I'm sure everyone by now (especially everyone on this site) has heard the term "blockchain" being thrown around. But what does a blockchain necessarily do? How is it beneficial and useful long-term? Today, I will be going over my thoughts on the Top 3 Blockchain Benefits, may it be for the everyday trader or the larger corporation. Let's take a look!
Coming in at Number 3, we have "SPEED".
The speed of completing cryptocurrency transactions vary, depending on the platform you are using as well as which blockchain you are trying to transact on. Comparable to banks utilizing paper currency, cryptocurrencies are available within seconds into your wallet and can be used to complete transactions on your own terms. Except you personally own your crypto keys for your coins, not a bank, not a government, YOU!
Moving onto Number 2, we have "SECURITY".
Now, of course, nothing is truly safe in the digital world from an attack, but blockchains veer away from hacking due to the complexity of the blockchains themselves. Every time you complete a transaction on a blockchain, the block creates a hash in real-time and that is linked to the block instantly. This verifies that the transaction is accurate on both the sending and receiving sides. A hacker would have to re-hash previous blocks in the chain to coincide the historical stamps on the new block. Sound like a bunch of gibberish? Theoretically, a hacker would have to own and control over 51% of the entire blockchain in order to reverse engineer a blockchain hash, which is near impossible as volumes vary sporadically throughout each second of the day.
Lastly, and what I view as most important, the Number 1 spot is secured by "TRANSPARENCY".
We've mentioned that each block is assigned a hash. We've also mentioned that you personally own the keys associated with your crypto, not the bank or government. These are all great, but why would transparency rank 1 on my list? Transparency is the gateway to trust, whether it be your relationships, business practices, etc. How does this apply to blockchain?
Transparency allows anyone and everyone to link onto a network and view all information on that network. Transaction counts, transaction amounts, the addresses cryptos were sent, the performance from the foundation(s)' nodes, the cost required to maintain transactions, and the list goes on. You have the ability to trace any and all transactions as you please, without relinquishing your privacy or the privacy of the people completing transactions. This also leads into no hidden fees - when you make a transaction on any network, the transaction fees are clearly listed prior to completing the transaction. The fees may vary depending on the network, blockchain, and trade volume for your order, but they are always clear cut for your approval prior to completing the transaction. There are no hidden fees, no private policies for certain shareholders, and you have access to everything going on within the blockchain. Pretty sweet, right? I think so!
I hope you enjoyed my ramblings about the Top 3 Blockchain Benefits! Please keep in mind that this is just my opinion and nothing in stone as to why these reasons are better than others. If you have any feedback, please feel free to comment down below and create a discussion with your peers.
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