BLOCKCHAIN TECHNOLOGY: A SUSTAINABLE TOOL FOR ASSEMBLE PROTOCOL
As the world is gradually embracing blockchain technology especially the more profitable crypto domain, there has been a surge in the general acceptance of the technology.
Recently, there has been a lot of questions as well as observations within the crypto community and beyond as to why blockchain technology is important to ASSEMBLE protocol. In this Article, I will try and throw more light on the blockchain technology, its importance and how critical it is to ASSEMBLE protocol.
What is Blockchain Technology?
Firstly, blockchain can simply be defined as a collection of records linked with each other and firmly resistant to alterations and manipulations. Blockchain technology on the other hand is a decentralized ledger that keeps records of the origin of a digital asset. Sometimes, it is often referred to as Distributed Ledger Technology (DLT). Blockchain technology helps to increase the privacy of users by using complex algorithms which cannot be easily altered. It is a promising and equally a revolutionary technology because it is transparent, decentralized and most importantly reduces risk. The essence of blockchain technology is to allow sharing of data in a more transparent and efficient manner. The merits of blockchain technology are so numerous but some of them will be discussed below:
✔Improved Transparency
Over the years, there has been a lot of controversy as regards credibility of data management and this has raised a lot of concerns. Most times, it seems as though this challenge has defied all forms of remedy. However, with the adoption of blockchain technology, data sharing is now more transparent than ever.
✔Decentralized Domain
The blockchain technology was originally designed as an ultra transparent ledger system for bitcoin to operate on but in recent times, we have seen how it has been incorporated in different areas. Blockchain technology has endless amount of applications ranging from finance, healthcare, commerce, among others.
One of the major advantages of blockchain technology that makes it to stand out is the fact that it is decentralized. The technology disperses data on numerous network modes thus making it difficult to attack. Nodes can be any kind of electronic device that maintains copies of the blockchain and keeps it running. It creates a decentralized distribution chain that gives equal access to data. Decentralization of datasets is one of the most critical concept in blockchain technology as it makes it less prone to attack.
✔Security
Currently, blockchain technology can be said to be one of the most highly secured and effective platform. The DLT (Distributed Ledger Technology) gives it total security for online database platforms. More importantly, you hardly hear of security breaches in a network that is configured by blockchain technology.
✔Elimination of intermediaries and Third Parties
The conventional trading system is proliferated by numerous intermediaries ranging from banks, insurance companies, private organisations among others who in one way or the other influences happenings. But with blockchain technology, everything is automated, hence there is no need for third parties.
How will ASSEMBLE protocol utilize Blockchain Technology?
Firstly, You can tokenize your points by using the blockchain technology, while enhancing stability, in order to effectively exchange your tokens on the ASSEMBLE protocol domain. In the absence of blockchain technology, if the platform is incorporated, the decreased costs associated with the issuance, reliability and protection of digital assets would be comparatively greater as well as the risks involved. Optimum reliability has to be ensured in order for any intangible digital assets to be seen as "valuable". Blockchain technology has made assetization of points much more easier and effective.
Secondly, the integration of blockchain technology will help to quell the challenge of transaction speed. The asset-specific values that help address the prevalent problem of exchange rates and transaction fees are included in digital assets generated by blockchain technology. Therefore, one unified blockchain network utilizes the point infrastructure spread across the globe, which also help in solving the transmission speed dilemma. Users will have the benefit of being ASSEMBLE partners, so they'll be able to reduce the limitations to penetrating into global markets via the ASSEMBLE Protocol platform.
More so, the utilisation of blockchain technology in points development is cost effective. Point service development also takes a lot of time. The use of tokens created by blockchain technology, on the other hand, will save a lot of cash and time spent on developing security and operating systems. What ASSEMBLE protocol does is to allow a number of firms and consumers to move in at a reasonably low cost effectively.
CONCLUSION
The ASSEMBLE Protocol aims to include a seamless and stable tokenized environment for platform users, utilizing blockchain technologies. From the analysis so far, it can be seen that blockchain technology is at the heart of ASSEMBLE protocol's objectives. The team are doing a fantastic job in incorporating the latest technologies.
For more information about ASSEMBLE protocol, kindly check
Website: http://assembleprotocol.io/
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