Benefits of Blockchain

Chapter 4: Benefits of Blockchain

For many people blockchain is more than a technology. It has the potential to usher in a new, fairer world, spanning finance, governance, supply chain management and much more. In this segment we will examine some of the individual qualities that blockchain offers, detailing why they are needed now more than ever.

It not only heralds a new way of transacting in a more efficient and transparent way but also offers the potential to initiate a completely new way of utilising the internet. It reinstates lost values, such as privacy, and hands the true benefits of the internet back to the user, rather than allowing them to be entirely controlled by powerful companies.

This has resulted in blockchain technology garnering support from some of the most prolific entrepreneurs in the world including Eric Schmidt (Google CEO) Steve Wozniak (Apple co-founder) and Richard Branson (Virgin Group founder).

In the previous chapter we discussed the technologies that make up blockchain, how they function and what they provide. In this chapter we are going to delve deeper into and examine the importance of the core values that blockchain delivers to its users. The valuable principles reinforced by blockchain are:

Some of these are rooted in a singular technological aspect of blockchain, whereas others are a result of a blend of facets of the technology. This is why it was important to first gain an understanding of the Technologies of Blockchain in Chapter 2. Similarly, some of the benefits can be measured, such as how much blockchain can help you save financially, whereas others are more profound, such as regaining a right to privacy.

The aim of this chapter is to truly help develop an understanding of why widespread adoption of this technology is so exciting, because it is not only the select few who stand to benefit from it, but everyone.