DON’T TRUST” “VERIFY” which will singlehandedly revolutionize the way we do business in this global economy.
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Sound, decentralized money with low cost, fast transaction, transparency, and limited supply.
Also decentralized apps, NFTs, and many other practical applications
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Question/Discussion…
In the section on “High Availability” Ivan discusses how mining ensures the safety & integrity of the network through mining. The rewards that come with mining being the incentive. What happens when all the coins have been mined? At the very least will bitcoin eventually lose its value? Can anyone share their thoughts on this?
Even when the last bitcoin has been produced, miners will likely continue to actively and competitively participate and validate new transactions. The reason is that every bitcoin transaction has a transaction fee attached to it. These fees, while today representing a few hundred dollars per block, could potentially rise to many thousands of dollars per block, especially as the number of transactions on the blockchain grows and as the price of a bitcoin rises.
Thanks for the response and great point.
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Blockchain technology is the future of future, is the man-powered system for all law-obedient people, is the democracy of the world around us: no government, no banks, no interest groups, just honest people will draw the laws thru blockchain.
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Blockchain technology ties resources (money, computational power) and rules (law) mathematically, in a publicly verifiable manner.
This can change our society and how we live forever.
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Decentralisation, fully transparent, interactive
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The technology itself allows for fully transparent and therefore trustworthy interactions between people from all across the world. I like to travel and a very practical advantage of Blockchain being put to use in the form of currencies is that it stands above all other currencies. It has the potential to become the only necessary currency to pay with. Imagine you lived in the UK and had a cryptocurrency, then you wanted to buy something from a seller in China, accepting crypto, done! Or you travel to Spain and instead of paying ridiculous fees to change your money into a different currency you can just use your crypto assets wherever you go! Or course that would presuppose a large-scale adoption of the technology but hey, show me a growing company that does not have a website but already had one some 30 years ago…
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When you have several parties participating into a process, you what to be sure and able to verify each transaction. the BC DB is designed to provide a trustless environment, auditable and immutable.
A practicle example of the benefit of a BC, in this case a private BC, is Walmart. It has been able to streamline the food supply chain by using a private BC and to cut dramatically the time required to identify the source of a food event.
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Its decentralized, immutable, secure, trustable and transparent.
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