5 Benefits of using Blockchain – LuxTag (2018)

5 Benefits of using Blockchain – LuxTag (2018)

Hi I’m Jeff Mcdonald co-founder of LuxTag and I’m gonna tell you the 5 benefits of using Blockchain. Ok, let’s start from the beginning. Blockchain is a data structure that represents a ledger programmed to record and track anything of value Unlike a standard database Blockchain is distributed, secure, transparent, immutable, and accessible. Standard databases have a centralized structure that revolves around a central point of authority Once it is corrupted, the whole system fails On the other hand Blockchain has a distributed structure and no central point of authority. this protects the system from corrupted nodes. Blockchain is made out of digital blocks which contain information of every transaction ever made on the system. Once part of the data is hacked, the system rejects the tampered information and remains secure. This makes the data immutable. Data can’t be changed, and whenever an update takes place, a new block is created. So many people buy products without knowing their origins. On the other hand, Blockchain allows consumers to access the whole history of a product throughout its supply chain, from manufacturing to distribution. Last but not least, Blockchain is accessible allowing different parties to share information, ensuring a smooth and fast flow of data. So, whenever you hear about Blockchain remember it’s not just a standard database! It is distributed, secure, transparent, immutable, and accessible. Leave your questions and comments below I’ll be happy to answer them! Thank you everyone for watching this video. New videos are coming soon, so don’t forget to subscribe to LuxTag’s YouTube Channel and follow us on our social media!

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