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Technology

Advantages of blockchain technology

Cristina MaciasBy Cristina MaciasOctober 23, 2020Updated:December 30, 2020No Comments4 Mins Read
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ADVANTAGES OF BLOCKCHAIN TECHNOLOGY
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A blockchain is a digital system of recording information so that it is impossible to hack or cheat. In other words, it is called a decentralized digital ledger that records transactions, and the data is distributed to a network of computers in the same block.  Ever since inception in 2008, bitcoin users have used blockchain for peer to peer transactions of their funds. Online businesses have become one of the more lucrative markets worldwide in this digital age. With the digital advancements of online businesses came about new sets of issues. This article will discuss some of the advantages that come about with the use of blockchain technology and how some of the issues are sorted.

HIGH TRANSACTION SPEEDS

Transactions speed refers to the time spent for funds to be transferred from your wallet to a business and vice-verser. The blockchain has reduced the speeds to do your transactions by reducing the verification process for a transfer and reducing the number of middle entities hired to handle businesses’ finances. By introducing smart contracts, transactions are automated when specific requirements are met.

LOW COST FOR TRANSACTIONS

For businesses, having bank transfers will take at least a few days to clear money transfers while using visa cards will be faster though very expensive, mostly if the funds are being transferred to another part of the world. Blockchain technology is a decentralized system allowing for funds to be transferred at practically negligible costs. The technology has eradicated the presence of intermediaries, reducing the cost of transferring funds around the world.

USE OF DIGITAL CURRENCY

Blockchain is closely associated with cryptocurrencies. Therefore, blockchain’s use allows users to indulge in the use of digital currencies such as bitcoin, hence giving establishments and clients new forms of banking. It has also allowed for casino online that accept crypto deposits to get closure with their clients. Having the ability to gamble using cryptocurrencies has reduced the problems associated with using regular currencies online, for instance, countries that have banned gambling.

TRANSPARENCY

The blockchain is a completely transparent ledger, visible for any of the parties to view. It is impractical to hide transactions as a client and the business hence hindering any of the parties from becoming fraudulent. Having the thought that all your transactions are being recorded as a business will serve as an incentive for honesty. Also, showing this level of transparency improves trust with the customer.

SECURITY

Since the great hype of digital data transfer, there has always been a risk of security. The security of data has been the most significant selling point of blockchain. The technology has multiple means of securing funds and data for businesses. They include:

  • Decentralization- since blockchain is decentralized, data is not stored in one single point. Every computer in the chain has a complete copy of the transaction data; hence in case, any mishap with one or two of the computers doesn’t render the data lost.
  • Encryption and validation- blockchain will ensure that all data is encrypted, and only computers in the blockchain can read the information.
  • hard to hack- since multiple computers in the chain confirm every legitimate transaction, hacking becomes impossible as one would need to hack all the nodes (computers at once

REMAINING ANONYMOUS

The blockchain technology allows the user to keep their information private. Unlike other platforms where one must fill in multiple forms before you are allowed to carry out transactions, the blockchain only requires setting up your account and starting the transaction. For casino online platforms, clients can remain anonymous, and the information is secure from the third party in businesses.

MANAGING YOUR FUNDS

Using blockchain technology makes it easy for the user to manage their funds as every transaction is documented. Multiple computers verify the transaction; therefore, it is relatively easy to become accountable for how you use the coins.

ACCOUNTABILITY

Any transaction that is confirmed by the blockchain is tough to reverse or change. This makes blockchain technology suitable for storing financial records and data that will be requiring auditing. All changes done are recorded and stored in the various computers linked to your specific blockchain.

The blockchain technology will be here in the long run. With the technological improvements, it becomes the way forward for businesses to indulge in. there cannot lack any demerits linked to blockchain but the merits out way them.

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Cristina Macias
Cristina Macias

Cristina Macias is a 25-year-old writer who enjoys reading, writing, Rubix cube, and listening to the radio. She is inspiring and smart, but can also be a bit lazy.

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