Many benefits of blockchain. Its all about the consensus of a shared ledger. When I explain it to people, I tell them its complete digital uniqueness. Having the ability to create a digital item that can only be transferred and not copied and pasted is HUGE. Especially for AI. AI needs a tamper proof truth backbone it can rely upon. Blockchain is needed for a true AGI to emerge. Coming soon!
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Blockchain will be a change as big as any previous age change. Components such as AI,Bitcoin,Graphene, Speed of verification will come the fundamental in societal fabric. Hopefully to support truth and wellbeing.
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Immutability – Any information once enters the
Blockchain cannot be changed or altered, not even the administrator can modify this information. It gives Blockchain the benefit of being easily auditable.
Accessible – All the nodes in the network can easily access the information
Decentralization – This is the key feature of the Blockchain; it makes information distributed in the network called as nodes.
No third party – Blockchain aids peer-to-peer transactions, so whether you are trading or exchanging money, there is no need for a third party approval. Blockchain itself works as a platform.
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from what Ive learned blockchain is a verification system that uses individual as well as groups of computers around the the world to eliminate trusting a third party entity with the process.
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Indelible ledger. Transparency. Security. Decentralized
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One great benefit is cutting out the middleman, and being the owner of your data.
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I have a question, not sure if this is the right place to ask it. But if the lesson says blockchain is a digital stone in where data can only be added and cannot be removed, wont the amount of data get ridiculously large to the point its not feasible for an ordinary computer to update the ledger and and hold all that data?
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Big Bro, can’t mess, fixed secure record, broadcast and verified to network of ledgers / nodes
I think so. Cardano, and I think a few other projects, is working on solving this using sharding.
Definetely the biggest advantage is that it is decentralized, we no longer need to depend on banks or institutions authorizing every transaction, finally freedom for everyone!
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Transparency
Disruption of legacy systems
Scalability
Time leverage
Greater access for more people
Increased trust built in, reduced need and expense for legal and traditional banking services
Well, could be, but only if you have a node. Right now its manageable and it wont be an issue i think, because also storage devices are increasing in size every year.
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- Transparency
- Decentralization
- Scalability
- Security
- Immutability
- Trustless
Equalization - the “human factor” or malicious intents can be eradicated 
Decentralization - just makes a lot of sense in the aspect of security and transparency
Efficiency - always wins over the long haul
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Blockchains present a shared medium to communicate between systems/persons yet offer decentralized data processing to reduce vulnerabilities from tampering, outsiders, or regulators.
its decentralized and there is no party in the middle to verify your transaction. Therefore its very secure, transparent and efficient.
Public blockchains benefits: immutability, decentralization, transparency - peer to peer transactions with one other person in the middle of the transaction.
Hi Guys, couldnt find the support button, but lesson 1 does not play, tried different browsers, lesson 2 does work, so I assume it is not a browser issue. Since I am aware of the advantages of blockchain tech I will skip it for now, just informing you maybe others get stuck here as well. Or maybe it is just an image, not clear to me. Thanks!
Benefits of Using Blockchain
Block chain seems quite clear in the description with great reason to use in transactions due to the transparency.
Blockchain gives an alternative, a far more better than the incumbent whose proven to be unsustainable for the people to operate further more