What are the advantages of blockchain technology?

[justinlykal]

Blockchain enables decentralized and secure data sharing. The blockchain network consists of computers, also called nodes, which are interlinked with one another, forming a blockchain. Any transactions in the network occur by using unique codes connected to each transaction; thus making all conducted transactions transparent and traceable back to their origin. Blockchain stores information in blocks (records) inside blocks of linked data through cryptography.

Here are some reasons why industries should strive for the use of Blockchain.

1) Eliminating corruption. Because of the transparency and incorruptibility that Blockchain brings, it can be used to track any dubious transactions done by both the public and private sectors. In a nutshell, it eliminates corruption in many ways: having all activities visible, making unilateral changes impossible, record-keeping more consistent.

2) Lowering costs for transactions. The transaction processing time would be much faster with less involvement from third parties. This means lower fees when using economical products like Bitcoin or Ethereum which are stored on blockchain technology. With blockchain infrastructure, information about ownership can also be secured easily as part of its decentralized framework.

3) Making digital records trustworthy and indisputable. According to Yuval Harari, author of the book Homo Deus: A Brief History of Tomorrow, "Blockchain [technology] authenticates itself. It generates trust in itself and in that way really is a new form of collective intelligence for our age."