Quote from: jhongzjhong on April 12, 2019, 09:34:03 PM

Quote from: Gravel Coin (GRV) on April 12, 2019, 08:27:00 PM

Why do we need blockchain technology?

Well. That's a solution that are able to guarantee safe storage of data online and the need to keep snooping government agencies at bay. The need for fast, secure and affordable money transfer systems has also gone a long way in shedding light on the need for the new technology.

In addition, having transparency in every transaction and it is documented under the blockchain company which is really good at sending money. The blockchain technology is very important in the internet transaction that can list transaction transparently. Through this technology, it makes worldwide transactions faster than ever.

That's one strength of using this technology as everything is transparent because you can see all the transactions in the network.

One downside though is that it relies on the internet, so the moment that the internet broke down data couldn't be updated in time and manual intervention is needed.

And this technology is really good for those sectors that really played around with lots of data and needed to make business decisions based on it. So yes we need this technology obviously, but this technology is not for everyone.