What are the benefits of blockchain?

Blockchain refers to the mechanism of transaction data in virtual currency. Blockchain = not virtual currency, but a mechanism in virtual currency, which means that virtual currency uses this mechanism.

The blockchain mechanism is created by applying P2P technology that connects users, and is a system that can be managed by everyone.

The benefits of blockchain are roughly explained as follows:

Reliability

Blockchain, transaction record management will be among all participants, because all participants can access all data due to the decentralized type, and data transparency (= reliability) exists.

Not centrally managed

It can be said to prevent the so-called advantages of centralization.

Due to the structure of the blockchain, the distributed system does not significantly reduce the system.

Enhance safety through irreversibility

Using blockchain to manage data and information, information fraud is theoretically impossible.

As I mentioned before, all blockchain data is encrypted using hash functions.

In addition, once a transaction is created, it has an unrecoverable attribute and cannot be restored to the original data. Therefore, the data in the blockchain cannot be tampered with, and it can be said that security can be strengthened.

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