Top 5 benefits of blockchain technology that you should must know | technology blogs

Blockchain has gained so much popularity amid the Crypto boom. Everyone is talking about cryptocurrency and blockchain technology whether it is normal people or big hedge fund houses. How blockchain is so important for us, hereby I am going to discuss the Top 5 benefits of blockchain technology that you should must know.

1. Create your own Currency

Yes, You can create your own currency using blockchain. You might have heard the word blockchain while talking about cryptocurrency, Why? Because All the cryptocurrencies are made on Blockchain technology.

Blockchain opens up the door for a Decentralized system and there is no requirement of involving banks, That's why you had seen So many cryptocurrencies popping out daily. Whether it is a meme coin or some currency with extra features, With blockchain it is possible to add that kind of feature based on their creativity. 

You may like: How to create cryptocurrency using blockchain

2. Transparent Transaction

Even though Blockchain is a decentralized system but It provides a wide area of Transparency. With all Blocks connected to each other with addresses, you can easily Track down the sender and receiver. Crypto is unregulated because there is no authority but if our central bank and Global decide to make one digital currency that can be used for trade and all the stuff, It will be based on Blockchain Technology.
More than 8 groups of banks meet together to create a Blockchain-based network for making a transparent transaction system. Which includes, HDFC Bank, Kotak Bank, ICICI Bank, and more.

3. Highly Secured Data Storage

Ensuring the security of Highly sensitive data and integrity is a major problem. Data is the most important asset right now in our digital world. Protecting our data is a new challenge but Blockchain provides you the safest platform to share your data privately without worrying about security or piracy. Your data is stored in different blocks and each block is connected with a specific node address. The concept of blockchain is, if you want to add or remove one or more blocks, you have to make changes in all the remaining blocks within a certain time limit. Which prevents the security threat concerned to High sensitive data.
Our Government is using Blockchain for storing our High sensitive information like Aadharcard data, archived data, Intelligence information, and much more.

4. Decentralized System

A decentralized system means, Independent from one single server or network. The traditional system depended mainly on client-server architecture. Were Server is the most important entity, For any reason problems in the server can cause serious damage. While the decentralized system shares all the data to all the Nodes or networks. This means even if your one network got damaged, Still you can recover it from the other network.
The best example of a Decentralized system is Torrent. Everyone has used torrent once in a while. The mechanism is really simple that if you request some data, you will get data from whatever the node is free which is called Seeders and leechers.

5. Reduced Cost

Blockchain systems are complex but compared to the traditional system, It is actually very cost-effective. For example, the network of blockchain across all the borders will help transfer your money very easily without involving multiple banks and conversations. High maintenance, High requirement, Costly servers are no longer needed In order to create a Blockchain Network.

There is no stopping, Blockchain is getting so popular among giant companies and governments. There will be a lot more applications and benefits as the technology keeps evolving. Why do you love Blockchain after reading this article, Let us know your thoughts in the comment section or you can engage us on social media.

So, these are the top 5 benefits of blockchain technology that will take digitalization to the next level in the future. Which feature do you like the most, comment down below to give your opinion. We would love to hear from you.

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