How Transparent Is Blockchain Technology?

How Transparent Is Blockchain Technology? Image Credit: Guardtime

One of the major benefits of blockchain technology is its transparency. The advances in cryptography has allowed much more of a verification of the technology behind the blockchain, meaning more users are beginning to trust the network. However, just how transparent is blockchain technology, and is this actually a practicality or more of an ideology? Here, we’re taking a closer look to determine just how transparent blockchain technology really is.

Provably Fair

One area where blockchain technology truly shows off its transparency is through Bitcoin casino sitesWhile in any casino, the house will always have the advantage, provably fair games allow users to actually check the server seeds of the game to ensure that the results they are receiving are genuine and fair. This is a truly revolutionary aspect to online gaming and is something that other casino sites and gaming platforms are looking at integrating in order to develop a new level of trust between the site and their players.

 

Privacy

The element of privacy is one of the queries that many people have when it comes to talking about the transparency of blockchain technology. How can a technology be transparent if the users on the blockchain are pseudonymous? Interestingly, it is the pseudonymity which allows blockchain to remain transparent, as users are far more open in the way that they interact with the technology, as all actions are unable to be traced back to an identity. While all transactions can be tracked, and are stored, on the network, the privacy that the technology offers is one of the main reasons it has grown in popularity and is also what helps to ensure that the technology trustworthy.

Fully Auditable & Valid Ledger Of Transactions

While the technology is exceptionally private, the blockchain network offers unrivalled transparency in the case of its fully auditable and valid ledger of transactions. All transactions on the site are indelible, meaning no-one can attempt to manipulate, amend, or remove any of the data which has been stored, once it has been validated by the network. If the transaction was to be changed on the network, every other block in the system would also need to be amended, which is what makes the whole process of changing the transactions impossible. This transparency is an automatic feature which is a key part of the blockchain network, and this reduces any need for checks and balances.

No Single Entity Control

Due to the blockchain’s decentralised network, no one single entity is able to control or manipulate the network in any way. Blockchain technology is built around a peer-to-peer network, which means regular users from around the world, known as ‘miners’, are responsible for the validation of each transaction. Through this, the platform can remain exceptionally transparent and ultimately trustworthy, leading more users to become adept in integrating blockchain technology as part of their every day life.

As you can see, there are numerous features which are a part of blockchain technology which allows users to trust in its transparency. As the technology begins to grow, and more users join the network, new features are likely to be introduced, and this is where its transparency will really begin to matter.

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Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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