5 Features Of Using Blockchain in the World Economy.
Read on to find 5 features of using blockchain in the world economy. Features of blockchain evaluated as to how they help disrupt industries.
Blockchain is often wise referred to as the next internet or the emerging technology that will support a new era of the internet.
Table of contents
- Fast means of exchange
- Features of a transaction platform
- Using unrivalled security benefits
- Using Blockchain and verifiable data integrity
- The power of distributed systems
Fast means of exchange
Traditional exchange systems can be slow especially when large volumes of assets are involved. However, this is not the same when blockchain technology is employed.
A Transaction on a modern blockchain network such as EOS or Hyperledger is completed in just a few seconds.
Furthermore, there is no limit or restriction that apply to the number of transactions that can be conducted by a single user.
Without a doubt, this makes assets transfers much easier for individuals and ultimately saves a lot of time for all parties involved in a transaction.
Namely, with blockchain technology, two parties are usually able to make an exchange without the oversight or mediation of a third party. This strongly reduces or even sometimes eliminates counterparty risk.
Features of a transaction platform
A blockchain network validates transactions that involve assets and/or accounts. The blockchain protocol defines the rules for validation of said transactions and blocks creation.
In fact, each time consensus is reached – within a group of block validators – transactions may be included into a block which is a storage space.
Additionally, the blockchain keeps permanent track of every transaction for future verification.
Using unrivalled security benefits
Due to their inherent decentralised nature, blockchains usually provide with better security characteristics compared to today’s digital economy.
In fact, blockchain networks – open source and distributed – tend to remove the single point of failure that hackers can use or exploit to attack a digital application.
There is no doubt anymore that blockchain technology has revolutionised the way for developers to think about their solutions in that they now are offered with a system that keeps a public track of data integrity.
Using Blockchain and verifiable data integrity
As mentioned above, for data integrity to be verifiable is what makes blockchain technology so attractive, in our opinion.
In fact – being proof-based systems – Bitcoin and other blockchains keep a public track of data integrity on the network. In other words, it is possible to verify the integrity of data at any point in time given access to said storage system.
Creating immutable ledgers is one of the main values of the blockchain. Values stored on it cannot be altered or deleted because, due to its setup, the blocks of data are linked and secured with each other through cryptography.
The power of distributed systems
With distributed systems, users are given the power to store and manage assets in a blockchain network which can usually be accessed publicly over the internet.
As such, account owners have a direct control over their accounts by the means of a cryptographic key that is linked to it digitally. With said key, a user has the power to move and manage their assets without having to consult or involve any third party.
With the 5 features of using blockchain in the world economy listed above, it is clear to see why it has seen such tremendous growth.
Blockchain technology has already innovated across several industries of the world economy and shall be ready for more business solutions in the near future.