Bitcoin or not, everyone agrees that the blockchain technology standing behind the coin is quite impressive. Here are five reasons why the blockchain is here to stay, with or without cryptocoins.
Despite the recent crypto hacks, this technology is yet to be hacked and the use of private keys is the secret to this achievement.
Meaning, whenever someone wants to make a financial transaction using this tech, the person in cause is provided with a key. The key can be used to finalize the transaction between him or her and the other person involved. This system can be used for several applications and the benefits are worth considering.
Decentralization is one of the main assets of the blockchain and it seems like more and more people are fans of cutting the middle man. Obviously, this adds significance when it comes to financial transactions. Most people need to rely on banking authorities to transfer their money while agreeing to share their information.
The blockchain allows you to transfer directly to the person in cause.
With decentralization comes transparency. This means as long as the ledgers on the blockchain are decentralized, everyone can view the details and the information stored on a ledger.
A copy of the ledger has been created on every system involved and it’s also connected to the blockchain. This means users will be notified of any change that takes place within the network.
2) Transaction speed
Bank-to-bank transactions taking days to settle outside of the working hours. This technology allows you to receive your funds within a few minutes, regardless of your location or the time of the day.
This means you can send money to anyone, anytime and anywhere with no one being able to stop you. The same system can easily apply in business, government, healthcare, and more. Despite dealing with the early stages of this tech, the benefits are significant.
1) Universal infrastructure
This technology and the DLT (Distributed Ledger Technology) can form a new type of market infrastructure that sits on top of any current system or process. This will change the way companies, regulators, investors, and managers communicate and share data. The blockchain also allows everyone equal rights and access to the system as long as there’s Internet access and electrical power.
Any thoughts on the blockchain technology and its benefits? Comment below.