Topic: The Blockchain Advantage Explained in Simple Ways - page 3. (Read 501 times)
That's an interesting post. The blockchain technology is basically a growing list of blocks that arranged using cryptography. So, it can keep the history of previous transaction through the distributed ledger. It is built to provide decentralization, transparency and liquidity in the market.
Due to all the unique features that blockchain provide a lot of institutions including governments of different countries are right now moving to blockchain technology. Blockchain is secure, transparent, irreversible which means it is perfect for storing records, which is why Colombian government is utilizing blockchain technology to record the land ownership over blockchain. There are more examples like these which you can find on the web.
For me, blockchain is a way people can transact without any center or a governing intermediary. By this, people is not obliged to trust a central organization for a transaction but can trust one another through the system.
A blockchain is a digital,decentralized public transactions ledger for Bitcoin that was developed by an unknown person named Satoshi Nakomoto on the year 2008 ,he invented blockchain technology in order to avoid the double spending problem of Bitcoin . In traditional currency transaction is run by a third party interference that is the bank takes control in it but in the transaction of Bitcoin there is no intermediaries and the Blockchain keeps all the ledger with secure.
This is another very simple and good explanation. It's very clear and understandable
The main advantage that we got from the block chain is, it removes the middle man while conducting any financial transactions. It also minimizes the errors during the process. It also promotes trust. This technology is going to serve more in the future.
Blockchain is a buzz word that seems to dominate much of the crypto economy nowadays. It's like the bread and butter of every crypto-related project.
And in bid to help non-crypto experienced people around, why not we try to explain the advantages of blockchain in simple ways? I hope many of you will follow suit.
First off, among the many advantage of blockchain is the removal of the middleman that paved way to the so called peer-to-peer transaction (or payment). What's the simple explanation?
Traditionally, an online payment is done with the help of a bank that serves as a middleman. For Person A to pay Person B, the bank will receive the deposit from Person A and confirm the amount is available to Person B and records that transaction on their database in a centralized manner.
Blockchain disrupted this method by allowing Person A to transfer directly to Person B without a bank or payment gateway involved. But how does it work?
Simple, to confirm that the transaction proceeded and is valid, the transfer is broadcasted to the network (the so called miners) and is needed to be confirmed a number of times. Once confirmed, this particular record is saved network wide (which makes it decentralized). And this record could not be overturned by anyone, not Person A nor Person B, nor by a miner or a group of miners (that makes the blockchain immutable).
And these are few of the simple explanation i came up with. I believe that simplifying things from a very technical explanation will help build a stronger crypto community and a great boost to the crypto economy too.
I'm sure a lot of you have better ways of explaining the advantages of blockchain technology, it would be great to hear them.
And in bid to help non-crypto experienced people around, why not we try to explain the advantages of blockchain in simple ways? I hope many of you will follow suit.
First off, among the many advantage of blockchain is the removal of the middleman that paved way to the so called peer-to-peer transaction (or payment). What's the simple explanation?
Traditionally, an online payment is done with the help of a bank that serves as a middleman. For Person A to pay Person B, the bank will receive the deposit from Person A and confirm the amount is available to Person B and records that transaction on their database in a centralized manner.
Blockchain disrupted this method by allowing Person A to transfer directly to Person B without a bank or payment gateway involved. But how does it work?
Simple, to confirm that the transaction proceeded and is valid, the transfer is broadcasted to the network (the so called miners) and is needed to be confirmed a number of times. Once confirmed, this particular record is saved network wide (which makes it decentralized). And this record could not be overturned by anyone, not Person A nor Person B, nor by a miner or a group of miners (that makes the blockchain immutable).
And these are few of the simple explanation i came up with. I believe that simplifying things from a very technical explanation will help build a stronger crypto community and a great boost to the crypto economy too.
I'm sure a lot of you have better ways of explaining the advantages of blockchain technology, it would be great to hear them.
Very good explanation. Technical explanations can be very difficult for non-tech types to absorb. I'm very non-tech, so I speak from experience. Well done.
I agree with you, you have given a simple explanation for Blockchain. And beside it, I think Blockchain technology will be the main solution for many modern industries. Because instead of corruption it has expressed faith and confidence.
For fiat money we need another party like bank when transactions are occurs but on the other hand for this digital money we don't need any third party. Blockchain provides security when transactions are occurs.
Block chain eliminates the middle man from any transaction and it is its most important advanatage. It promotes trust as well and minimizes the errors during the process. This technology has a great future indeed!
The main advanatage of block chain is, it eliminates the middle man from any financial transactions. It is very trust worthy system and also helps to minimize the errors during the process. In future it will do great as a technology.
Blockchain technology provides security and it is the backbone for bitcoin. Without blockchain no transaction will complete properly.
Simply blockchain is the technology which will have great impact and I think it will be used everywhere in future. I think people will understand this simple technology by time and they will also accept crytpos.
Blockchain have many advantages as like it’s a open source technology developer can get the chance to develop their work its have transparency. The transactional cost is very low, transaction is also fast.
In our most used traditional transection complete by helped of third party but in this technology there is no need of third party. That’s mean it’s allow to transect on a decentralized server.
I think the advantages of blockchain in Bitcoin are decentralized systems and also blockchain is known as backbone technology behind bitcoin with a simple analogy to facilitate understanding.
simplifying the understanding of the word bitcoin and blockchain will lead to increased liquidity. in fact, you do not need to take it so seriously, because it is a simple technology, it will take time, and we will use it ourselves is not noticeable for yourself
A blockchain is a digital,decentralized public transactions ledger for Bitcoin that was developed by an unknown person named Satoshi Nakomoto on the year 2008 ,he invented blockchain technology in order to avoid the double spending problem of Bitcoin . In traditional currency transaction is run by a third party interference that is the bank takes control in it but in the transaction of Bitcoin there is no intermediaries and the Blockchain keeps all the ledger with secure.
Are the majority of cryptocurrency exchange platforms a "middle man"?Is Lightning Network created to be some sort of a "middle man"?
Apart from decentralized exchanges which do nothing but serve as a platform for people to connect with each other, every single exchange is a de facto middleman.
The Lightning Network is simply a second layer solution built on top of the blockchain to decrease demand for on-chain confirmations. It may involve some 3rd parties in certain routing scenarios, but they can't touch your funds anyway so they can't be considered middlemen in the vein of payment processors. You also have the option of opening a direct channel with the other party to make it purely p2p.
Middlemen may be necessary in certain scenarios (like traditional banking), but Bitcoin and the Lightning Network were built in such a way that they're completely unnecessary.
Thank you and appreciate your time and simple explanation for blockchain. I'm sure that blockchain will be the backbone of many industry in the near future. Even government is going to benefit a lot for this technology in order to promote trust and avoid corruption. Imagine removing the middle in many transactions in the Government who actually the reason why corruption is rampant. Thank you blockchian, your the technology that will serve the public.
First off, among the many advantage of blockchain is the removal of the middleman that paved way to the so called peer-to-peer transaction (or payment). What's the simple explanation?
A simple example is the following:
Currently when you send money to someone you need to use a service to so that. Someone or an entity that can verify that you have money in your account and your recipient has an account to receive the money. That someone or entity (let's call them a third party) facilitates the transaction. They have no interest in the transaction other than to pass it from you to the recipient, while taking a fee for doing this simple task. Blockchain technology removes the need for this third party to exist when conducting financial transactions.
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