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Benefit of decentralization in Blockchain technology?

  • Thread starter Thread starter Aaron625
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One of the thing apart from the issue of transaction history that cannot be changed,it can also be used to store important data,both personal and official by the government as well,and also for voting in a transparent manner.
 
Yes the technology of the blockchain can really do a lot of goof to the nation actually. It will remove the probability of coruption ewver taking place in the country
 
Decentralization drives away corruption, fake voting polls and brings about transparency. This is the reason most countries placed a ban on crypto currencies so they can exploit without trace.
 
Nomad said:
Decentralization means it does not have a central authority, when there is no central authority, there is on one to control and dictate, no one to impose rules and regulations. We live is democracy, don't you think decentralization is the ideal way to practice democracy.
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Alexandoy said:
I don't clearly understand the blockchain technology until now even if I had read so many articles about it. Is the blockchain using the internet also? Decentralization means it would be on its own without any interference by regulation. I don't think that is good for the society.
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In a decentralized blockchain network, no one has to know or trust anyone else. ... If a member's ledger is altered or corrupted in any way, it will be rejected by the majority of the members in the network.
 
Nurudeen said:
Decentralization of the blockchain technology is very important and that is even why it's very hard for all these government agency to control or regulate the system as at now.
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When the central government cannot actually control and regulate currency is when the decentralisation of block chain technology comes into question which is why most government actually against it.
 
The usefulness of the blockchain to remove the middle men from the transaction process as well as the high possibility of reducing fraud is one thing I liked about the blockchain technology too
 
Alexandoy said:
I don't clearly understand the blockchain technology until now even if I had read so many articles about it. Is the blockchain using the internet also? Decentralization means it would be on its own without any interference by regulation. I don't think that is good for the society.
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Decentralization is good for blockchains in my opinion, even though I know it has its disadvantages. However, government and financial institutions have continuously misused the power of centralization they have forcing people to look for alternatives.
 
The blockchain technology have been put to use in so many areas to eliminate tampering and manipulation. The transparency in governance could be achieved by adoption of the blockchain technology.
 
Ononivami said:
The blockchain technology have been put to use in so many areas to eliminate tampering and manipulation. The transparency in governance could be achieved by adoption of the blockchain technology.
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That is why the blockchain technology is very unique,and once business transaction or data has been stored in the chain it would be impossible to alter the record or data,that is just an advantage with this kind of transaction.
 
The fiat currency operates on a centralized protocol which makes it easy for government bodies and other financial institution to control it's growth, uses and value of the currency. The crypto currency is not operated that way which make it a more generic currency which users passively or actively control the crypto currency by their activities.
 
Sincerem said:
The fiat currency operates on a centralized protocol which makes it easy for government bodies and other financial institution to control it's growth, uses and value of the currency. The crypto currency is not operated that way which make it a more generic currency which users passively or actively control the crypto currency by their activities.
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The decentralized feature of cryptocurrency is a wonderful creation and It has helped to solve many problems. The decentralized technology have been applied in so many areas that are predominantly marked with high third-party influence.
 
Provides a free atmosphere where individuals can carry out their transactions without ever getting sanctioned for crazy reasons as it's the case with some centralised things.
 
Winning Team said:
Provides a free atmosphere where individuals can carry out their transactions without ever getting sanctioned for crazy reasons as it's the case with some centralised things.
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The essence of the blockchain technology is to eliminate the third party. The third party interference should be eliminated and that's the usefulness of the blockchain technology .
 
Bookwormlux said:
Provides a free atmosphere where individuals can carry out their transactions without ever getting sanctioned for crazy reasons as it's the case with some centralised things.
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The introduction of blockchain is a very good way and avenue for e-commerce transactions to be carried out,confirmation of payments and storage of very sensitive data,this is good because most bottlenecks have been able to be bypassed through this process.
 
With this few points you've dropped about blockchain technology, i've started taking a liking to it. I hope it is adopted in countries over the year as time goes by.
 
Good point , I still believe that it is only a very little function of cryptocurrency has been discovered now . There are so many things cryptocurrency will be used for in the future. This is among one of the best investment for people that have opportunity to know.
 
Decentralization ensures that decision-making and control are shared among the members of the network rather than concentrated in the hands of one person or group. As a result, transactions can be completed without the use of middlemen or external validators in a trustless environment.
 
Setho said:
With decentralization in cryptocurrency it means that the blockchain is not controlled by a central authority and everybody is like a bank of his own.
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The central authority is causing the price of local currency doesn't fall to null value like what happens with some coins where their value suddenly fall to 0 $ in minutes.
 
Decentralization in Blockchain helps to reduce the level of trust that participant must place in one another. No one has to or trust anyone else. Transactions in Blockchain can not be altered.
 
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