4. Benefits of Blockchain
For many people blockchain is more than a technology. It has the potential to usher in a new, fairer world, spanning finance, governance, supply chain management and much more. In this segment of the Lisk Academy we will examine some of the individual qualities that blockchain offers, detailing why they are needed now more than ever.
It not only heralds a new way of transacting in a more efficient and transparent way but also offers the potential to initiate a completely new way of utilising the internet. It reinstates lost values, such as privacy, and hands the true benefits of the internet back to the user, rather than allowing them to be entirely controlled by powerful companies.
This has resulted in blockchain technology garnering support from some of the most prolific entrepreneurs in the world including Eric Schmidt (Google CEO) Steve Wozniak (Apple co-founder) and Richard Branson (Virgin Group founder).
In the previous chapter we discussed the technologies that make up blockchain, how they function and what they provide. In this chapter we are going to delve deeper into and examine the importance of the core values that blockchain delivers to its users. The valuable principles reinforced by blockchain are:
Some of these are rooted in a singular technological aspect of blockchain, whereas others are a result of a blend of facets of the technology. This is why it was important to first gain an understanding of the Technologies of Blockchain in Chapter 2. Similarly, some of the benefits can be measured, such as how much blockchain can help you save financially, whereas others are more profound, such as regaining a right to privacy.
The aim of this chapter is to truly help develop an understanding of why widespread adoption of this technology is so exciting, because it is not only the select few who stand to benefit from it, but everyone.
What is Blockchain Security?
The security of personal data, especially that which is stored online, is a human right. It has failed to evolve and actually been deteriorating in recent years. Blockchain technology has the potential to entirely change this. In this segment of the Lisk Academy we will explore the importance of the topic and ways to achieve it, especially in modern society.Read more
What is Decentralization?
One of the most exciting aspects of blockchain technology is that it is entirely decentralized, rather than stored in one central point. This removes the need for powerful central authorities and instead hands control back to the individual user. Here we will examine how this system works, what it means for our future and why it is so revolutionary.Read more
Blockchain Privacy Explained
Since the dawn of the internet, the privacy of the individual user has been been in a consistent and steep decline. Blockchain technology reinstates this basic human right. In this segment we will examine what aspects of blockchain play a role in rebuilding privacy and why it is so important.Read more
Blockchain Transparency Explained
One of the most appealing aspects of blockchain technology is the degree of privacy that it can provide. However, this leads to some confusion about how privacy and transparency can effectively coexist. In this segment we will explore how blockchain balances the two concepts to the benefit of users.Read more
Why Is Blockchain Trustless?
Blockchain technology provides a spectrum of revolutionary benefits. When combined, these values of security, decentralization, privacy and transparency offer the most profound quality of blockchain: trustlessness - a model that does not require trust to safely interact and transact.Read more
What is Blockchain Security?
The security of personal data, especially that which is stored online, is a human right. It has failed to evolve and actually been deteriorating in recent years. Blockchain technology has the potential to entirely change this. In this segment of the Lisk Academy we will explore the importance of the topic and ways to achieve it, especially in modern society.