The blockchain really eliminates the middle man,but most of the people are forced to believe that a middle man is needed in order to have more trust and avoid mistakes.
Are the majority of cryptocurrency exchange platforms a "middle man"?Is Lightning Network created to be some sort of a "middle man"?
Topic: The Blockchain Advantage Explained in Simple Ways - page 4. (Read 501 times)
The blockchain is not only virtual currency, you already know other applications of Blockchain technology!
The blockchain is usually known only as the basis of Bitcoin. However, Blockchain has the advantage of being able to transmit data bypassing intermediate units, increasing efficiency, and speed of operation. The blockchain network consists of multiple independent points capable of linking information but is only added when there is a consensus of all points. This is a highly secure network as soon as a part of the system collapses.
Blockchain has the potential to become a powerful technology in the future. The unmatchable characteristics of blockchain technology create a trust without the need for a centralized organization such as a company or an organization to establish that trust.
One of the most effective areas of application of Blockchain technology is banking and finance. Blockchain also supports trade, agriculture.
In addition, blockchain 2.0 or above supports the "smart contract" feature - smart contracts can be used in many cases, minimizing errors during the process. Eliminating intermediaries, the agriculture sector will generally save a lot of money for expansion.
The blockchain is usually known only as the basis of Bitcoin. However, Blockchain has the advantage of being able to transmit data bypassing intermediate units, increasing efficiency, and speed of operation. The blockchain network consists of multiple independent points capable of linking information but is only added when there is a consensus of all points. This is a highly secure network as soon as a part of the system collapses.
Blockchain has the potential to become a powerful technology in the future. The unmatchable characteristics of blockchain technology create a trust without the need for a centralized organization such as a company or an organization to establish that trust.
One of the most effective areas of application of Blockchain technology is banking and finance. Blockchain also supports trade, agriculture.
In addition, blockchain 2.0 or above supports the "smart contract" feature - smart contracts can be used in many cases, minimizing errors during the process. Eliminating intermediaries, the agriculture sector will generally save a lot of money for expansion.
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.
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