E What Are The Benefits Of The Blockchain?

These days, we hear a lot about Bitcoin. We hear things like ‘it’s a financial revolution’ and ‘it’s disrupting the economy.’

What most people don’t know about Bitcoin is that its uniqueness comes from its underlying technology: the blockchain.

After all, there are currently lots of cryptocurrencies built on different variations of blockchain technology. And what’s left to make Bitcoin unique and different from other cryptocurrencies is only its economics (limited supply, inflation, etc.) and history (it’s the first cryptocurrency ever created).

It’s clear the real innovation comes from the creation of blockchain technology. Banks are using the tech to create their cryptocurrencies and improve their offering and the whole banking industry, while lots of businesses from various industries are working on implementing blockchain-based solutions to grow their businesses.

Using blockchain technology will allow banks, payment systems, big corporations to avoid intermediaries, reduce costs, reinforce security, and make banking more efficient.

On the other, people can use the technology through cryptocurrencies that allow them to gain digital freedom and stay away from banks and big corporations.

So what are the properties of Blockchain technology that make it unique?

Here’s an infographic from CryptoManiaks to answer this question.

Benefits of the Blockchain technology

 

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Carol W 5 months ago Contributor's comment

Yeah, there's only one problem - it's rather unnecessary here in the US. I suppose of you're some poor sod living in Venezuela, a stable currency might sound appealing.

Barry Hochhauser 5 months ago Member's comment

Not sure where you are getting that from, Carol. Of all the benefits that the author listed, I did not see "stability" among them. On the contrary, with the radical ups and downs, I would say it's very volatile. But there are many other benefits to #cryotcurrency, as the author stipulated.

Michele Grant 5 months ago Member's comment

Carol W, #Crypto is ideal for criminals who want to avoid the eyes of the government. The US has those as much as any other country.