Benefits of using Blockchain - Discussion

Welcome to the discussion thread about this lecture section. Here you can feel free to discuss the topic at hand and ask questions.

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It is secured, trustable, transparent.

You don’t have to put explicit your own servers in the air for your backoffice to get an application in the air.

benefits of blockchain; immutability, decentralisation, transparency (public blockchain), privacy (monero private blockchain) and mos

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More Transparent
More Secure
More Traceable
More Efficient
Higher Speed
More Cost Efficient

Decentralisation, immutability, security, transparency (except for privacy coins), no middle-men

Blockchain technology allow to build project on top of it without needing approval from 3rd parties.
It is more secure at some point because it is decentralized and there is no central source of authority. There is also no central point of failure and is harder to hack.

Blockchain technology allow open and transparent commercial activity around the world.

Yes, I can see the keywords for benefits of blockchain expressed.
Thanks!

Immutability is the biggest benefit of blockchain… it can be used to prevent corruption

will change the financial system

Contains all the history, transparent, Distributed, with no single point of failure.

Bitcoin and blockchain technologies are so interesting that I have decided to take this course. I believe that Bitcoin and blockchain will be the way that societies now and in the future will use. It is important to get on board and learn about this technology now rather than later.

@ivan, @filip

In the lecture on Security & Immutability, it mentions that an advantage of blockchain is that it is a global infrastructure with a global standard. This is contrasted with the more traditional IT infrastructures, or platforms, run by large IT companies, and in widespread use today. I understand the point in the video, that these different IT platforms (with their different designs) often result in “silos”, making the exchange of data (whether value, or supply-chain related) often problematical and therefore inefficient (and less secure).

However, my questions relate to the fact that there is not just one global blockchain in existence, or being designed, but in fact many (and potentially many more still to be developed). And as far as I’m aware, there is more than one blockchain for each different type of “data exchange” solution as well e.g. blockchains for value exchange, blockchains for exchange of supply-chain data etc.

Won’t this also cause competition between different blockchains (with different protocols) just as there already is between different IT platforms today, and therefore also lead to problems with interoperability (and therefore efficiency and security of data exchange), and potentially still leave us with “silos”, albeit this time on a global scale?

I’m aware that projects such as Cardano are attempting to solve this issue of interoperability between blockchains. However, do you think that after an initial period of competition between those blockchains trying to do the same thing, we will eventually end up with single blockchain “winners” for each type of “data exchange” on a global level?

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Good question. I agree it’s definitely a risk. I would hope, and I advocate for more open infrastructure and that more of system could be interoperable.

It’s too difficult for me to put any odds on these scenarios in the early state that we are in right now. But I think that many businesses realize that there are a lot of efficiency improvements to be made in these old systems with more global, real time data.

I know it might not have been the answer you wanted. But I hope it gave you some additional thought :slight_smile:

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Crypto will become the main means of trading.

Verification without trust, decentralisation, Permissionless transactions are the fantastic USPs that the Bitcoin blockchain brings to the world of money. For blockchains in general, a way of creating an immutable chain of digital information that can provide verification without trust in a decentralised environment. This can be used in supply chains to prove where raw materials are sourced, or conditions that goods have been shipped in for example. It could be used in the world of gaming where digital artifacts can be made unique, a first ever in the digital realm - adding value to them.

Benefits of using the BlockChain?

Decentralized (possibility of minimal bank controls), Control of your funds, Deliver-ability (transactions that are anywhere and anytime.), Ledger can be monitored (start and end.)

Nice comments you all…interesting to see what others say. Of course I am hoping for a large wealth transfer… its going to be very interesting to watch this.

:sunny:

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The implications of the blockchain is enormous, permeant records of any type transactions that can be traced from beginning to end.

It is anti fraud.
Everyone who is on the network can see the transactions en can verify it.
Smaller fees because ther is no middel man.