One of the main driving forces pushing the rapid growth and adoption of blockchain technology is its decentralized design. Meaning that not one single entity has control over all the transactions. Traditional methods of payment require you to trust a third party like a bank or government who then keep accounting records in a central database which only they have access to — and usually at an inflated fee. A simple example to explain this better is the following: if Bob sends Alice $100, a third-party service would debit Bob’s account and credit Alice’s account, therefore they would both have to trust that this third-party is to going do the right thing. With most cryptocurrencies, the ledger (blockchain) is shared and public, therefore no third-parties are needed, because everyone can verify the information.

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