What are the 4 major reasons for using blockchain?

Let's stay simple...

The blockchain technology is a distributed, secured database and is also called Distributed Ledger Technology (DLT). It has the potential to change numerous business models in the long term. So far, so good.

While spending a lot of time thinking about where using the blockchain makes sense the most, I figured out blockchain's technology has four main advantages:

> Security and Speed

All data stored in a blockchain is immediately distributed to the entire network in encrypted form. This approach allows large amounts of data to be distributed to users in a very short time. In addition, the stored data is protected against manipulation by the decentralized distribution.

> Data Integrity

The integrity of the existing data plays a major role in a blockchain. For this reason, the use of the hash function ensures a particularly high level of security. The consensus verifies the data and protects it from manipulation.

> Network Reliability

A block chain is organized decentrally. That's why a total failure of the entire network can be almost excluded. Each node in the network has all the data at its disposal, making recovery particularly easy.

> Transparency

Each transaction of the blockchain network is stored in one of the blocks, so that a subsequent analysis is always possible. This allows contractors to be identified and the impact of transactions to be reproduced.

(to be continued...)

THANK YOU FOR READING  !

by SatoshiGorilla