Blockchain was founded to give some legitimacy to Bitcoin following the financial meltdown of 2007-2008. At the core is a rebellious contempt for the centralized and authoritative control, creating a decentralized alternative of self-regulation and compliance. But the nascent idea could no longer be contained: it evolved fast, offering numerous benefits that are now proving to be a game-changer in every industry.
Initially, blockchain was mainly considered for those who could master it, but doors are now open for all. So, you also have the opportunity to reap the key benefits of blockchain technology. In this article, we take a closer look at some of the outstanding pros of using blockchain that will blow your mind. Do not be left behind, as others reap from this new technology.
What is Blockchain?
This is a secure distributed ledger running on multiple nodes in a network operated on the basis of trust and integrity to facilitate the transfer of assets and store details of transactions. As a distributed public ledger, it implies that there is no central authority, such as central banks or credit card companies, to process transactions. In their place, users or nodes process requests through mining or staking, allowing people to complete transactions in seconds or minutes.
The data in the distributed database is structured into small chunks (blocks) that are enjoined to create a sort of a growing chain. This is why it was given the name “blockchain,” and it comes with some unique attributes that differentiate it from common databases. The most notable is immutability, which means that once a transaction has been added on the ledger, it cannot be changed. Other important attributes include:
These attributes make blockchain technology applicable in a wide range of areas for both business and personal cases. Let’s look at the benefits that you should anticipate for using blockchain and blockchain-related services.
Unique Benefits of Using Blockchain Technology
The following four benefits of blockchain technology have made its popularity grow steadily. Check them out to make the big decision about using related products.
i. You can Make Huge Returns on Investment when the Price of Cryptos Moves Up
Can you imagine an investment growing by more than 40,000 times after a short period of about 12 years? This was the case with Bitcoin (the first crypto coin), for people who invested in it after its launch in 2009 and held it until 2021. One BTC in 2009 was worth less than a dollar, but the value had grown to US$47,000 by the end of 2021. Think of the revenue that a person who invested US$1000 would have made by the close of 2021.
Now, you also have an opportunity to make impressive returns on your investment by targeting cryptos with a high potential for growth. One good example that investment professionals have been talking about is Ethereum. As the blockchain shifts to a proof of stake (POS) consensus mechanism, experts are indicating it is only a matter of time before its price reaches and surpasses that of Bitcoin.
ii. Make Sending Funds Easy and Fast
Do you want to send money to friends living abroad? It can be a major challenge using conventional methods. If you decide to use a bank transfer, the transaction is expensive and can take days or weeks. Other methods, such as credit cards and online wallets, are equally challenging because they are not private. After filling the form for sending funds, a long list of parties in the company will know your personal details, but it is time to say goodbye to all of these challenges.
Blockchain allows you to use native coins, such as BTC and ETH, to send value anonymously and instantly. Since there is no central authority focused on optimizing profits, the cost is also low. The little amount that is charged to process transactions goes to incentivize miners or stakers. This makes the transactions pretty cheap.
iii. Blockchain Offers an Excellent Ways for Saving Money with No Risk of Seizures
For most people, the money they make through business or employment is invested in areas such as properties and stocks. Others save the cash in banks, but one question to ask is, “how safe are your assets?”
Instead of stocks and bank accounts, which the state can easily seize, why not use blockchain assets, like cryptocurrencies? Crypto coins are native currencies in blockchain networks, which guarantee you total anonymity when sending value. For example, no one can know or come for your ETH or ADA coins after purchasing them. Even a court order cannot be used to freeze your crypto accounts, implying that you will always have your funds when and where you want them.
These are only a few advantages that you should expect from using blockchain technology. Indeed, you will enjoy a lot more, including the opportunity to make passive income. To take advantage of blockchain technology, enjoy all the benefits it has to offer, and avoid associated risks, make sure to have a professional by your side. Visit hi.com to learn more about blockchain technology and optimize the benefits we have listed above.