Blockchain is all the rage these days. Statistics indicate that there are over 106 million bitcoin owners alone, while in total there were over 320 million people who owned cryptocurrencies globally as per 2022 estimates. The bandwagon is particularly gaining momentum and everyone’s scampering for a piece of the action. But do the benefits of blockchain technology really hold up or is the hype clouding everything around it? If you find yourself on the fence, take a seat as we begin to deep dive into the potential benefits that decentralized blockchain technology has to offer. Let’s get started.
Decentralization- Blockchain answers to no one
To be perfectly honest, this feature of blockchain can be a mixed bag. There is both good and bad to decentralization and let’s delve a little bit into the latter. For example, no one person or body has authority over the system, which means mods, changes, and updates are now a grey area and make maintenance difficult. On the plus side, the lion’s share of cryptos doesn’t need any maintenance.
But the pros far outweigh the cons when it comes to blockchain’s decentralization. For instance, this means complete financial autonomy for users. No vendors, banks, or intermediaries whatsoever. Users are completely in charge of their financial decision-making, untethered by the rules and regulations of the aforementioned third parties.
Transparency- Everything’s clear for all to see
Did you know that only 3 in 10 consumers trust their brands? Ouch! That means that only a third of people trust businesses that they interact with every day. This blinding gap is down to many issues, including the fact that many users believe many companies’ operations are shrouded in mystery.
But perhaps blockchain technology is the way to change this perspective customers have of businesses. Here’s how it can ensure more transparency, particularly when it comes to cryptocurrency:
- Decentralization: It makes sense why consumers are wary of brands that hold all the cards. But with the decentralization that blockchain affords, this central authority is done away with altogether
- A blockchain network isn’t the reserve of a single network. It is the sum of the whole rather than its parts.
And reaping the benefits of transparency is not just for businesses and big brands. Even governments may leverage this transparency to improve public perception, which is often not great for those in power.
Time is money – TIME Blockchain Concept
Most people use the adage time is money proverbially. But when it comes to certain blockchain technologies, that is quite literally the case. For instance, Caesium Lab offers the TIME blockchain architecture which rewards users for time put into the cause.
The staking program and Caesium’s ecosystem at large work such that your CSM rewards correspond to your active time in the staking program or network. A concept that is now known as proof of time (POT). The company leverages smart contracts to make this possible. These are programs that execute once certain criteria are met, allowing users to earn rewards automatically and without delay or having to wait on approval.
Profitable gaming- A rare intersection of passion & income
Not too many people can attest that they do what they love to make a living. Often, passions and the things that bring home the bacon are the furthest things from each other. However, blockchain gaming technology is changing that, one ecosystem at a time.
So can you make money on play-to-earn crypto? Yes. For example, Caesium Lab is building a crypto play-to-earn community where gamers and crypto enthusiasts can merge the best of two rarely compatible worlds. The gaming experience and community are personalized to meet the needs of each user. Here, the real-world value extends to both sides of the divide as follows:
- Players can monetize in-game assets
- Developers can also earn revenue in the process
- Unlimited income potential for players, the sky is the limit
Tokenization- Capital is no longer an issue
Blockchain tokenization is also leveling the playing field for investors regardless of financial might and we’ll illustrate this with an example in the real estate sector. Say there’s a skyscraper valued at $3 billion that someone would like to invest in.
Traditionally, it may require gathering a handful of investors and requesting them to take the leap of faith and invest the entire sum all at once. But with blockchain tokenization, this becomes a different kettle of fish. Instead of this investment being just the preserve of a few, even less financially abled individuals can have a piece of the cake.
And the benefits of blockchain tokenization extend far beyond the real estate niche. Low net-worth individuals can invest in fractional ownership of assets such as:
- Record albums
- Vehicles, you name it.
Swiftness- Blockchain is the internet’s bullet train
Before the internet, we had to wait several days to send letters around the world. Then came email, and you could send messages in an instant. Like email to handwritten letters, blockchain is the next step in evolution particularly when it comes to the execution of financial transactions.
It accelerates financial transactions, mostly by taking out the middle person such as banks and other financial institutions. There’s no endless line of red tape or bureaucracy slowing down the process. Instead, a smart contract, often executed in near real-time, takes its stead. In the end, there’s an expedition of all financial operations that are executed via this technology. While it remains a work in progress, blockchain may get us to a point where we may complete a house sale in 60 minutes or less.
The future is bright for blockchain
Sure, like every great prospect, blockchain is not without its concerns or reservations. But a careful consideration of what it brings to the table sees the odds overwhelming swing in the favor of its success. Decentralized blockchain technology is more secure and robust. It cultivates independence and reliability in terms of data while ensuring speed and traceability. It may still be in its embryonic stage, but, if the real-life applications of blockchain gaming technology are anything to go by, you better believe that it might as well be the future.