5 Advantages of Blockchain, Must Know!

Blokchain is certainly no stranger, especially for Vicigers who are already working on the world of cryptocurrencies. This time, VCGamers will discuss Blockchain, especially the advantages of Blokchain.

As the technology behind the success of cryptocurrency, of course Blockchain has advantages as a selling point and people can be interested in cryptocurrency. Here are five advantages of Blockchain technology.

Also Read: What are Web 3.0 Cryptos? This is the Best Choice

Advantages of Blockchains

Security

The first advantage Blockchain has is in terms of security. Of course, this technology has various features that make Blockchain much safer and more difficult for hackers to hack than other systems.

All transactions that occur in the Blockchain system must be approved before being recorded in the technology.

After approving and recording transactions, these transactions will be encrypted by the Blockchain system and connected to transactions that occurred before.

The information contained in the Blockchain is stored in various computer networks making it more difficult for hackers to hack, than a system that only stores information on one server.

Data security is very crucial and Blockchain has an important role to improve data security so that just anyone cannot access, change, and spread the data.

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Cost Savings

Not only in terms of security, Blockchain can also save costs because it doesn't require a third party. Users will only trust the data available in the Blockchain.

What's more, you also don't have to do a review of the many things that completed the transaction. This is because everyone will have permission access to the same data.

Blockchain can not only be used for Bitcoins and cryptocurrencies. However, you can also apply Blockchain to various types of industries and can enjoy the benefits of Blockchain.

Also Read: How NFT Art Works in the Blockchain World

Efficiency

When you use a traditional system such as using a lot of paper, the process will take a lot of time, human error or human error often occurs, and requires a third party as mediation.

By using Blockchain technology, all transactions can be completed more efficiently so that it is faster.

Blockchain technology records information using a digital ledger and many people have it in a network. However, multiple ledgers are not required for the system to be light and tidy.

Then, if everyone has access to the same information, it will be easier to trust each other without having to use an intermediary or third party as collateral.

Transparency

Transactions will be very transparent when using Blockchain system technology. This technology is a ledger decentralized so that all users will have the same list of data.

The data list can only be changed and someone updated via consensus, that is, when everyone has one vote if they want to make a change.

This makes all data in the Blochcian system more transparent, consistent, accurate, and of course safer than other technologies.

Improved Traceability

If there are companies related to a product through a complicated supply chain, it will be more difficult to trace an item or goods origin.

However, if there is a Blockchain system that records the process of exchanging items, then you can have an audit trail that shows how an item traveled.

Through recorded transaction history, you can be assisted in verifying the authenticity of certain assets and preventing fraud.

Thus the discussion of the five advantages of Blockchain.

VCGamers has released a crypto asset under the name $VCG Token which operates on the Ethereum network (ERC 20) and Binance Smart Chain (BEP 20).

$VCG Tokens has been officially registered at Bappebti or the Commodity Futures Trading Supervisory Agency and the Indonesian Ministry of Trade as crypto assets traded on the physical crypto asset market.

Currently, $VCG Token has been listed on various CEXs or Centralized Exchanges and DEXs or Decentralized Exchanges namely Pancakeswap, Uniswap, BitMart and Indodax.

Not only that, $VCG Token is the official currency in the first metaverse in Indonesia, namely RansVerse with the collaboration of VCGamers, RANS Entertainment, Shinta VR, and UpBanx.

Follow along Update $VCG Token only in VC News.