The advent of cryptocurrency has revealed the concept of blockchain for ordinary users. It is being discussed at different forums around the globe. Everyone wants to know about it and especially about the benefits that can be enjoyed using blockchain technology. Many people are familiar with it and using it for the lots of benefits that it provides to its users. The blockchain is a set of data that keeps the information about the transactions’ source, destination and other protocols along with rules and regulation governing them. In other words, it can be said a system of distributed ledgers where control is not centralized. Anyone interested can maintain and keep this record book. The popularity of this concept demands to elaborate on its advantages that make it the best among the latest technologies. It does not mean that it only has the benefits, there are some drawbacks and threats, but in this article, I focus on the advantages that blockchain technology has brought to us.
Decentralization of System
Blockchain systems are decentralized in nature are not controlled by any third party such as banks or any other money regularity authority. The core benefit of the blockchain is that it connects a database directly without any central administrating authority. Contrary to it, if a transaction record is stored in a disk or computer that is under control of some third party, there are chances to be accessed or altered. This third party can be a government institute or banks etc. But all these are vulnerable to corruption. Additionally, it cuts down the cost of hiring security experts by implementing cryptography techniques.
In the baking systems and other conventional methods, data is held under control of a third party centralized authority. Everyone has no access and also cannot see the information. While in the blockchain system all the data is visible to everyone connected to the network. All types of amendments or alterations are kept public and visible to everyone. It enhances the transparency of the system, and o one can make any changes secretly. For this fantastic feature of blockchain, it is implemented in cryptocurrencies. It is the reason behind keeping all transactions public in cryptocurrency.
Cryptography is a highly secured technology that is used for the security of the blockchain system. In it, there is no need for any third party regulatory authority to maintain and run the system. It secures both the system and the user as well. It supports system transparency along with nontransparent users. Although every user is connected to the system, it stays behind its safety wall as a system do not collect plenty of personal information of users. This measure is more visible in cryptocurrency system; however, it is equally effective in other systems as well.
Speedy and Low-Cost
In the conventional monetary services transactions takes days to be completed and also have high expenses. On the other hand, blockchain technology in the cryptocurrency systems make these transactions just a game of a few seconds. It provides with a faster and low-cost transactions system that makes transactions quicker and comfortable around the globe. As compared to the traditional method it is highly faster.
In the blockchain, all the transactions are time stamped and cannot be altered once these are done. And if it is necessary to modify a block, it means you have to modify all the blocks because they are linked with each other. It makes sense that a single alteration has a long sequence of changes that will be impossible to make. So, most of the time blockchain systems remain immutable.
All records in one place
The blockchain system keeps all the old and new records at the same place. As we have discussed that transactions or block information are time-stamped, so a chain of blocks holds all the date from the beginning to a few minutes ago data. This quality is not only helpful in the field of cryptocurrency but also in all other areas where blockchain technology is being used.
Get rid of downtime
Because the blockchain is not hosted at a centralized computer, so it does not face any downtime and stop of services. Instead of it, the blockchain is hosted everywhere e.i., at every node connected to the network regardless of its actual location. This presence of data at multiple places ensures the continuity of services and no downtime.
Enhance the User’s Authority
In the conventional system of banking, the user is the person having the least power. He/she has to wait for the orders and to work of the people dealing in the transaction that is wished by the user. On the other hand in the blockchain system, every user has the right to see and control the transaction procedure. The user is all in all, and no one else can interrupt the process.
Like other many organizations and cryptocurrency, Nexalt also uses the blockchain technology. For this reason, their system is secure and quick for the transaction. It also helps in crypto trading and transaction. Using the nexalt platform you truly can enjoy the benefits of blockchain technology.