The most outstanding strength of blockchain technology is the reliability of its accounting. A blockchain can hold records of who owns what in a decentralized and tamper proof manner, and this in a completely trustless environment such as the internet. It relies entirely on mathematics and encryption to make sure that the records are authentic. What the records contain is up to you.
With this accounting comes double spending prevention. A simple non-financial example would be voting. If you’ve already cast your vote you can’t cast it a second time.
Rules are enforced through programs called “smart contracts.” There is a lot you can do with these. You can create programmable money or online polls that reach a global audience. This programming logic cannot be cheated or tampered just like the accounting. If there is a certain input, then there is a defined output.
One revolutionary feature of blockchain is fractionalization. You can use the blockchain to divide otherwise indivisible goods and thereby split e.g. a car into a million pieces without harm to the actual physical car.
Another key benefit of blockchain is that there’s no need for an intermediary to regulate change of ownership, meaning blockchains are peer-to-peer. No trust in the counter-party is even necessary. A transaction happens or does not happen, there is nothing in between.
You can transact totally independent from any third party, unless some programming logic (see above) introduces any constraints. Normal regulatory constraints still apply, however.
Once transactions happen, history cannot be altered because the storage is fully decentralized. No single party has control over the data because it’s synchronized and available globally.
EVERYONE can access and use public blockchains. They are available 24×7x365 and don’t need any dedicated staff to keep them running.
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