Benefits of Blockchain that you should know

18/08/2022 3 min Temporada 1 Episodio 3

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Episode Synopsis

Benefits of Blockchain that you know?
Settlement in real-time: In the financial industry, blockchain can allowing the quicker settlement of trades. It does not take a lengthy process for verification, settlement, and clearance because a single version of agreed-upon data is available between all stack holders.
Cost-saving: Blockchain allows peer-to-peer transactions to be completed without the need for a third party such as a bank which reduced overhead costs for exchanging assets.
Security and Resilience: Blockchain uses very advanced cryptography to make sure that the information which is going to lock inside the blockchain is secure against hacking attacks and fraud. It uses Distributed Ledger Technology where each party holds a copy of the original chain, so the system remains operative, even the large number of other nodes fall.
Immutability: A blockchain register transactions in chronological order, which mean every transaction happens after the previous one. The chronological order certifies the un-alterability of all operations in the blockchain. It means when a new block is added to the chain of ledgers, it cannot be removed or modified.
User Pseudonymity: It is a state where the user has a consistent identifier which is not the real name of the user. The real identities are only available to administrators. It allows users to communicate with others in a generally anonymous way. It helps to maintain user privacy and enables free transactions without any security worries. In the blockchain, your pseudonym is the address to which you receive Bitcoin. Every transaction which involves that address is stored permanently in the blockchain. If your address is linked to your identity, every transaction will be linked to you. It is always good to every time use a new address for each transaction to avoid the transactions being linked to a common owner.