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Author Topic: The Blockchain Advantage Explained in Simple Ways  (Read 225 times)
BumblingBee
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August 17, 2018, 12:01:45 PM
 #41

Blockchain always aims to ensure the security of their users. They use encryption method so each transaction needs a secret key to encrypt the data and to validate the authenticity of it. So blockchain is very protected.
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August 17, 2018, 12:26:31 PM
 #42

Very well said in making the common to understand blockchain will be one of the greatest step ever taken to create awareness and expand the community of crypto users. Let's continue the awareness and we will be happy for it.
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August 17, 2018, 12:58:58 PM
 #43

This is a well drafted article and this is a very nice explanation as regards blockchain technology. This technology is going to be very helpful to governments and individuals in all ramifications ranging from payments , elections, development, etc and ensures fairness on all areas.
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August 17, 2018, 08:37:50 PM
 #44

Blockchain technology are more secure and potential. it is more essential in digital trading world. it provide better services. it will make easy and fast our transaction. its future are more bright.
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August 17, 2018, 08:43:55 PM
 #45

Blockchain technology are more secure and potential. it is more essential in digital trading world. it provide better services. it will make easy and fast our transaction. its future are more bright.
Marlo Stanfield
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August 17, 2018, 08:46:34 PM
 #46

The advantages of blockchain technology can not be explained in limited words. It is one of the finest technology of modern era. The transparency feature is really great.


In what ways do you see it being better than a database that has the option to allow it's data to be reviewed publically? Bitcoin of course is good, but other uses for the technology seem to be pretty lackluster and unnecessary so far.
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August 17, 2018, 09:15:18 PM
 #47

People are more interested and trust blockchain technology. it make faith and potential crypto world. it is more essential in digital trading platform. it will help to transparency and make secure our digital money.
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August 17, 2018, 09:53:08 PM
 #48

blockchain technology are more advance and transparent. it will make easy our daily transaction. it will make secure our digital money. it is more essential and probable. its future are good.
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August 17, 2018, 10:39:31 PM
 #49

understanding the word bitcoin and blockchain
I think about the superiority of blockchain in Bitcoin is a decentralized system and also blockchain is known as backbone technology
and blockchain will cause an increase in liquidity. actually, you don't need to take it seriously, and because this is simple technology, it will take time
and Blockchain allows for the creation, storage and transmission of things from the value of money online. Blockchain executes this process in an extraordinary way
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August 18, 2018, 07:48:07 AM
 #50

Thank you for sharing the simple explanation of blockchain. It’s the backbone of this industry. I think the government also benefited through this company in future. This technology is totally serve the public.
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August 18, 2018, 08:49:49 AM
 #51

it is now a matter of time, in near future the whole industry will use the technology. it makes your transaction easier and more faster. and no outsider can not interfere this is for people.
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August 18, 2018, 09:18:02 AM
 #52

blockchain is the latest technology that used now in digital currency. by using blockchaain technology our transaction is safe mainly it removes the middle man problem. that's why people have faith on blockchain technology.
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August 18, 2018, 09:32:14 AM
 #53

we are known with the blockchain technology when bitcoin use it in prroper way. it have a feature which i like most that is smart contract it makes our transaction more easier.
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August 18, 2018, 10:19:49 AM
 #54

Blockchain is a decentralized public transactions digital ledger which is used not only for Bitcoin but also for other digital aspects. Blockchain is a great technology for developing modern world.
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August 18, 2018, 11:00:29 AM
 #55

Using Blockchain technology, we can avoid the problem of double cost of Bitcoin. And the good thing is that the blockchain technology removes the third party to manage financial transactions.
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August 18, 2018, 11:04:34 AM
 #56

I reckon the fee of using blockchain is getting reduced slowly today.So the condition will back to normal soon.But this is most tough days for bitcoin because who bitcoin investors are chocked due to high fee and congestion in network.

