Benefits of using Blockchain - Discussion

Blockchain and Bitcoin 101
#650

HOW DOES BLOCKCHAIN ENABLE DIGITAL PROVENANCE?
Blockchain is a digital, public ledger accessible by all where transactions can only be added but not substracted thereby enabling all transactions to be completely transparent and verifiable by all in real time rather than verifying transactions at a later date (as in an audit) and does away with double handling of the transaction so to speak.

WHY DOESN’T A NORMAL DATABASE BRING THE SAME PROVENANCE?
Blockchain merges the accounting and financial layer into one body of information making it easily traceable and verifiable. It removes the compartmentalisation of the practises of accounting and banking thereby removing the margin of opacity wherein dishonesty and fraud can occur.

WHY IS DIGITAL PROVENANCE SUCH A GREAT BENEFIT TO MANY BUSINESSES?
Provenance removes uncertainty in business transactions. Businesses would know exactly what they are paying for, eliminate time consuming and confusing audits by having all transactions available in real time thereby saving time and money. Business would be forced to create verifiable products for the consumer which would increase the likelihood of quality products for the consumer. It would decrease double handling and greatly reduce the likelihood of dishonesty and fraud.

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#651

My overall take on the benefits of using blockchain is that the middleman is taking out of the transaction. I like the decentralization aspect, because it puts pressure on entities to be more accountable. DeFi is very imaginable and exciting to think about. People all over the world can make transactions. I just finished the Blockchain & Bitcoin 101 course and think I learned more about BTC than ever before. Happy to continue forward with the next course.

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#652

[
More Secure
More Traceable
More Efficient
Higher Speed
More Cost Efficient

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#654

Anonymity
Decentralized
cost efficient

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#655

Totally in agreement, it also is cost cutting removing the aspect of hiring auditors, bank charges and simply your time as well queuing or making a followup about a certain transaction.

The beauty of it all is that one has control, all decisions are 100% yours and on can verify on your own instead of relying on another person.

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#656

Secure, Traceable, Higher Speed, Cost Efficient, Decentralised, Transparant, Immutability, , Detached from banks etc

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#657

Blockchain has so many benefits over traditional infrastructure. Such as its immutability, transparency and decentralized nature just to name a few. But what i love the most about blockhain is the incentive’s participation that welcomes people to upkeep the community and share knowledge for the benefit of everyone involved.

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#658

I don’t understand why blockchain wasn’t used before. Real rocket science? :smile:

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#659

Blockchain marks the end of political corruption and exorbitant fees paid to investment bankers & lawyers.

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#660

There are many benefits of blockchain. The one that truly stands out to me is the possibility of decentralization. It can make financial opportunities accessible to all, instead of a select few. It can make money independent from corruption and predatory financial systems. It can even remove the bank’s and the government’s power to dictate over your personal assets with the press of a button.

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#661

I feel like the benefits for blockchain are several: immutability, transparency, decentralization and thereby more efficiency and privacy. I see it as a growing and expanding technology that is superior to the methods being used today.

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#662

It’s Trustless, it’s peer to peer so the middleman is cut out, it’s encrypted hence very secure and tamper proof, hence integrity is paramount

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#663

For me I would say the main benefit to blockchain is that it gives the world a system that cant easily be altered without consensus. The ability to be able to have at least some if not total faith in the rules of a system not being broken by corrupt entities will send shockwaves through every industry that embraces decentralization for generations to come.

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#664

It is decentralized/ Borderless, Consensus to keep it Secure/ Very low risk, Shared Ledger, Cost Effective- Little Infrastructure compared to Centralized Infrastructure, Non Malleable, Fast and Transparent, Auditable, Permissionless, Low Fees, Only fully verified and confirmed block are added to Block, No Double Entry.

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#665

Oh my, Provenance being at the foundation of all of this is just what is needed to remove the snakes and predators from the economy. Yes, i may be a little wet behind the ears but in principal,… this is something that can get behind all the way!

#666

@Jaidan905 I couldn’t agree more. Instead of relying (blindly) on a system that doesn’t show its cards and may play the hand wrong during a bad day… We work together in the light of truth where we keep each other accountable. I see great strides with a system of integrity where we nolonger have to take some speakers word for the truth… we can verify it! That right there just reduces the stress of the population by ten fold.
I mean seriously… what happens when the mental health of society isn’t bogged down with stress due to the B.S. were fed? We can perform at a higher level and move in the right direction with clarity of thought

#667

Homework: benefits of using Blockchain

First you have the decentralization , everyone can optain a bitcoin wallet for example. This gives economic identity for those that seek it, who couldn´t obtain it otherwise. Blockchain is the technology that lays the groundwork for Transaktions worldwide without a central authority. All transactions are publicly available.

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#668

The benefits of using blockchain are:

  1. Allows decentralized transaction (No need for banks or financial institutions.)
  2. Transparent (Data on blockchain can be assessed by any user to verify information stored there dating from the inception of the blockchain.)
  3. Trustworthy (Data on the blockchain can’t be altered or copied, making it secure and reliable).
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#669

Hi everyone. Anyone has any info on how Origintrail.io done so far?

Referring to Ivan’s Blockchain 101 video, they are trying to contribute to the provenance. Checking through Coinmarket cap.com, they are the 188th token in terms of market cap.

Any progress in what they are doing?

Thank you in advance.

#670

They just recently updated their node to work with xdai which made it the first multichain knowledge graph for supply chains.
They are also working on the release of Starfleet that is intended to work as a Polkadot parachain which will be the third supported chain by ot-node, planned to be released in Q2.

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