DeutschOne of the greatest “achievements” that has emerged with the advent of digital currencies is the blockchain. The technology, on which many cryptocurrencies are based, has the potential to positively and sustainably influence the digitization of society and coexistence. What are the specific advantages of the blockchain? We explain it in our infographic.
Infographic: all the Advantages of the Blockchain
The Advantages of the Blockchain
The blockchain essentially offers five areas where it can solve or improve current problems.
- Decentralized / distributed database – Transparency: Every participant has insight and access to the complete database and sees changes and additions directly. No single participant controls the information on the blockchain alone. This allows each participant to verify / confirm transactions without an intermediary.
1. Decentralized / distributed database – Transparency - Direct transfer – no intermediaries: No central authority is necessary for transactions – they are transmitted directly from participant to participant. All information is exchanged directly between the two.
- Transparency – Visible to all: Transactions take place between two blockchain addresses. The transactions are visible to all participants – with access to the blockchain – including the associated values.
- Non-manipulable – for eternity: When a transaction is entered into the decentralized database and completed, it becomes visible to all participants. It can then no longer be changed or deleted. The history is chronologically and permanently stored in the chain.
- Smart Contracts – automated contracts: Transactions in the chain can also be provided with a calculation logic. If the participants define the rules and algorithms, the transactions can be executed automatically.
Still have questions about how the blockchain works? We explain this here in this infographic on CoinPro.ch
