Last updated on December 31st, 2019 at 07:00 am
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1. The problems of trust. You don’t need to trust the admin/owners to trust the data.
Example : in a supply based centralized solution, how can you trust the raw material available in inventory without trusting the inventory manager?
Technically you cant. The root admin or data owner who is tracking the inventory can easily tamper the records without any noticing.
But this is not the case with blockchain based ledger. In blockchain the multiple nodes maintains all blockchain based ledgers.
2. Disintermediation
You don’t need a mediator centralised admin or a trusted party to verify transactions.
All records are verified by a perceived together a decentralized collaborative algorithms.
Example: To verify the college degree you always have to trust the college server or college mail. All these are not decentralized… Hence the man in charge could tamper or change data in the file.
3. Confidentiality
The blockchain is an open distributed ledger yet a private system due to encryption.
Many technology has options to restrict the certain records accessing based on the user public key or provisions.
Example: All transactions in the bank are confidential only accessible by the bank staffs.
5. Availability
Highly available due to decentralization
Any number of nodes (computers) can go down without affecting the blockchain.
7. Verifiable and Auditability
Any record of transaction can be verified by anyone. This doesn’t means the records are always openly accessible. Its easy to audit transaction and trail of it.
All this and many more…make the blockchain difference and much preferable than the traditional tech.
#GUEST POST BY BLOCKCHAIN AFRICAN LADIES#
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Nsikanabasi Edet