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What is the Allure of Blockchain (e.g. Why Should we Use it)?

  • June 22, 2020

You’ll have heard a lot about blockchain, but have you wondered what is the allure of blockchain? Or why we should use it? Don’t worry; you’re not the first one. Relatively obscure just a few years ago, blockchain has since balloon in popularity, and now you’ll hear people in many different sectors and industries talking about it. There’s a good reason why it’s on everyone’s lips: it can bring a lot of benefits. Some people had recognized the potential of blockchain since the launch of BitCoin back in 2008, but others have been a little slower to catch on. In this blog, we’ll look at a few good reasons to embrace blockchain.

Perhaps the most captivating aspect of blockchain is that it’s decentralized. This pushes towards a fairer system since the power isn’t in the hands of one company or country. Instead of one single (or a handful) of authorities, blockchain works on many different known and unknown networks, spread throughout the world. It’s fairer, more diverse, and less risky. This is the main benefit behind blockchain.

Blockchain also allows for greater transparency, since it allows businesses to verify a person’s identity immediately, and without the need for a third-party company. It’s also extremely secure, and the data can’t be deleted. They can also speed up transactions, without going through multiple other systems first. In short: it’s an efficient financial system that puts the power in the user’s hands, rather than in the hands of a single organization. 

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