KINGCHACHA1
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August 18, 2018, 11:21:38 AM
 #57

Blockchain is a buzz word that seems to dominate much of the crypto economy nowadays. It's like the bread and butter of every crypto-related project.

And in bid to help non-crypto experienced people around, why not we try to explain the advantages of blockchain in simple ways? I hope many of you will follow suit.

First off, among the many advantage of blockchain is the removal of the middleman that paved way to the so called peer-to-peer transaction (or payment).  What's the simple explanation?

Traditionally, an online payment is done with the help of a bank that serves as a middleman. For Person A to pay Person B, the bank will receive the deposit from Person A and confirm the amount is available to Person B and records that transaction on their database in a centralized manner.

Blockchain disrupted this method by allowing Person A to transfer directly to Person B without a bank or payment gateway involved. But how does it work?

Simple, to confirm that the transaction proceeded and is valid, the transfer is broadcasted to the network (the so called miners) and is needed to be confirmed a number of times.  Once confirmed, this particular record is saved network wide (which makes it decentralized). And this record could not be overturned by anyone, not Person A nor Person B, nor by a miner or a group of miners (that makes the blockchain immutable).

And these are few of the simple explanation i came up with.  I believe that simplifying things from a very technical explanation will help build a stronger crypto community and a great boost to the crypto economy too.

I'm sure a lot of you have better ways of explaining the advantages of blockchain technology, it would be great to hear them.





We always think that there is no third party when it comes to blockchain financial transactions but from your explanation of how blockchain really operate it is like the miners still serve as third party just like our traditional banking system, the difference is that blockchain transaction is faster and miners cannot query your transaction except you do not have enough balance.

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August 24, 2018, 08:24:30 AM
 #58

That's a good explanation. But it is amazing how many misconceptions there are about blockchain out there. I saw a commenter on an Internet forum recently doubting blockchain, saying that it would lead to more corruption. This person was convinced that if the wrong power got control of blockchain, there will be rampant corruption. How do you explain to people that this cannot be the case as there is too much accountability? The transparency is one of the USPs of Blockchain and here's someone doubting. It's frustrating.
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August 24, 2018, 09:15:38 AM
 #59

Blockchain is a buzz word that seems to dominate much of the crypto economy nowadays. It's like the bread and butter of every crypto-related project.

And in bid to help non-crypto experienced people around, why not we try to explain the advantages of blockchain in simple ways? I hope many of you will follow suit.

First off, among the many advantage of blockchain is the removal of the middleman that paved way to the so called peer-to-peer transaction (or payment).  What's the simple explanation?

Traditionally, an online payment is done with the help of a bank that serves as a middleman. For Person A to pay Person B, the bank will receive the deposit from Person A and confirm the amount is available to Person B and records that transaction on their database in a centralized manner.

Blockchain disrupted this method by allowing Person A to transfer directly to Person B without a bank or payment gateway involved. But how does it work?

Simple, to confirm that the transaction proceeded and is valid, the transfer is broadcasted to the network (the so called miners) and is needed to be confirmed a number of times.  Once confirmed, this particular record is saved network wide (which makes it decentralized). And this record could not be overturned by anyone, not Person A nor Person B, nor by a miner or a group of miners (that makes the blockchain immutable).

And these are few of the simple explanation i came up with.  I believe that simplifying things from a very technical explanation will help build a stronger crypto community and a great boost to the crypto economy too.

I'm sure a lot of you have better ways of explaining the advantages of blockchain technology, it would be great to hear them.






Such a great explanation from you. It helps us understand  about these things in crypto world. Blockchain is the one needed by any companies  for lesser  expenses and a faster  financial transactions .This is a no middleman or any organisation involve between any transaction of two parties . It is one of the best technology happened into this world to help eliminate corruptions. 

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meritbygrace
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August 25, 2018, 06:42:12 PM
 #60

The blockchain truly dispenses with the center man,Blockchain disrupted this method by allowing Person A to transfer directly to Person B without a bank,even at that the middle man is needed,But in this case is not so.Without blockchain no transaction will complete properly.

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