Using the blockchain such as the Bitcoin network put monetary system back in the hands of the people and takes it out of the hands of the political system. governments have proven threw out history that they always abuse this.
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Secure, immutable ledger, that traces the origin. Of whatever information is on it.
Vérifiable, concrète, unfiltered and certified truth that is instantly available to all for verification or audit. Tamper proof.
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Hyperconnecting the world through efficient, transparent, protected ledger, and putting the power back to individuals and not concentrated in the hands of a few.
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- No third party required to conduct a transaction
- Transactions are transparent
- Decentralized (tansactions stored in the blocks are contained in millions of computers participating in the chain)
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*I always wonder what come after blockchain and Bitcoin. As the world builds on top of this platform and create new systems, it will be fascinating to to see what other types of tech, hybrid governance, new types of economic systems that could emerge in the next decades.
I think with BTC, people will learn to build better relationships with each other. One major benefit would be if governments became smaller as a result of gradual decentralization of blockchain/ crypto overtime. People with leadership skills could govern their own community.
Countries can become border-less as we control our money and become more independent. Of-course this idealistic view would require certain catalysts to work in conjunction, like for example teaching people how to inner engineer themselves to become self sufficient and boost society mindset are essential building blocks.
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Blockchain technology allows for verification without having to be dependent on third-parties.
transparency, immutability, decentralization, and security,
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Decentralized, trust less, immutable, transparent.
Eliminates all middle men.
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Blockchain is decentralized, this means no central entity is controlling the chain (be wary of 51% attacks).
Blockchain is permissionless, this means anyone can use it as long as they have a connection to the blockchain (mainly internet today, but in theory it can also use other technology such as satellites for example).
Blockchain is trustless, that means anyone can do onchain analysis. This way anyone can verify and trust the data stored on the blockchain.
Blockchain is immutable, this means nobody, as long the network is decentralized, can change or alter the data stored on the blockchain. This feature also contributes to the trustless aspect of a blockchain.
Blockchain is fast and borderless, this means that anyone can transfer to anyone, anywhere. Transactions don’t need to go through a middle-man, where as in today financial infrastructure it does. If one does a international bank transfer today, they take a big cut and you have long transaction time. With blockchain, as long as your transaction fee is high enough to be picked up from the mempool, your transaction will be picked up quit fast and confirmed (depending ofcoures on which blockchain one uses).
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I like blockchain for being neutral, borderless, independent technology … controlled by users not by officials … “hedge to the system”
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The massive change this can can bring to the world in a positive way.
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privacy , more freedom , decentralisation, the future, no third party sucking the life out of you, its brilliant 
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Decentralized
Secure
Verifiable Registry
Can Use with many applications other than crypto currency
The future
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Benefits of using blockchain:
- Decentralized
- Anonymous
- Ability to tokenized assets and create smart contracts
- Proof of ownership
- Traceable
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Consensus - The responsibility for all the nodes on the blockchain network to agree with what is being requested or accomplished by all transactions on the blockchain. If transaction or request does not reach consensus / agreement by all the nodes then that transaction/request is rejected and can not be added to the blockchain ledger.
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Blockchains place the code in charge by making commitments. If the code is well designed, it can provide a strong guarantee for the blockchain to operate.
Since traditional computers are controlled by people, either directly or indirectly, blockchains invert this power relationship.
In blockchains, the code is fundamentally in charge. A computer system that eventually becomes autonomous: self-governed, by its own code, instead of by people.
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Hey @jon_m
As you say, there are different IT platforms today and I think that this is healthy. Keeps the competitors on their toes, drives creativity, pushes the boundaries of the tech and creates teams or brands. Everyone has their favorite team or brand and I think it may all come down to old fashioned marketing. The problem with this is that the best might not become the most popular and therefore the most widely used.
People are people and greed will never be too far away that’s for sure.
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it makes banks and goverments useless. in this case also taxes
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Hello everyone!
I am a new student to the academy and wanted to post my understanding of using block chain. This technology provides transparency in specific types through the use of blockchain technology. Because blockchain is a type of distributed ledger, all network participants share the same data as opposed to individual copies. Block chain technology is essentially a way to distribute electronic ledgers or a database among networked computers where only data can be added to the ledger, but not removed. When utilizing a type of crypto currency such as bitcoin it can add security, enhanced traceability, and the ability to send financial transactions very fast!
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Hello, here is my take on what “blockchain” means.
Blockchain refers to many different things. What they all these things have in common is that they employ in someway, the use of, distribution and cryptography, to obtain immutability and to eliminate to some degree, the need to trust third parties with data. Blockchain like technologies can vary greatly from each other. What they all have in common is that they use cryptography and some degree of distribution of data, that there must be consensus about the reliability of, to produce a distributed source of some type(s) of data. How to achieve consensus, and the issues that surround it, which are key to the speed that data can be handled, and the reliability of that data, seems to me the biggest difference between the financial asset type blockchains.
The terms “blockchain” and “Distributed Ledger Technology” are usually used interchangeably, though taken literally, do not necessarily mean the same thing. Every new student of blockchain experiments with creating a blockchain, to understand the parts of one, that are not distributed. DLT can conceptually achieve consensus on the reliability of data, without using append only blockchains, the strength of of DLT being mainly its distribution. So when people say “blockchain” they usually mean DLT’s that use blockchains of data, where each block is signed with a hash of the previous block, along with other data (nonce, time stamp), that use asymmetric cryptography to verify the unique identity of those who posses a unique asset in the distributed ledger, giving them the right/power to make transactions. But blockchain can mean something different than just an append only and distributed, financial asset ledger.
Blockchain includes lots of similar but also vary different technologies, not all of which resemble bitcoin, apart from the concepts of distribution and reliable data. Ethereum has its own programming language for example, for creating “smart contracts”.
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The benefits in my opinion are;
- Open source
- Security
- Transparency
- Decentralised
And of course, the more tools to make the banking system less powerful, the better.
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