What I like most about Blockchains

2019-03-15T00:25:23.000Z Honest Cash

Ever since Satoshi Nakamoto invented Bitcoin in 2009, the new blockchain technology has been growing from local to mainstream with a wide range of use-cases. However, despite the increasing growth of blockchain technology, some people still don't have full trust in its existence. This will lead me to discuss what I like most about blockchain. What I like most about blockchain are the stated below:

  1. Disintermediation: One of the major features of blockchain is that it is decentralized and trustless. This means that you do not need a large central server for your data to be saved. Due to this, there can be successful transfer or sharing of data without the need for any intermediary to validate or authorize it.

  2. Low Cost of Transactions: Since no intermediaries are required in the sharing of data, the overhead costs for the exchange of assets are removed. Thus, there is high potential that the cost of transactions will be greatly reduced by blockchain.

  3. Transparency: Another reason I like blockchain is because: As a developer, I can successfully track, fathom, audit and put up suggestions in the improvements of this blockchains.

  4. Security: Even though blockchain is still facing some security crisis, It is still a new technology which possesses a high level of security in transactions carried out on blockchain technology compared to other traditional methods.

  5. Anonymization: I also like blockchain simply because all of my identities, credentials and assets have a very low probability of getting deanonymized by third parties or hackers.

  6. Faster Speed of Transactions: Transactions done on the blockchain network are much more faster than bank transaction ( such as wire transfers) which usually take several days to go through

  7. Store of Value: Another reason I like blockchain is because it can serve as an efficient and effective way to store value since it possess some good numbers of gold features.

What do you like most about blockchains. Gice your answers in the comment section below and let us discuss.

Responses


RE: What I like most about Blockchains

by @Numberofthings

Welcome to Honest Cash Dtwo! Excellent first post. Meeting new people from around the world through blockchain tech reminds me of the early days of ICQ!!!


RE: RE: What I like most about Blockchains

by @Dtwo

I am glad to be here. Thanks for welcoming me.