When one thinks about finance, what do we want? We are putting the control of our total worth in the hands of a bank or an institution. At The Crypto Crowd, we know what we want: security and fairness. But in traditional banking structures, there is a central figure. The ‘top-dog’ let’s say, who controls the flow of finance and is the single authority in the system.
With Blockchain, all this changes. What this technology does is rather than waiting on the central figure to agree to the validity of each and every transaction, Blockchain utilizes innovative consensus protocols across a vast network, the community then collectively validates transactions and records data in a manner that is immutable.
What’s more, without a central figure the costs associated with it are extinguished and all those actors participating at the transactional level are on an equal playing field. This is what we call fairness.
Furthermore, the information stored in the Blockchain is so complex that it is near impossible to manipulate. There are numerous pieces of data stored throughout the system, thus requiring a difficult consensus to make any changes. Moreover, as the information is shared via the computing powers of all those involved in the system rather than a sole authoritative body it is far harder to attack and thus very safe. This is what we call security.
We hear every day of hacking crimes of even the largest banks or conglomerates. By taking the power away from a single body and spreading it amongst those involved. Not only do we make a safer environment but also a fairer one. Decentralisation is not just interesting, it is necessary.
#Crypto #TheFuture #Part3