Benefits of Blockchain Technology?
To some people, the blockchain technology is a lot more promising than the cryptocurrency it was designed to support. Sure, the demand for Bitcoin is colossal at this point in time. But since it’s basically backed by nothing but sentiment, it’s reasonable to believe that the Bitcoin bubble may eventually pop-- however unlikely that may be. The benefits of blockchain, however, are more than big enough to sustain its relevance for generations to come. Without further ado, here are the most important benefits of blockchain technology 1.Decentralization This is a core concept and benefit of blockchain. There is no need for a trusted third party or intermediary to validate transactions; instead a consensus mechanism is used to agree on the validity of transactions. 2.Transparency and trust As blockchains are shared and everyone can see what is on the blockchain, this allows the system to be transparent and as a result trust is established. This is more relevant in scenarios suc...