What does it bring to the table?
Enough to satiate your appetite and a lot more. The blockchain tech is one of the most underestimated technological advancements of our lifetime, and is truly that piece which has been missing in completing the Internet all along. The following are just some of the benefits of the blockchain.
Nothing on the blockchain can be changed save with the consensus of the network. Any confirmed transactions on the blockchain cannot be changed.
What happens on the blockchain stays on the blockchain. A public blockchain will act as a public ledger meaning that as long as the blockchain remains operative, the data on it will be accessible
Removal of intermediaries
The P2P nature of the blockchain does away with the need of intermediaries and users interact directly with each other.
With the removal of intermediaries and the distributed ledger being updated in real-time by the miners, any data inputted on the blockchain is transmitted and stored automatically.
Decentralisation of consensus
With no central authority acting as a clearing-house for transaction validation, the effort required to reach consensus is shared between the miners.
…resulting in a much faster process than a centrally-controlled ledger.
…along with much lower costs due to the removal of intermediaries.
Near-impossible loss of data
Since every miner has a full copy of the ledger on their system, it is virtually impossible to lose the data stored on a blockchain
Public blockchains can offer full transparency of the transactions carried out on the network while safeguarding the privacy of its users through pseydonymity since only the transacting addresses are shown.
Solving the double-spend problem
The blockchain has solved a long-standing problem of virtual decentralised networks: how to ensure that a person cannot re-send the same data twice to different persons, also known as double-spending. Through P2P verification and the public ledger, double-spending is now a thing of the past.
Security (encryption through cryptography)
Last but not least, neither the nodes nor anyone else except for the sender and the recipient can access the data sent across the blockchain.