What Are The Benefits Of Blockchain In Our Today’s Life?

[HB Wallet]

The advent of blockchain technology brought many benefits in many different industries, providing greater security in trustless systems. However, its decentralized nature also brings some downsides.

Advantages of blockchain: better security, efficiency, traceability, greater transparency.
Disadvantages of blockchain: 51% Attacks, Data modification, Storage.

Let’s dig deeper into this article to find out: https://pantograph.io/benefits-of-blockchain/

What are the other advantages or disadvantages that I did not mention here? Feel free to give any comments.

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Good article, contains a couple of relevant information, and the gif-like videos could be useful to readers who learn through infographics.

Since this was posted in Bitcoin discussion board, I would like to point out that the blockchain is a broad technology and can be run using different algorithms which operates quite differently, so while some blockchain protocols may be prone to breaches like through the 51% attack, Bitcoin's protocol has proven to be resistant to this (It's partly mentioned in the article, but newbies may read only the post and surmise that these are vulnerabilities in Bitcoin)

Data modification
Another downside is that once data has been added to the blockchain, it is virtually impossible to modify it. While stability is one of blockchain’s advantages, it’s not always good. Changing blockchain data or code is often very strict and requires a hard fork. Once there, a chain will be discarded and a new chain is accepted.

I don't consider the immutability of Bitcoin to be a downside, it's rather one of the qualities that makes Bitcoin stand out from other systems which are not run on the blockchain. Knowing it is immutable increases trust, as you can verify all previous entries and be sure no changes has or can be made to it.

[phucdt]

That is a very good article. Kudos to the team! 

As mentioned, '51% attacks' could be a threat to Blockchain. But with the rise of many Proof of Stake blockchains, this happens to be less dangerous than before. With a PoS, the attacker would need to obtain 51% of the cryptocurrency to carry out a 51% attack. The proof of stake avoids this ‘tragedy’ by making it disadvantageous for a miner with a 51% stake in a cryptocurrency to attack the network.

I am also very impressed by this information:

A recent example is TomoChain. They have officially cooperated with Vietnam’s Ministry of Education and Training to architect & utilize the NQA system for millions of Diplomas on their Blockchain, handling an entire nation’s demand for education.

This news shows us how far blockchain adoption has gone. Teaming up with the government is a huge step! Let's hope these kinds of partnerships will make blockchain become more friendly to our daily use, and when speaking of blockchain, people will have more things to discuss than just cryptocurrency.

[Oshosondy]

Blockchain may have its own disadvantages but better than the traditional way which are more susceptible to flaws and errors, blockchain brings about transparency which is now applied in many fields, example where blockchain can be applied are in cryptocurrencies, record keeping, medical, fashion designing and many others like that, in fact it can be applied to any field. It can be used in voting too, the world is getting more advanced, there will be a time it will be used in voting. Many companies are adopting blockchain technology because it is not like the traditional ways, data inputed on blockchain ledger is difficult or nearly impossible to edit unlike the traditional way that is often manipulated by people.

[daarul50]

People still love doing things in old-fashion way despite there is a lot of advantage.
To cut off the middle man services is the most well known, people could save a lot of money but still dont want this blockchain to be around.
Do you know why?
It is because the environment tell them it is hard to understand especially for the elderly , complicated.
The society rejected it , they are not ready for the advanced technology to be used in our daily life.
At some place maybe this technology warm welcomed but majority still not ready.

[Ucy]

What do you mean by data modification, reorg? Ofcourse, over 50% of network participants with fullnodes and computer-power can modify "top data" (through consensus) if it's designed to be so. So, without having over 50% of network participants agreeing to do that , there won't be the possibility of data modification. Better to have a network robust with most users who able to run full nodes and determine the data modification rather than than few miners, considering that most users cannot participate in mining. I believe most/all users should be able to participate in network consensus to make 51% difficult. And the network will need to have clear rule before 51% can modify data.

How about Storage? Is that about difficulty in running full nodes?
That can be fixed, or probably has been fixed by some.

[Ucy]

What do you mean by data modification, reorg? Ofcourse, over 50% of network participants with fullnodes and computer-power can modify "top data" (through consensus) if it's designed to be so. So, without having over 50% of network participants agreeing to do that , there won't be the possibility of data modification. Better to have a network robust with most users who able to run full nodes and determine the data modification rather than than few miners, considering that most users cannot participate in mining. I believe most/all users should be able to participate in network consensus to make 51% difficult. And the network will need to have clear rule before 51% can modify data.

