Benefits of using Blockchain - Discussion

Blockchain and Bitcoin 101
#671

transparent, immutable, decentralized, universal, trustless, security

#672

Some benefits of using blockchain are as follows:

  1. It is headless and decentralized and allows us to be our own boss :slight_smile: and we don’t need to ask for permission.
  2. All the participants in the network have access to it as it is like a public ledger, so it is anti-fraud and you can’t claim what you don’t have.
  3. I think the first two benefits lead to more security and also more transparency because all the participants can see what is going on.
  4. All and all blockchain brings more freedom and I think it is democratic in a real sense.
1 Like
#673

It is decentralized and openly shared, transparently keeping a public record of itself by design.

1 Like
#674

Benefits of using the Blockchain,

  • It’s secure, no one can hack into it

  • Transparent, everything is recorded and everyone can review it (Don’t trust, verify)

  • Decentralized, anyone can improve the blockchain its not owned by a company that has control over what happens to it.

1 Like
#675

Blockchain technology, for me opens up constraints that the original internet could have opened, I can see the developing world massively adopting this technology when infrastructure allows, via mobile WiFi and identity. I am excited about the decentralised and immutable factors of Blockchain and the decentralised internet!
And promoting this in the Schools and students we support in Sierra Leone
West Africa.

1 Like
#676

benefits: decentralized ledger & immutability

1 Like
#677

Benefits: decentralized and commonly agreed upon database that at best no one can hack but everyone can verify

1 Like
#678

The best one I would say about blockchain is the fact that users actually own their money, your money is yours

1 Like
#679

It is the future of business and life itself.

1 Like
#680
  1. How does blockchain enable digital provenance?

Blockchain enables provenance by making the data public, and eliminating the need for manual intervention for financial transactions. Blockchain makes auditing financial trnsactions easy & do able in real time.

  1. Why doesn’t a normal database bring the same provenance?

Because in a traditional database the accounting data & transactional data are not stored together. With Blockchainprovenance both pieces if data are concatenated together.

  1. Why is digital provenance such a great benefit to many businesses?

With provenance in bloackchain the data can be used to improve the supply chain, inventory control, and provide transparency of ingrediants or raw materials in purchased products. Combined with the status of each product at everystage of production.

1 Like
#681

Trustless , you don’t need a centralized organization to secure the transcation process.
Fast and no limits, only mins to go .no matter where , no matter when.

1 Like
#682

In my view, what makes Blockchain so compelling is its ability to encompass exactly what technology was designed to do: to solve problems on a large scale and make life easier on a micro scale. Its decentralised, transparent, efficient, instantaneous and immutable features are all geared towards a fascinating new way of life!

Fortifying supply chains, essential government operations, creating new and secure systems of voting, managing intellectual property, and ensuring access to more financial services (without the ‘middle man’) are just a few things within the realm of possibility.

1 Like
#683

its secure, transparent and censorship resistant

1 Like
#684
  • Eliminates the middle man - defi
  • Faster
  • Cheaper
  • Privacy
  • Transparent - eliminates corruption
  • An obvious monetary solution in a whole
1 Like
#685

Blockchain is secure, decentralized, and transparent!

1 Like
#686

Decentralised meaning no censorship, secured and reliable.

1 Like
#687

Blockchain is great because nobody can prevent you from using it - censorship -ressistant. Also anyone in the world can use it as long as he/she has access to internet.

1 Like
#688

Decentralization and the ability to know you can trust the process and procedures around blockchain.

1 Like
#689

Decentralization means not only can information be kept more securely, but also eventually more cheaply, more equitably, and without necessitating blind trust.

1 Like
#690

Its fast, decentalised, transparent and every one can use it without further permissions.

2 Likes