Benefit of decentralization in Blockchain technology?

[Aaron625]

Here I explain about the advantages of Blockchain technology over traditional payment system :

* Blockchain technology is completely decentralized , which means it is capable of eliminating middlemen.

* This technology has got the power to eliminate corruption.

* It can make the usage of Government funds in a transparent way.

* It eliminates the scope for fake voting during elections.

* It can make land records tamper - evident and avoid possible scams.

So , the benefits of this technology is not limited to the above points , there are many more as well. We can definitely be sure Blockchain technology will gain mass adoption all across the world in next few years.

 

[Alexandoy]

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.

 

[Nomad]

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.

 

[Nurudeen]

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.

 

[HayKay]

So, does this mean that this form of decentralization can be utilized in other forms of life - government, education and all that?
Will it require that same much amount of electricity to keep it running? What algorithms or calculations need to be solved?

 

[Josemendez]

The blockchain offers transparency and also makes it possible for people to be able to trust the system built on the blockchain technology and be able to benefit from it.

 

[Dowenship]

Here I explain about the advantages of Blockchain technology over traditional payment system :

* Blockchain technology is completely decentralized , which means it is capable of eliminating middlemen.

* This technology has got the power to eliminate corruption.

* It can make the usage of Government funds in a transparent way.

* It eliminates the scope for fake voting during elections.

* It can make land records tamper - evident and avoid possible scams.

So , the benefits of this technology is not limited to the above points , there are many more as well. We can definitely be sure Blockchain technology will gain mass adoption all across the world in next few years.

How did blockchain technology eliminate corruption..... the money lauderings and theft going on in this crypto space are they not corruption?...

 

[Setho]

The overall aim of the centralisation is the fact that everybody controls his own money and the money is not being controlled by a central authority.

 

[eLdavis]

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.

Truth be told, most countries practice democracy by mouth or name but not by action. My country for example is just a democratic state in the books but in reality we get something totally different.

 

[Senator]

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

 

[Dowenship]

The overall aim of the centralisation is the fact that everybody controls his own money and the money is not being controlled by a central authority.

With the look of things, there will be nothing like that, because when you send some amount of crypto to another address, gas fee is needed for the coin be successfully carried out.

 

[Lens]

Blockchain technology is basically one of the best technology in human history. It employed the use of a decentralized system for its design. It eliminates third party influence and will allow for a self executed transaction. The thread made me realise that it could be used for voting to eliminate manipulation.

 

[ahmedo24]

Blockchain technology is the strength of cryptocurrencies because without it cryptocurrencies can exist, it has also been able to promote cryptocurrencies to other financial sectors.

 

[GIFTMICHAEL]

Dealing on anonymous is simply important, I love protecting my information online and not reviewing essential information.

 

[Kaffyfolla]

Decentralized blockchains allow transactions to be made directly from person to person without the assistance of a third-party. This dramatically improves ..

 

[Chibson]

The anonymous nature of cryptocurrencies which makes it decentralised is one of the major features that people like about it.

 

[Kunkun]

Well this is more and more reason that shows crypto currency is here to stay and would still thrive in the future, because the benefits it seems of it and it's technology is much

 

[Trexxxy]

I think blockchain technology is one of the best things to happen. Well, asides from the fact that it provides cover and avenues for corrupt individuals to transfer money. Blockchain has helped a lot.

 

[Kunkun]

The immense uses associated with the blockchain technology has made it sure that it's definitely here to stay, and within some years now this technology could be adopted by many countries too

 

[Setho]

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.