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Advantages and disadvantages of BlockChain
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[QUOTE="Holicent, post: 257341, member: 76163"] The advantages of using a blockchain are many: 1) It is completely transparent: all transactions are recorded on the public ledger and can be viewed by anyone at any time. 2) Transactions are irreversible: once they've been made, they can't be changed or undone. 3) Settlement times are dramatically reduced: transactions take place almost instantly instead of taking days or even weeks like they do today, when they're settled through banks via clearing houses or other intermediaries. 4) There's no need for third-party verification — if you're sending someone money, there's no need for them to trust you as a reliable source of payment before they receive your funds because all transactions are fully transparent and verifiable on the ledger itself. The biggest disadvantage of the block chain is that it's not decentralized. This means that the system would be vulnerable to attacks by hackers. In order to make a transaction, you have to trust the miners who are verifying your transaction. If they are all controlled by one entity, then you have no way of knowing what they're doing with your money or how they're storing it. [/QUOTE]
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