How about Storage? Is that about difficulty in running full nodes?
That can be fixed, or probably has been fixed by some.

In regards to data modification (data reorg?),
I doubt you changed hashed data and the changed data will still be accepted by the network as unmodified. That is why decentralization, transparency, immutablity/hashing of data make Blockchain great

[Dsdaq]

Blockchain solutions are not only limited to the exchange of cryptocurrencies.
The blockchain as various advantages over the the various existing system.
The blockchain can also be integrated into almost every section of human civilization.
In areas like:

1 Supply chain management.
2 Greater Transparency.
3 Increased Efficiency.
4 Better Security.
5 Voting
6 Stock exchange.

[GreatArkansas]

Advantages mentioned above are really helpful and I believe blockchain is one of the best invention for this century.
There are lot of companies starting to use blockchain, they starting to adopt this technology.
Bitcoin is one of the best product of blockchain for me.
We really can't avoid disadvantages, everything is not perfect.

[kryptqnick]

51% attack is easy to employ on some shitcoins, but requires tremendous resources when it comes to Bitcoin. And even if someone does this and gets access, it'll probably be only temporary and not the end of the world. As for the impossibility of data modification, it can be a big advantage if something is to be preserved in its original form. I do like it that the article concludes that the advantages are worth it, even though some downsides exist. Speaking of disadvantages, scalability is a pretty big one, especially from the long-term perspective.

[Latviand]

It is really a good idea that blockchain technology can trace most of the transactions so that when scammers attack someone's account then the authorities can actually trace them immediately. That's very important for me because there are a lot of people who are losing their assets instantly due to ignorance. Blockchain technology is really essential right now as we are approaching more in a digital age and we need to adapt as we go on.

[nemey]

Blockchain technology is a decentralized technology. Where in everyday life, we can apply it in terms of delivery or transfer transactions. Because indeed this transfer process, whether it be goods or money, does require technology like this Blockchain.

[Walterhank]

Yep, this is detailed enough but it should include how it can transform the sectors and how such sectors can shift from their existing models to the blockchain ones. Still, the article is pretty informational.

[electronicash]

disadvantages can still be considered advantages in different circumstances but all in all the conclusion still is that blockchain is a superior technology over the ones predicted to be the most useful in the future. if it weren't for satoshi, things will still be the same and without cryptocurrency market.

[Shallow]

I think one of the greatest advantage of Blockchain is decentralization, because this paved way peer-to-peer system of doing things like payment transaction, this peer-to-peer system then leads to transparency, accountability and reliability; hence this is why a truly blockchain platform is better than others. The fact is, there are many blockchain platforms which claims to be decentralized but in reality they aren't, rather they are just using the term "decentralization" to drive hype within their platforms.
In the case of disadvantages, I don't think data modification is a disadvantage, in fact it is what make a blockchain system unique and different from traditional systems. Blockchain records is immutable meaning it can't be tampered with and this is what brings about trust, unlike in  other systems where data can be modified at will, hence bringing about data manipulation. Other disadvantages like 51% attack is yet to happen in most blockchain platforms which means they are really secured.
Therefore, in my own understanding, Blockchain advantages is far more greater than its disadvantages.

[Debonaire217]

People still love doing things in old-fashion way despite there is a lot of advantage.
To cut off the middle man services is the most well known, people could save a lot of money but still dont want this blockchain to be around.
Do you know why?
It is because the environment tell them it is hard to understand especially for the elderly , complicated.
The society rejected it , they are not ready for the advanced technology to be used in our daily life.
At some place maybe this technology warm welcomed but majority still not ready.

Change is hard for anyone who have been living in a different system. Indeed, millenials and generation x are the people who are using bitcoin and adapting it other than baby boomers. It benefited a lot of users because number one its income. When you learn how to use it how to trade it. You certaily will have an additional money that can help in everyday life especially today when COVID-19 occur. Nowadays, teenagers all around the world wants to earn money to help their family or even to provide their own needs and because Bitcoin is here. It became a reality for them to achieve their goals.

[AicecreaME]

Blockchain has its own disadvantages like all of the things that coexist with us. However, the flaws of fiat is much scarier than in Blockhain. Here are the list according to this Article

- Inequality of Income
- Growth of Monopolies
- Over-Capitalization
- Misuse of Capital
- Hoarding
- Black Money
- Political Instability

The security of our funds, whether it is in Blockhain or in banks, it should be our responsibility on how we are going to secure it to avoid getting hacked or whatsoever.