Blockchain Basics

Is blockchain really the future?

When it comes to blockchain technology, many enthusiasts are preaching its omnipotence and the giant impact it will have on our future. But is this true?

It guarantees digital freedom

Most people believe they live in a world of unlimited digital freedom. For them, it means they can communicate without restriction and transfer data. Unfortunately, this freedom can just as well be lost very quickly. Just one example of where this can happen would be in the banking sector.

It offers better security

Furthermore, blockchain technology makes your assets safer against attackers. Using cryptography adds a layer of security to your data which is, if used correctly, invulnerable — one of the reasons why we used it in the creation of LiteBringer. The cryptographic method is based on a complex mathematical algorithm, which cannot be decrypted even with the most powerful computers. In addition, the data is stored in a decentralized manner, which is why it can provide a level of security no other system can achieve.

It is inexpensive

To implement blockchain technology in already existing processes is neither easy nor cheap. It will need to be managed by a team of experts, because it is simply not practical for small businesses or a single person to implement it on their own.

It improves efficiency

With decreased costs comes increased efficiency. Companies using blockchain driven technology will not only save some money. It will also improve their processes and their communication with partners.

It is immutability

Data stored in the blockchain is immutable because it is almost impossible to alter it. That means this is a great opportunity for platforms with a need for immutable traits in their system.

It offers transparency

Closely related to the immutability is its transparency. While companies can use blockchains which are only readable for employees, they can also decide to use a public one. When companies decide to use a public blockchain, the production process can be made transparent to every interested customer.

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