The HeyBitcoin system makes use of blockchain technology for enabling a transparent and secure way for investors to create, manage and transact their investments through the platform. Blockchain provides the much-needed security and transparency in the transactions performed by users on the HeyBitcoin platform. Moreover, it also facilitates fast and low-cost transactions between network users.
The HeyBitcoin system uses blockchain for more or less the same reasons as many other new projects do, for security, transparency, user privacy, and more.
As for why blockchain is the best technology for the purpose, here’s a brief explanation.
The primary purpose of blockchain was to make existing financial systems more efficient and productive by reducing the cost of middleman, management and other complex processes. This helps HeyBitcoin in terms of increased productivity.
Another reason why blockchain is needed by HeyBitcoin is for creating trust between unknown parties. HeyBitcoin provides investment solutions to investors and traders who do not know each other but still need to trust each other in order to transact and work together. This trust is established by blockchain.
Blockchain transactions are faster, as there are no middlemen and all the transactions are automatically processed by underlying smart contracts, as compared to traditional investment transactions.
Transparency is one of the core benefits of blockchain technology. Blockchain is a shared ledger of records and data, which is distributed among multiple nodes in the network. In order to make changes in a particular record, all nodes must be given their consensus, which keeps things transparent and public while ensuring that no fraud happens in the network. As one can imagine, this is a crucial aspect of an investment platform like HeyBitcoin, which facilitates dealing between unknown parties.
Blockchain transactions, blocks and data are protected via high-grade cryptography, which makes it impossible to breach the data. Moreover, blockchain is a public ledger shared by multiple computers which makes it truly immutable. Since HeyBitcoin deals in sensitive user data & investor records, it needs a highly secure platform to store the data, which is fulfilled by blockchain technology.
While enabling investors to find and connect with the best traders worldwide, HeyBitcoin still values the privacy of its users, and therefore, it uses blockchain for storing the user data in a completely transparent manner while providing high security for the private data.
Blockchain is ideal for the HeyBitcoin platform because we deal in investments, and blockchain is a technology which was created for making financial transactions such as investments more secure and efficient.
Still wondering why or how HeyBitcoin needs all these features such as security & transparency. Read the whitepaper for the complete answer at https://www.heybitcoin.io